French Court Seizes Nigerian Presidential Jets Amid Dispute with Chinese Firm

A French court has ordered the seizure of three Nigerian presidential jets in connection with a legal dispute involving the Chinese company, Zhongshan. The dispute arose from a business conflict with the Ogun State government, leading to this significant legal action.

The seized aircraft include a Dassault Falcon 7X located at Le Bourget airport in Paris, a Boeing 737, and an Airbus 330 at Basel-Mulhouse airport in Switzerland. All three jets are part of Nigeria’s presidential air fleet and were undergoing maintenance at the time of seizure.

The conflict dates back to 2016, when the Ogun State government revoked Zhongshan’s contract for managing an export processing zone. An independent arbitral tribunal later awarded Zhongshan $74.5 million in compensation, but the Ogun State government has yet to pay the amount. In response, Zhongshan pursued enforcement of the award against Nigerian assets abroad, leading to the French court’s decision.

The court’s order prohibits any movement, sale, or purchase of the seized jets until the $74.5 million is paid. This action follows a similar incident in the UK, where Nigerian-owned properties in Liverpool were seized in connection with the same dispute. The Nigerian government has yet to officially comment on these seizures.

Black Market Dollar to Naira Exchange Rate for August 15, 2024

The exchange rate for the dollar to naira at the black market, also known as the parallel market (Aboki fx), is as follows for today, August 15, 2024:

In the Lagos Parallel Market, a dollar is bought for N1595 and sold for N1600, according to sources at Bureau De Change (BDC). It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals seeking foreign exchange to approach their respective banks.

Dollar to Naira Exchange Rates Today:

Black Market:

  • Buying Rate: N1595
  • Selling Rate: N1600

CBN Official Rate:

  • Buying Rate: N1579
  • Selling Rate: N1580

Please be aware that actual rates may vary depending on where and when you conduct your forex transactions.

Insights from Port Harcourt Refinery Visit

Billy Gillis-Harry, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, recently visited the Port Harcourt Refinery and shared positive feedback about the facility’s readiness to start producing petroleum products in large quantities. He expressed optimism that the refinery, along with the Dangote Refinery, would soon begin commercial production, helping to alleviate fuel shortages across Nigeria.

Gillis-Harry noted that efforts are in place to ensure the Port Harcourt Refinery becomes operational soon. This sentiment was echoed by oil and gas specialist Zakka Bala, who emphasized the importance of revitalizing Nigeria’s refineries for the country’s energy security.

N’Assembly Speaker Withdraws Controversial Counter Subversion Bill Amid Public Outcry

Speaker of the House of Representatives, Abbas Tajudeen, has withdrawn the controversial Counter Subversion Bill after widespread public backlash. The bill, which had only passed the first reading, sparked significant controversy due to its stringent penalties, including a 25-year imprisonment or N10 million fine for those convicted of actions leading to separatist agitation or inter-group conflict.

The bill also proposed severe penalties for acts like refusing to recite the national anthem, defacing places of worship, and undermining the Federal Government. These provisions drew sharp criticism from various quarters, leading to calls for its immediate withdrawal.

On Wednesday, Speaker Abbas initially defended the bill, stating that it was intended to strengthen Nigeria’s anti-terrorism framework. However, later that day, he announced its withdrawal, citing “extensive consultations” with stakeholders and a commitment to preserving national unity.

The decision was welcomed by advocacy groups like the Take It Back Movement, which argued that the bill threatened Nigerians’ fundamental rights, including freedom of speech and assembly. The group urged the House to focus on more pressing issues such as poverty and hunger rather than legislation that could infringe on civil liberties.

Dangote Group Stocks Face Decline Amid Forex Crisis and Merger Rejection

The stock prices of the Dangote Group, including Dangote Sugar Refinery and NASCON Allied Industries, have recently fallen due to foreign exchange losses and the Securities and Exchange Commission’s decision to reject a proposed merger.

The ongoing inflation and volatility in the forex market have compounded these challenges, with the depreciation of the naira increasing the cost of imported raw materials and squeezing profit margins. From May to August 2024, Dangote Sugar Refinery’s stock dropped by 18.67%, while NASCON’s stock decreased by 12.57%. In contrast, Dangote Cement saw a 41% rise in its share price during the same period.

