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Showing posts from February, 2023

Appeal Court Judge slump dies.

By Afolabi Oyekunle. The Federal Court of Appeals in Àkúré, Ondo State was thrown into pandemonium this morning Mon 27-02-2023. According to  eyewitness, as the three Justices of the Court were about to sit, suddenly, the Presiding Justice of the Court slumped. He was said to have been rushed to Federal Medical Center Òwò, where he was pronounced brought in dead. However, all the briefs pending for hearing today have been forced to adjourned to later date.

Uneasy in Union Homes over 2.5billion naira compensation from Lagos state.

By Afolabi Oyekunle.    All seems not well with Union Homes over an alleged diversion of 2.5 bilion naira compensation from Lagos State government for the demolition of their property at Abule Ado, Iyana Iba Lagos. The properties were said to have been demolished by the Lagos State government about 12 years ago and all the parties have been going back and forth until late last year when the Lagos State government paid the said compensation. Sources close to the firm provided graphic details of how the 2.5 billion naira was diverted to the Aso Savings, the parent body of the Union Homes. Aso Savings was also alledged to have acquired the Union Homes through a shady arrangement , 10 years ago. According to the source , by virtue of the terms of the Transaction Implementation Agreement, which fact is lucidly within the knowledge of the Central Bank of Nigeria (CBN) as a regulatory body in its supervisory and monitoring capacity, Aso Savings and Loans was required to i...

NUBIFIE assures of new Naira notes to Commercial banks, calls members back to duty.

By Afolabi Oyekunle. The National Union of Banks Insurance and Financial Institutions Employees (NUBIFIE) said there are assurance of supply of new naira notes in the coming days.  In a statement signed by the National President Comrade  Anthony Abakpa and Secretary General Comrade Sheik Muhammed, they said the assurance was coming from stakeholders in the banking industry under the auspices of the Chartered Institute of Bankers of Nigeria. The union said the safety of lives of workers in the banks, facilities and property has also been assured. NUBIFIE said it has been assured that concrete steps are been taken by relevant authorities to address the difficulties associated with accessing the new naira notes. NUBIFIE National President Comrade Anthony Abakpa. NUBIFIE said in view of the assurances it is suspending the union early orders as contained in the resolution of the National Executive Council. The union said it has resolved to join forces with other stakeho...

FG Admits Revenues Crashing, Says Nigeria Faces Hard Times.

By Afolabi Oyekunle. The Minister of Finance, Budget and National Planning, Zainab Ahmed, has admitted that Nigeria’s economy is facing a difficult time, saying states must improve their internally generated revenues. Ahmed, who stated this in an interview on a daily breakfast show on the Nigerian Television Authority, Good Morning Nigeria, stated that the money shared at the March Federation Account Allocation Committee was short of N50bn. The minister was speaking on a controversy generated by a claim by the Edo State Governor, Godwin Obaseki, that the Central Bank of Nigeria printed N60bn in March to augment the money shared at March FAAC. But the minister and the CBN Governor last week dismissed Obaseki’s claim. In the interview on the NTA on Monday, the finance minister stated the country’s economy was stabilising from the recession, which the country exited a few months ago.

CBN Policy Is Too Disastrous – Catholic Bishops Tells President Buhari.

Afolabi Oyekunle. .                   President Buhari. President Catholic Bishops Conference of Nigeria (CBCN),Most Reverend Lucius Ugorji has urged the Federal Government to review the new cash policy to ease the hardships it has caused Nigerians. Ugorji made the appeal at the opening of the 2023 First Plenary of CBCN held at the Catholic Secretariat in Abuja. The meeting has the theme: ‘Citizens’ participation in good governance in Nigeria’. While expressing sadness over the situation, Ugorji said that the policy had resulted in a serious cash crunch, anger and frustration among Nigerians. “Our collapsing national economy worsens the ugly situation. While the value of the Naira continues to decline, the cost of basic commodities, including food items, continues to soar, with serious effects on the lives and livelihoods of our people. “The disastrous implementation of the Central Bank of Nigeria’s (CBN) cash swap policy, which r...