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ATIKU ABUBAKAR COMMEMORATES 25TH ANNIVERSARY OF WOTCLEF, HIGHLIGHTS IMPACT ON HUMAN TRAFFICKING ERADICATION

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Today, former Vice President Atiku Abubakar joined dignitaries, advocates, and supporters to celebrate the 25th anniversary of the Women Trafficking and Child Labour Eradication Foundation (WOTCLEF) in Nigeria. The event honored WOTCLEF’s legacy and paid tribute to those fighting to eradicate human trafficking and child labor.

Founded in 1999 by Atiku’s wife, Amina Titi Atiku Abubakar, WOTCLEF has become a leading voice against human trafficking. Reflecting on its journey, Atiku praised his wife’s commitment to championing the rights of vulnerable women and children, stating, “She recognized the silent suffering… and chose to act, becoming a voice for the voiceless.”

WOTCLEF’s work led to the creation of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) following the passage of the Trafficking in Persons Act in 2003, supported by then-President Olusegun Obasanjo. The agency has since remained vital in protecting human rights, strengthened further by President Muhammadu Buhari’s revision of the Act in 2015.

Atiku shared his reflections on social media, emphasizing the importance of collaborative efforts in building a fairer society. The anniversary marks both a celebration of WOTCLEF’s achievements and a reminder of the ongoing commitment needed to end human trafficking in Nigeria.

MINISTER NYESOM WIKE WARNS FCT LANDOWNERS TO PAY OUTSTANDING GROUND RENT OR RISK LOSING PROPERTIES

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has called on landowners within Abuja to settle all outstanding ground rent payments, warning that failure to comply could result in the forfeiture of their properties.

Wike made the appeal during the inauguration of the War College/Army Checkpoint Road and other upgraded roads in Ushafa, Bwari Area Council, Abuja, on Monday. He highlighted the importance of ground rent, describing it as the “FCT’s oil,” which is crucial for funding infrastructure projects.

“I have published the names of debtors in today’s newspapers,” he announced. “Some of you seated here are debtors; pay your ground rent. That is what I used to construct all the roads in FCT.”

The minister emphasized that paying taxes grants citizens the right to demand accountability, urging residents to fulfill their financial obligations to the FCT Administration. “When you pay a tax, you have the right to ask questions. What do you do with my money? Nobody will proscribe you for doing that,” Wike stated

BALLON D’OR ORGANISERS DENY WINNER LEAK AMID REAL MADRID BOYCOTT RUMORS

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The organizers of the Ballon d’Or award clarified on Monday that “NO PLAYER OR CLUB” has prior knowledge of the award winner, following Real Madrid’s reported decision to boycott the event. The boycott stems from suspicions that Vinicius Jr. would not win, prompting concerns over fairness.

An official Ballon d’Or source told AFP that “ALL THE CLUBS AND PLAYERS ARE IN THE SAME BOAT,” emphasizing the strict confidentiality protocols established for this year’s edition. This statement aims to reassure the public and affirm the award’s transparency as the event date approaches.

New Minister of Women Affairs, Hon. Imaan Sulaiman-Ibrahim, Commits to Advancing Gender Equality in Nigeria

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Hon. Imaan Sulaiman-Ibrahim, the recently appointed Minister of Women Affairs, has vowed to prioritize gender equality and expand opportunities for women across Nigeria. In her inaugural speech on Monday in Abuja, Sulaiman-Ibrahim outlined her ambitious vision to tackle gender inequality and improve conditions for vulnerable groups, signaling a determined start to her tenure.

Focus on Empowerment and Economic Advancement

Sulaiman-Ibrahim expressed deep gratitude to President Bola Ahmed Tinubu for his commitment to women’s empowerment and emphasized that her appointment marks the start of a transformative era for Nigerian women and vulnerable citizens. She highlighted the enduring challenges women face in politics, business, employment, and education, stressing the need for targeted policies to promote gender equity and increase female representation in leadership roles.

The minister pointed to Nigeria’s low representation of women in governance, noting that less than 5% of elective positions are held by women, with only 22% occupying senior roles in the private sector. To address this, she announced plans for comprehensive policies aimed at bridging these gaps and fostering pathways for women to assume leadership roles.

Empowering Female Entrepreneurs

Sulaiman-Ibrahim praised the vital role of Nigerian women in the economy, noting that women own 41% of Small and Medium-sized Enterprises (SMEs) in the country. She emphasized her commitment to empowering female entrepreneurs, expanding access to economic resources, and creating opportunities for women to thrive across sectors.