The merger, which involved Dangote Sugar Refinery, NASCON, and Dangote Rice Limited, was suspended following concerns from the Securities and Exchange Commission regarding Dangote Rice Limited’s non-operational status. Despite these setbacks, Dangote Group is actively exploring growth opportunities, with analysts attributing the stock fluctuations to broader market challenges rather than individual company performance.

Financial experts highlight the impact of forex losses and regulatory decisions on investor confidence, while industry leaders urge swift action to resolve ongoing challenges to maintain Nigeria’s appeal to foreign investors.

OPINION: THERESA AKWAJI USHIE: Principled, Enigmatic, And Compassionate Woman Leader Called To Selfless Grassroots Service

Evangel Amarachi highlights Ushie’s achievements as she takes a shot at becoming Bekwarra Local Government Council Chairman….

Hon. Theresa Akwaji Ushie is a trailblazing and visionary leader whose unwavering dedication to public service, community development, and social welfare, has left an indelible mark in the lives of countless individuals. With a distinguished career spanning multiple leadership positions across various organizations, she has consistently demonstrated a commitment to excellence, compassion, and principled leadership.

As a seasoned politician, Hon. Ushie, has held numerous competitive roles, including membership in the the Tinubu/Shettima Presidential Campaign Council, the Sen. Prince Bassey Otu Environment Cluster Transition Committee and Think Tank Sen. Umaru Tanko AL-Makura Campaign Council, among others. Her expertise and strategic thinking have been invaluable assets to these organizations, informing policy decisions and shaping campaign strategies that have resonated with diverse audiences.

Beyond politics, Hon. Ushie is a passionate advocate for women’s empowerment, youth development, and social justice. As President/Founder of the Rural Women Support Group and Director of Women and Youth Affairs at NUMBAT, she has championed initiatives that have overtime transformed lives and fostered inclusive growth. Her “Rural Women Initiative” support group has empowered women and girls in rural communities across 5 LGAs in Cross River North, providing them with access to self-care, vocational training, resources, skills, and opportunities that have generally enhanced their socio-economic well-being. It is imperative to note that this support has been ongoing since 2018, including canvassing for qualified APC candidates and flag bearers across Cross River North at all tiers of government.
Hon. Ushie’s achievements are numerous and noteworthy. She has contested for public office, demonstrating her courage and commitment to public service. Her philanthropic efforts have included empowering widows with food, clothes, and cash gifts, distributing over 3200 sanitary pads to girl children, and providing free JAMB registration for over 50 tertiary education seekers in Bekwarra, 2024. These initiatives have not only assisted in alleviating suffering but also promoted education, health, and economic empowerment.

Her advocacy for the ”Women and Girl Child in Rural Areas” initiative led to NITDA/NCC training 6000 youths and women in content creation and digital marketing in 2021, bridging the digital divide and unlocking new opportunities for rural communities. Her contribution to the Nigerian Senate’s bill on the National Social Security Commission in 2022, underscores her dedication to policy-making and social welfare, ensuring that the voices of marginalized communities are heard and their needs addressed.

Through her foundation, Theresa Ushie Foundation, and her role as a Board of Trustee at EAFOUNDATION, Ushie continues to drive positive change, leveraging her network and expertise to amplify impact. Her partnership with the Civil Society Group for Good Governance (CSGGG) and membership in Team Ma Adiaha Solidarity Movement, further solidify her position as a respected leader and change agent, committed to promoting good governance, transparency, and accountability.

Hon. Ushie’s leadership philosophy is rooted in empathy, compassion, and a deep understanding of the needs of marginalized communities. She believes in empowering individuals and groups to become agents of change, fostering a culture of inclusivity, and promoting social justice. Her approach is collaborative, and she has built coalitions and partnerships across sectors to drive impact.

It Is a gainsaying that accolades and recognition should be given to the very one who deserves it, Hon. Ushie’s contributions have not gone unnoticed. She has received numerous accolades and recognition for her leadership, philanthropy, and commitment to public service. Her reputation as a principled and compassionate leader has earned her the respect and admiration of her peers, constituents, and the wider community.

On legacy and impact, Ushie’s legacy extends beyond her achievements. She has inspired a new generation of leaders, mentored countless individuals, and created a ripple effect of positive change that will be felt for years to come. Her impact is a testament to the power of selfless leadership, and her commitment to creating a better world for all.