A Collaborative Approach for Change

Acknowledging the efforts of her predecessors, Sulaiman-Ibrahim pledged that her leadership would bring about a decisive shift. “We are entering a new era where action will speak louder than words,” she stated, urging all stakeholders—including government bodies and civil society organizations—to unite in the mission to achieve gender equality.

In her concluding message to Nigerian women, the minister declared, “This is your time. Together, we will break down barriers, lift each other up, and ensure that your voices are heard.”

Her inaugural speech underscores a commitment to proactive and inclusive strategies, setting a hopeful tone for women’s empowerment initiatives under her leadership.

RUUD VAN NISTELROOY APPOINTED INTERIM MANAGER OF MAN UNITED FOLLOWING TEN HAG’S SACKING

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In a significant shake-up at Manchester United, former striker Ruud van Nistelrooy has been appointed as the interim manager following the dismissal of Erik ten Hag on Monday. Van Nistelrooy, who served as an assistant coach under Ten Hag, will lead the team while the club searches for a more experienced permanent manager.

Ten Hag’s Tenure

Erik ten Hag, who was appointed in April 2022, had a mixed tenure with the club. During his time, he guided Manchester United to two domestic trophies: the Carabao Cup in 2023 and the FA Cup in 2024. Despite these successes, the club’s recent struggles led to his removal.

United issued a statement expressing gratitude for Ten Hag’s contributions: “We are grateful to Erik for everything he has done during his time with us and wish him well for the future.”

Nistelrooy’s Interim Role

Ruud van Nistelrooy’s appointment as interim head coach was announced concurrently with Ten Hag’s sacking. He will be supported by the existing coaching staff during this transitional period. The club aims to secure a permanent head coach as soon as possible.

Optimism from Gary Neville

Former United defender Gary Neville has voiced confidence in Nistelrooy’s ability to bring positive change to the struggling team. Speaking to Sky Sports, Neville stated, “He can set the team up differently. That’s something that could happen; he could make the make-up of the team slightly different.”

However, he cautioned that while Nistelrooy may implement changes, significant work is still required: “But he’s been on the bench with Erik ten Hag, so I’d be amazed if there was something drastic in the next few games. Ultimately, there needs to be quite a lot of work done with those players because, at this moment in time, they are desperately struggling.”

Looking Ahead

As Van Nistelrooy steps into his new role, all eyes will be on Manchester United to see how he can steer the team through this challenging phase and potentially rejuvenate their performances on the pitch.

DYQUE ENERGY NAMED MOST INNOVATIVE ENERGY BRAND OF THE YEAR AT BRANDCOM 2024 AWARDS

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Dyque Energy, a leading provider of clean energy solutions in Nigeria, has been recognized as the Most Innovative Energy Brand of the Year at the Brandcom 2024 Awards, presented by Brand Communicator, a top publication in brands and marketing in Nigeria. This accolade highlights Dyque’s significant contributions to the energy sector through innovative technology and solutions over the past year.

Key Innovations Recognized

A panel of industry experts assessed Dyque’s achievements, praising its groundbreaking innovations, particularly:

  • E-Turbo Energy Optimisation Technology: This technology enhances energy efficiency and reliability, allowing users to maximize their energy usage effectively.
  • V2X Bi-Directional Charging: This solution provides unmatched flexibility, enabling energy flow in both directions, which is crucial for modern energy management.
  • Zero-Downtime Instant Switch-Over Capability: Dyque’s systems can seamlessly switch between power sources without interruptions, ensuring continuous energy supply.
  • Customer-Focused Customization: Dyque’s approach to tailoring solutions to meet individual customer needs solidifies its status as a leader in the dynamic energy landscape.

Commitment to Sustainable Energy Solutions

Receiving this prestigious award underscores Dyque’s commitment to technological innovation, market influence, and sustainability in the energy sector. Farrah Huang, Global Marketing Director of Dyque Energy, expressed pride in this recognition, stating, “We are deeply honoured to receive this award and proud to contribute to energy innovation in Nigeria. Our commitment remains firm in addressing Nigeria’s energy needs while championing sustainable growth.”

Comprehensive Energy Solutions

Dyque Energy provides a range of premium, AI-driven solutions tailored to Nigeria’s unique energy demands, focusing on sustainability and customer support:

  • After-Sales Service: Offering a 5-year replacement warranty and on-site support for comprehensive system maintenance.
  • AI-Powered Products: Featuring the All-In-One Energy Box Series, Edge System, and Commercial & Industrial (C&I) Energy Solutions designed for both residential and corporate use.
  • 5-in-1 Energy Solution: Quick 15-minute installation time for seamless transitions between different energy sources.
  • Durable Design: IP66-rated for anti-water and anti-rust protection, ensuring long-lasting performance even in harsh conditions.
  • 24-Hour Customer Support: A dedicated 360-support team available around the clock for all user needs.

Conclusion

Dyque Energy’s products are not only aesthetically pleasing but also versatile, integrating various charging options such as solar, energy storage systems (ESS), electric vehicle (EV) charging, and off-grid solutions. This innovative approach positions Dyque as a key player in delivering efficient and sustainable energy solutions in the Nigerian market, reinforcing its role as a pioneer in the energy industry.

NIGERIA LOSES $2.5 BILLION DUE TO NON-IMPLEMENTATION OF INTERNATIONAL CARGO TRACKING NOTES

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The Executive Secretary of the Shippers Council of Nigeria, Mr. Pius Akutah, revealed on Monday that Nigeria has lost approximately $2.5 billion over the past five years due to the non-implementation of the International Cargo Tracking Notes (ICTN), translating to about $500 million annually.

This disclosure was made during an investigative hearing by the House of Representatives committees on shipping, customs, port and harbor, and maritime safety, education, and administration. The hearing focused on identifying the obstacles faced by the Nigerian Shippers Council in fulfilling its roles effectively.

Key Highlights from the Meeting

  • Financial Losses: Akutah emphasized that Nigeria’s failure to implement the ICTN has led to substantial financial losses. He stated, “In the last five years, Nigeria has not implemented this. Because of some investigations, a period of five years passed… we are losing that amount in dollars.” He noted that while there was a brief implementation period of two years during which revenue was generated, the cessation of this process has resulted in significant economic loss.
  • Contractual Issues: The Minister of Marine and Blue Economy, Gboyega Oyetola, represented by the Director of Maritime Services, Mr. Babatunde Sule, criticized the approval process for contracts associated with the ICTN, describing it as flawed. He explained that although the Federal Executive Council approved contracts for five companies, one company failed to sign the agreement, which stalled the implementation.
  • Government Efforts: Oyetola mentioned that efforts have been made to resuscitate the contract since the new administration took office, including several stakeholders’ meetings. However, he urged the committee to allow time for the minister’s initiatives to materialize.
  • Concerns from the Shipping Industry: Boma Alabi, Chairman of the Shipping Lines Association of Nigeria (SAN), expressed concerns that the proposed ICTN could act as an additional burden on the already strained shipping industry. He stated that the existing systems for tracking shipments through shipping lines, customs, and other agencies are adequate and warned that adding the ICTN without streamlining existing processes could lead to delays and congestion.

Conclusion

Rep. Abdussamad Dasuki, Chairman of the Committee on Shipping Services, highlighted the importance of the ICTN as a critical tool for enhancing transparency and efficiency in cargo movement. He acknowledged the challenges in implementing the ICTN, such as bureaucratic delays and conflicting interests among agencies. The committee aims to address these issues to unlock the potential of the ICTN and align Nigeria’s maritime industry with global standards, emphasizing that collective efforts are essential for successful implementation.

NORTHERN STATES GOVERNORS FORUM OPPOSES TAX REFORM BILL, REJECTS DERIVATION-BASED VAT DISTRIBUTION

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The Northern States Governors’ Forum (NSGF) has strongly opposed the recent Tax Reform Bill submitted to the National Assembly, specifically rejecting the proposed shift to a Derivation-based Model for Value Added Tax (VAT) distribution.

The governors argue that this model would disadvantage northern states and other regions, as VAT is currently remitted based on the location of company headquarters rather than where goods and services are consumed.

This stance was articulated in a communique read by Governor Muhammad Inuwa Yahaya of Gombe State, the Chairman of the NSGF, following a strategic meeting held in Kaduna. The meeting included northern traditional rulers, Chief of Defence Staff General Christopher Gwabin Musa, and other key stakeholders.

Governor Yahaya stated, “In view of the implications, the Forum unanimously rejects the proposed Tax Amendments and calls on members of the National Assembly to oppose any bill that may jeopardize the well-being of our people.”