As Hon. Ushie aims and continues to serve and lead, her future prospects are bright. Her expertise, experience, and network positions her for even greater impact. Whether in politics, philanthropy, or community development, she will undoubtedly remain a force for good, driving positive change and inspiring others to do the same.

The family front is well developed because her commitment to excellence extends beyond her professional life. As a mother, she has diligently trained and nurtured her children, instilling in them the values of hard work, discipline, and leadership. Her last child’s achievements are a testament to her dedication and parenting, having attained significant positions in school such as the former SUG President of the University of Abuja, amongst others. Her ability to balance her personal and professional life, while prioritizing her children’s well-being and success, is a remarkable feat that deserves recognition and admiration.
These accomplishments from her children, are a reflection of her unwavering support and guidance, demonstrating her exceptional ability to mentor and inspire the next generation. As a role model, she has shown that with determination and perseverance, one can overcome challenges and achieve greatness.

This is a call for support as she vyes for the position of Local Government Council Chairman in Bekwarra Cross River State , our faith should be strengthened that in Hon. Theresa Ushie, we will find a rare combination of leadership, compassion, and integrity. A shining example of what it means to live a life of purpose, compassion, and service. With her proven track record of leadership, passion for community development, and experience in public service, she is well-equipped to excel in this role.

Finally, as Hon. Ushie vies for the position of Local Government Council Chairman, we are called to support her vision for a better Bekwarra. Let us rally behind her leadership, inspired by her achievements, and motivated by her commitment to creating a brighter future for our community.

JUST-IN: Nigerian Man, Bashir Hadeja Nabbed for Treason, Gun-Running, and Transnational Crimes [Video]

Security operatives have Arrested Mr Bashir Hadeija, over treason, subversive activities, gun-running and transnational crimes.

A Nigerian who specialises in money laundering and other transnational crimes was over the weekend arrested for treason, subversive activities against the Nigerian government, Trans-border gun-running, heist, and other Transnational crimes.

The man whose name was given as one Bashir Hadeja was arrested by the Nigerian police following intelligence reports on smuggling large catches of weapons along with bars of gold believed to have been stolen from the Central Bank of Libya.

Bashir Hadeja, who traded dangerous weapons along with gold as cover-up, was also accused of being involved in aiding terrorism and other forms of criminality in the northern states of Nigeria along with his sponsors, including a serving PDP Governor in one of the North Western States, among other politicians of both Northern and Southern extractions.

Responding to sustained interrogations by security, the suspect also confessed to sponsoring a large number of youths who participated in the just concluded #EndBadGovernance Protests in Kano, Kaduna, Jigawa and Abuja.

The suspect also confessed to being involved in schemes that involved the blackmailing of politicians and government officials.

He also confessed to sponsoring the attack on Jigawa state APC headquarters.

The suspect was also found with increminating documents of impersonation, including tracking documents of high profile personalities and an international passport of the Republic of Vanuatu, which will expire on the 14th of September, 2030.

During the investigation, a video showing the suspect displaying bars of gold carrying Gaddafi’s statue worth one tone believed to have been stolen from the Libyan Central Bank was also seen.

The suspect is currently cooperating on the investigation, opening up to name his sponsors and other allies, including a former director of the Department of State Security Service, DSS.

SEC Grants Extension for Access Holdings’ ₦351bn Rights Issue Amid Nationwide Protests

The Securities and Exchange Commission (SEC) has approved an extension of Access Holdings Plc’s ongoing ₦351 billion rights issue to August 23, 2024. Originally scheduled to close earlier, the extension was granted in response to the widespread hunger protests across Nigeria, which have disrupted business operations and limited shareholder participation.

Access Holdings had offered 17.772 billion ordinary shares at ₦19.75 each, on the basis of one new share for every two held as of June 7, 2024. The company’s statement, signed by Group Company Secretary Sunday Ekwochi, emphasized that the extension aims to give shareholders ample opportunity to subscribe to their rights despite the challenges posed by the protests.

During this extended period, dealings by company insiders will remain restricted to participation in the rights issue, in accordance with regulations governing the non-dealing period related to the company’s audited interim financial statements for the period ended June 30, 2024.