Key Points from the Meeting:

  1. Sympathies and Solidarity:
    The NSGF expressed condolences to victims of recent floods in Maiduguri and other northern regions, pledging support to families affected by terrorism, banditry, and other crimes. The governors committed to collaborating with the federal government to provide relief and rebuild impacted communities.
  2. Enhanced Role for Traditional Institutions:
    Recognizing the influence of traditional rulers, the Forum called for expanded roles for these institutions to strengthen cooperation with security agencies in addressing issues such as kidnapping, banditry, and communal clashes.

The meeting underscored the urgency of addressing pressing regional issues, including recent flood disasters, security challenges, infrastructure needs, and the ongoing electricity blackout affecting most of the north

ADEMOLA LOOKMAN RANKED 14TH BEST PLAYER IN THE WORLD BY BALLON D’OR

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Atalanta and Super Eagles forward Ademola Lookman has been ranked as the 14th best player in the world in the latest Ballon d’Or rankings.

Lookman finished in the top 20, surpassing notable players such as Chelsea star Cole Palmer and Arsenal winger Bukayo Saka.

His nomination was secured after a stellar season where he led Atalanta to their first European title, scoring a hat-trick in the Europa League final.

Here are the rankings for players ranked 11th to 20th:

  1. Cole Palmer
  2. Florian Wirtz
  3. Dani Olmo
  4. Ademola Lookman
  5. Nico Williams
  6. Granit Xhaka
  7. Federico Valverde
  8. Emiliano Martinez
  9. Martin Odegaard
  10. Hakan Calhanoglu

ACTIVITIES DISRUPTED AT UNIVERSITY OF BENIN AS NASU AND SSANU EMBARK ON NATIONWIDE STRIKE

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Activities at the University of Benin were disrupted on Monday following the decision of the Non-Academic Staff Union (NASU) and the Senior Staff Association of Nigerian Universities (SSANU) to embark on a nationwide strike as directed by their national leadership.

During a joint congress held at the sports complex on the Ugbowo Campus, the union leaders announced the formation of a monitoring committee to ensure compliance with the strike directive among affected members.

The national bodies of both associations called for the indefinite strike after exhausting all avenues to compel the federal government to pay their four months’ salary arrears, which had not yielded results.

As a result of the strike, activities in the library, health center, and sports complex were suspended, with only private security personnel remaining at the gates.

Speaking at the meeting, Anthony Igbinosa, Chairman of NASU at the university, stated, “The president said they should give us 50 percent of what they owe us, which is two months, so we gladly left and happily told our people that we are expecting two months to start from somewhere. From July 18 until now is almost three months, but at the end of the day, we are told that it is the Minister of Finance sitting on top of the president’s directive. If the president is serious, how can an appointee override his directive?”

Broderick Osewa, the SSANU counterpart, assured journalists that to ensure compliance with the strike, “We have decided to commence the strike, and there is a monitoring team that will go around to ensure total compliance in our university.”

GANDUJE URGES ONDO RESIDENTS TO SUPPORT GOVERNOR AIYEDATIWA’S RE-ELECTION BID

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The National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, has called on the people of Ondo State to support Governor Lucky Aiyedatiwa in his re-election campaign, advocating for continuity in his progressive leadership. Ganduje made this appeal during the inauguration of the APC Governorship Campaign Council in Akure, which is led by Lagos State Governor Babajide Sanwo-Olu.

Highlighting Aiyedatiwa’s achievements, Ganduje described them as a testament to the APC’s “progressive ideology.” He urged Ondo residents to mobilize and ensure victory for the party in the upcoming election, promising to sustain the administration’s development agenda across both urban and rural areas. “Governor Aiyedatiwa is a symbol of progressive leadership,” Ganduje stated. “Ondo State is fortunate to have him, and it’s crucial to ensure the region’s alignment with our party’s vision. We are committed to a fair and transparent election, which will showcase the support he enjoys among the people.”

Campaign Council’s Endorsement

Governor Sanwo-Olu, the chairman of the campaign council, commended Aiyedatiwa’s dedication and accomplishments during his first 305 days in office. He noted that Aiyedatiwa’s record of projects and achievements makes the re-election campaign straightforward. “Our campaign will focus on issues, not sentiments or insults,” Sanwo-Olu asserted. “With Aiyedatiwa’s legacy of impactful projects, we can confidently assure Ondo citizens of a brighter future. He has shown, in less than a year, his dedication to development that uplifts communities.”