Acting Group Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, noted that the rights issue is a crucial part of the group’s strategy to bolster its financial strength and pursue its growth ambitions. Agbede expressed confidence that this capital raise would help propel Access Holdings toward its goal of becoming one of Africa’s top five financial institutions by 2027.

Federal Government Acquires 70 Locally Manufactured CNG Buses to Boost Transportation

The Federal Government has procured 70 hybrid Jet Mover buses from Nigerian automobile manufacturer Jet Motor Company as part of its efforts to enhance the nation’s transportation sector. These buses, which operate on both compressed natural gas (CNG) and premium motor spirit, are expected to provide more affordable and comfortable transportation options for Nigerians.

The handover ceremony, held at Jet Motor Company’s plant in Ajah, Lagos State, was attended by officials from the Ministry of Finance and representatives of the Presidential Initiative for Compressed Natural Gas. Dimas Hamidu, Technical Assistant to the Permanent Secretary of the Ministry of Finance, praised the quality of the vehicles and commended the company for its commitment to the project.

Hamidu emphasized that the acquisition of these hybrid buses is a testament to President Bola Tinubu’s administration’s dedication to easing the impact of fuel subsidy removal on citizens. He noted that these vehicles would significantly contribute to addressing the country’s transportation needs and mitigating the economic strain caused by rising costs.

The Managing Director of Jet Motor Company, Derek Ewelukwa, expressed gratitude for the opportunity to contribute to the nation’s transportation infrastructure. He highlighted the advanced features of the hybrid vehicles, including their 220-liter gas capacity and 80-liter petrol tank, allowing them to travel up to 300 kilometers. Ewelukwa also mentioned that the CNG tanks have a lifespan of 15 years, with seamless switching between gas and petrol modes.

The Federal Government’s acquisition of these buses marks a significant step in its ongoing efforts to improve public transportation and support the country’s transition to more sustainable energy sources.

Tinubu Arrives in Equatorial Guinea for Three-Day Official Visit

President Bola Tinubu has landed in Malabo, Equatorial Guinea, for a three-day official visit at the invitation of President Teodoro Mbasogo. The Gulfstream aircraft carrying Tinubu and his key aides touched down at Saint Isabel Airport, Malabo, at 2:07 pm local time, where they were greeted by Equatorial Guinean Prime Minister, Mrs. Manuela Roka Botey.

During his visit, President Tinubu is scheduled to meet with President Mbasogo at the Presidential Villa to discuss key issues and witness the signing of agreements, particularly focusing on oil, gas, and security.

This trip marks Tinubu’s first official visit to Equatorial Guinea and his seventh visit to an African country since taking office 15 months ago. In total, it is his 22nd international trip, including visits to countries such as France, the United Kingdom, South Africa, the United States, and India.

Accompanying Tinubu are the Minister of Foreign Affairs, Yusuf Tuggar, and other cabinet members who will be involved in the signing of agreements and exploring opportunities to strengthen bilateral relations between Nigeria and Equatorial Guinea.

62-Year-Old Man Arrested in Bauchi for Producing Counterfeit Naira Notes

The Bauchi Police Command has arrested a 62-year-old man, Tahir Ahmed, for allegedly producing counterfeit naira notes. The arrest was announced by the Police Public Relations Officer, Ahmed Wakil, on Tuesday.

The incident began on August 6, 2024, when a concerned citizen from Jos North LGA, Plateau State, boarded a commercial Vectra vehicle from Sabon Garin Narabi in Toro LGA, Bauchi State, heading to Bauchi. During the journey, Ahmed boarded the vehicle at Tilden Fulani Market in Toro Local Government Area.

According to Wakil, while in transit, Ahmed allegedly performed ritualistic chants that transformed ordinary papers into what appeared to be new one-thousand-naira notes, raising suspicion among the passengers that the notes were counterfeit.

Upon investigation, Ahmed confessed to the crime, and the police recovered counterfeit notes totaling ₦238,000 from him. Wakil added that further investigations are ongoing, and the police commissioner, Auwal Muhammad, has directed the Deputy Commissioner of Police in charge of the Criminal Investigation Department to seek a forensic analysis from the Central Bank of Nigeria to confirm the authenticity of the seized notes.