Aiyedatiwa: A Vision for Growth

Addressing the gathering, Aiyedatiwa expressed gratitude for the trust the Ondo people have shown him, pledging to continue improving their lives through initiatives in infrastructure, agriculture, education, and social welfare. “This election is a defining moment for our state and party,” Aiyedatiwa said. “Our party’s journey in Ondo is an open book of unity, vision, and progress. We have consistently listened to the people, and they see the sincerity in our approach.” The governor highlighted key achievements, including road projects, timely salary payments, support for entrepreneurs, educational grants, and youth empowerment initiatives.

Party Leaders Confident in Victory

Isaac Kekemeke, the APC’s National Vice Chairman (South-West), and Ade Adetimehin, the Ondo State APC Chairman, both expressed optimism about Aiyedatiwa’s re-election chances, citing strong local support that has “intimidated” opposition candidates. Adetimehin emphasized, “Governor Aiyedatiwa’s popularity and his dedication to serving Ondo people make us confident of a landslide victory.”

With a robust campaign structure in place, APC leaders reaffirmed their commitment to ensuring a peaceful election on November 16, where they hope Aiyedatiwa’s achievements will resonate with voters across the state

INCONSISTENT POLICIES HINDER NIGERIA’S INDUSTRIALISATION DRIVE, EXPERTS SAY

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Inconsistent policies and poor implementation are significant obstacles to Nigeria’s industrialization efforts, making investment planning challenging for manufacturers. This observation was made by the President of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, along with other experts at the recent LCCI symposium titled “Industrial Symposium: Industries as the Catalyst for Growth and Economic Development,” held in Lagos.

The experts emphasized that national economic growth hinges on providing adequate support to the manufacturing sector. Idahosa stated, “Manufacturing, which ought to have stood as a pillar that can reduce inflationary pressures by increasing domestic production, reducing imports, and stabilizing the naira, is failing due to the challenges limiting the sector.”

He highlighted that frequent policy changes, regulatory uncertainty, and inconsistent law enforcement create an unstable business environment for manufacturers. Industries require long-term planning and investment, but unpredictability in policies makes manufacturers hesitant to commit.

Idahosa urged the government to prioritize creating a stable and predictable policy environment to attract both domestic and foreign investments. “Industries are not just a means of creating wealth but also catalysts for broader economic transformation. By focusing on the development of key sectors such as manufacturing, agriculture, and technology, Nigeria can overcome its current economic challenges and build a more prosperous future for all,” he added.

Sada Ladan-Baki, Group Executive Director for Export and International Trade at Dangote Cement, echoed Idahosa’s sentiments, noting that many manufacturers lack clarity about the country’s industrial policies due to inconsistencies. He emphasized that Nigeria can only drive economic growth with sound industrial policies that are consistent and supported by affordable credit.

IMF REPORT REVEALS GLOBAL MANUFACTURING SHIFT TOWARD EMERGING MARKETS

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In its latest World Economic Outlook, the International Monetary Fund (IMF) has highlighted a major shift in global manufacturing from advanced economies to emerging markets, with India and China leading the change. This trend underscores the growing influence of emerging economies in the global manufacturing landscape.

The IMF report forecasts India’s GDP growth will moderate to 7% in 2024 and further to 6.5% in 2025, as demand driven by pandemic recovery fades. “Manufacturing production is increasingly shifting toward emerging market economies–in particular, China and India–as advanced economies lose competitiveness,” stated the report.

Additionally, the report points to a shift in consumer behavior from goods to services, boosting growth in the services sectors of both advanced and emerging markets.

NEW ART VOICE ADETOLA ODUNLAMI TO LAUNCH DEBUT EXHIBITION ‘SOUGH’ IN LAGOS

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The Nigerian art scene is thriving, with emerging talents making waves. One such standout is Adetola Odunlami, a self-taught artist preparing for his first exhibition, SOUGH, set to open on Monday, October 28, and run through November 4, 2024, at Esoteric Design in Victoria Island, Lagos.

Odunlami’s journey to art is as unconventional as it is inspiring. Once a fashion designer and then a construction professional, he found his creative calling in painting, blending form and structure from his past experiences into his work.

In SOUGH, Odunlami uses acrylics to explore vacant spaces, viewing silence as a force filled with stories and latent potential. “Fashion taught me form, construction gave me structure, and now painting allows me to explore the spaces in between,” he said, reflecting on how these experiences shape his work.

Influenced by Nigerian and international artists like Duke Asidere, Abiodun Olaku, and George Condo, Odunlami’s art bridges cultural divides while honoring his heritage. His mother’s collection of antique ivory art cultivated his love for the past, which he now fuses with a contemporary lens.

“In emptiness, I find fullness,” Odunlami shares. “Each vacant room, each silent corridor tells a story. Through SOUGH, I invite viewers to listen to these unspoken narratives.”

This debut exhibition signals the arrival of a fresh, bold voice in Lagos’ art landscape, one that seamlessly merges architectural precision with the fluidity of fashion design.

NAIRA WIPES OUT 8-MONTH GAINS AS PARALLEL MARKET RATE HITS N1,740/$1; CBN MAINTAINS STABLE NAFEM RATE AT N1,600

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The Naira is facing a significant depreciation trend, closing at N1,740/$1 in the parallel market over the weekend, which indicates a reversal of the gains recorded earlier this year. While the Nigerian Autonomous Foreign Exchange Market (NAFEM) rate showed slight stability at N1,600/$1, there is anticipation that the Central Bank of Nigeria (CBN) might step in to manage the increasing pressure on exchange rates.

Data from the FMDQ shows a minor gain for the Naira in NAFEM, appreciating by N1.2 from N1,601.2/$1. However, parallel market dealers foresee further depreciation, predicting a rate of N1,750/$1 by month-end and an anticipated end-of-year rate of over N1,800/$1.

The depreciation trend resumed in April after the Naira surged from N1,820/$1 in February to a low of N1,240/$1 in March. On a Year-on-Year (YoY) basis, the Naira fell by 70.5% in the parallel market, closing Q3 2024 at N1,705/$1 from an average of N1,000/$1 in September 2023. Year-to-Date (YtD), the currency has depreciated by 16.7%, dropping from N1,490/$1 in January 2024.

In the official NAFEM segment, YoY depreciation reached 104%, with the Naira slipping to N1,540.78/$1 in September 2024 from N755.27/$1 in September 2023. However, recent YoY figures indicate a 9.9% depreciation, from N1,455.9/$1 in January 2024 to N1,600/$1 last weekend.

POLICE ARREST MAID WHO ALLEGEDLY STOLE $60,000 JEWELRY IN LAGOS AFTER WORKING LESS THAN 24 HOURS

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Police in Lagos have arrested a 33-year-old woman, Ms. Alice Udey, accused of stealing over $60,000 worth of jewelry from her employer just hours after being hired as a maid. Authorities believe Udey’s actions may be linked to an organized crime ring targeting wealthy households. The theft, which took place over a year ago, prompted a 16-month investigation that culminated in Udey’s arrest at the Ikoyi Police Station.

According to reports, Udey had obtained her domestic position through seemingly legitimate hiring channels. However, she vanished the following day with valuable jewelry in tow. Police sources suggest this could be part of a larger scheme where suspects use false identities to gain access to affluent homes under the guise of domestic work.

“This appears to be a well-orchestrated scheme where suspects pose as domestic workers to gain access to homes,” stated a senior officer involved in the investigation, highlighting the involvement of a suspected syndicate operating in upscale areas.

The arrest followed months of surveillance and intelligence gathering, and police are now working to identify and apprehend other members of the suspected network. Authorities urge anyone with knowledge of similar incidents to come forward to aid in dismantling the organization. Udey is likely to face theft charges, with possible additional charges as the investigation unfolds.

Obasanjo Calls for Wealthy Nigerians to Support the Less Privileged

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Former President Olusegun Obasanjo has urged wealthy Nigerians to play a crucial role in alleviating the economic hardships faced by the less privileged in the country. He made this appeal during the 25th Omo Olowu Day celebration, which took place at Oba Odeleye Park in Abeokuta.

Obasanjo emphasized the importance of community support and collaboration, particularly in times of economic distress. He also encouraged Ogun State Governor Dapo Abiodun to work closely with the Owu Kingdom to promote agriculture, trade, and business development, ensuring progress and food security for the region.

In his remarks, Governor Abiodun reiterated his administration’s commitment to enhancing the tourism potential of Ogun State. He outlined a vision that integrates tourism with broader social, cultural, and infrastructural development initiatives. “Our administration’s focus extends to grassroots development, placing people at the heart of our building our future together agenda,” he stated.

The governor highlighted that the festival serves as a reminder of the state’s rich cultural heritage and the essential values of communal harmony, love, and unity. He welcomed partnerships from individuals, corporations, and private sectors to advance cultural enrichment and economic development in Ogun State, celebrating both heritage and the strides made towards progress.

IMF Highlights Global Economic Challenges and Impact of High Prices on Families

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The Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva, addressed key economic challenges at the 2024 Global Policy Agenda briefing, part of the ongoing IMF/World Bank Annual Meetings in Washington, DC. She emphasized the strain high prices continue to place on families globally, despite a decline in inflation. Georgieva warned that the global economy is at risk of stagnating in a cycle of slow growth and high debt.

While inflation has eased, thanks to central bank interventions and improvements in supply chain performance, Georgieva noted that families are still hurting from elevated costs. She observed a prevailing sentiment of unease about economic prospects, stating, “The global economy has held up well, but people are not feeling good about the economic prospects of their economies… families are still hurting from high prices and global growth is anemic.”

The IMF projects global growth at 3.2% for this year, which is expected to decline to 3.1% annually over the next five years. Additionally, public debt has reached record levels and is predicted to approach 100% of GDP by 2030, as geoeconomic fragmentation threatens to disrupt decades of economic integration.

The IMF’s Global Policy Agenda report also highlighted significant transformative trends shaping the global economy, including the green transition, demographic shifts, and digitalization, including artificial intelligence. These developments, while posing challenges, also bring new opportunities for economic growth and innovation.

ACTN TO ADDRESS INFLATION AND INTEREST RATE UNCERTAINTY AT 2024 TREASURY360 CONFERENCE IN LAGOS

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The Association of Corporate Treasurers of Nigeria (ACTN) is set to host its 2024 Treasury360 Conference & Exhibition, focusing on inflation and interest rate uncertainties impacting businesses across Nigeria. Scheduled for November 14, 2024, at the Muson Center, Onikan, Lagos, the conference will be held under the theme, “Policy Implications & Building Sustainable Treasury Strategies: Nigerian Perspectives on Tackling Inflation and Interest Rate Uncertainty.”

During a recent media briefing, ACTN President & Chairman of Council, Adeyinka Ogunnubi, emphasized the relevance of this year’s theme amid Nigeria’s current economic challenges. He highlighted that the event would create an essential platform for finance professionals to share insights and strategies, particularly around resilience and sustainability in treasury management.

Ogunnubi stated, “Rising inflation and interest rate volatility are significant concerns, requiring corporate treasurers to adopt more resilient and sustainable financial strategies.” He noted that the Treasury360 Conference would offer practical discussions to help guide finance leaders through these challenging times.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, will be the Special Guest of Honour. Key speakers include Janet Legge, Deputy CEO of the Association of Corporate Treasurers in the UK, and Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE). These experts will provide in-depth insights into the intersections of policy, economics, and treasury management, aiding participants in navigating the macroeconomic landscape.

MINISTRY OF LABOUR SUMMONS PASAN LEADERSHIP OVER ALLEGED N3 BILLION FRAUD IN NATIONAL ASSEMBLY CHAPTER

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Following allegations of N3 billion fraud against the National Assembly chapter leadership of the Parliamentary Staff Association of Nigeria (PASAN), the Federal Ministry of Labour and Employment has summoned both PASAN’s executive and some aggrieved members to a meeting.

The meeting invitation, signed by Amos Falonipe, Director/Registrar of Trade Union Services and Industrial Relations on behalf of the Minister, refers to a petition titled, “Petition Against the Misappropriation of Parliamentary Staff Association of Nigeria, PASAN, National Assembly Chapter and Threats of Suspension of Members.”

Earlier this month, Yusuf Abiola, a PASAN member, publicly accused the PASAN National Assembly leadership of misappropriating union funds and demanded audited financial statements and operational reports from 2019 to date. He further pledged to petition relevant authorities for action.

However, PASAN’s National Assembly Chairman, Sunday Sabiyyi, refuted the claims, labeling them as baseless and defamatory, urging union members and the public to dismiss the accusations as “unfounded blackmail.”

The Labour Ministry’s letter, dated October 25, 2024, has formally requested the attendance of all parties involved in the ongoing dispute, marking a significant step in addressing the allegations through official channels.