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Tag: Nigeria

  • SERAP To Sue Tinubu Government Over Electricity Tariff Hike, Calls For Reversal Pending Court Hearing

    SaharaReporters earlier reported that the Nigerian government had approved N225 ($0.15) per kilowatt-hour tariff increment for Band A electricity consumers in the country.

    The Socio-Economic Rights and Accountability Project has said it is suing President Bola Tinubu’s administration over the arbitrary increase in electricity tariff. 

    SaharaReporters earlier reported that the Nigerian government had approved N225 ($0.15) per kilowatt-hour tariff increment for Band A electricity consumers in the country.

     

    Band A are those who enjoy electricity supply for 20 hours per day.

    The Vice Chairman of the Nigerian Electricity Regulatory Commission (NERC), Musliu Oseni, who made this known at a press briefing in Abuja on Wednesday, said the increase will see the customers paying N225 instead of the current N66 kilowatt per hour.

    According to Oseni, customers in Band A represent 15 percent of the 12 million electricity customers in Nigeria.

    Oseni further said that the NERC had also downgraded some customers from Band A to Band B due to non-fulfilment of the required hours of electricity provided by the electricity distribution companies.

    He added that the review will not affect customers on the other bands.

     

    However, SERAP on Wednesday in a statement posted on its X handle condemned the tariff increase, saying it came despite the difficult economic realities in the country and a pending lawsuit on the matter.

     

    The group asked Tinubu’s administration to reverse the hike pending the hearing and determination of the suit it filed on the matter, to protect the integrity of the judicial process and the rule of law.

    “We’re suing the Tinubu administration over the arbitrary increase in electricity tariff from N66 to N225 despite the difficult economic realities in the country, and the pending lawsuit on the matter.

     

    “The Tinubu administration must reverse the apparently unlawful increase in electricity tariff from N66 to N225 pending the hearing and determination of the suit we filed on the matter, to protect the integrity of the judicial process and the rule of law,” SERAP wrote. 

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  • Court Okays detention of Nigerian linked to ISIS for 60 days

    Justice Inyang Ekwo of the Federal High Court, Abuja, on Wednesday, gave the Department of State Service (DSS) the go-ahead to detain a Nigerian suspected to be a member of the Islamic State in Iraq and Syria (ISIS), Emmanuel Osase, for 60 days.

    The judge gave the order after counsel for the DSS, A.A. Ugee, moved the ex-parte motion to the effect.

    When the matter was called, Ugee informed the court of the application.

    He said the motion ex-parte marked: FHC/ABJ/CS/409/2024 was filed under Section 66(1) of the Terrorism (Prevention and Prohibition) Act, 2022.

    The counsel asked the court to grant an order enabling the DSS to detain Osase for 60 days pending the conclusion of the investigation.

    Justice Ekwo granted the application and adjourned the matter till June 3 for report.

    Osase, who was arrested on March 11, was accused of propagating the messages of the terrorist group and opposing the country’s democratic.

    The prosecution also alleged that the defendant called for terror attacks on Nigeria and its symbols of sovereignty.

    In an affidavit dated March 27 and deposed to by a DSS operative attached to the Legal Service Department, National Headquarters, Abuja, Ahmad Abubakar, he averred that the release of the suspect could jeopardise the investigation.

    He said that Osase was arrested by the DSS team for alleged membership and propagation of ISIS terror messages.

    Abubakar revealed that Osase was jailed for five years for terrorism-related offences in France and was deported after the completion of his sentence.

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  • BREAKING: Tinubu Signs Students Loan Amendment Bill Into Law

    Bola-Tinubu-

    President Bola Ahmed Tinubu has signed the Student Loans Re-enactment Bill into law.

    The Special Assistant to the President on Social Media, Dada Olusegun who disclosed this on his X page on Wednesday, stated that the event happened at the State House.

    “The executive bill titled ‘A Bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2004 to Establish the Nigerian Education Loan Fund as a body corporate to receive, manage and invest funds to provide loans to Nigerians for higher education, vocational training and skills acquisition and for related matters’ was signed at the State House in the Presence of the leadership of the National Assembly, Ministers and Major Stakeholders of Education,” he posted.

    The National Assembly had passed the bill after it was considered in both the lower and upper legislative chambers.

    The bill proposed to offer Nigerians simple access to higher education through interest-free loans from the Nigerian Education Loan Fund, which was established by the Act to ensure education for all Nigerians.

    BREAKING: Tinubu Signs Students Loan Amendment Bill Into Law is first published on The Whistler Newspaper



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  • Step Into the Future of Technology as TECNO Introduces CAMON 30 Series and AIoT Products

     

    Step Into the Future of Technology as TECNO Introduces CAMON 30 Series and AIoT Products

    In a stunning and entertaining display of innovation and technology, TECNO has again raised the bar for top-notch smartphones with the CAMON 30 Series and POVA 6 devices. They also introduced some super cool AIoT products like the TECNO megabook T16 PRO, True 1 Earbuds, Watch Pro 2, and Dynamic 1. The event, which everyone was eagerly waiting for, took place at the fancy Landmark Center on April 2nd, 2024. It was a real treat, with awesome tech stuff and outstanding performances that left everyone spellbound.

     

    At the heart of the CAMON 30 Series lies a promise to ignite your creativity like never before. With its powerful 50 MP Sony IMX890 camera, co-engineered with Sony, TECNO’s CAMON 30 device elevates everyday moments into breathtaking masterpieces. Whether a scenic landscape or a captivating portrait, each photo becomes a canvas for your artistic expression. And with its 4K 60FPS eye-tracking autofocus front camera, every selfie is flawless, capturing your best angles effortlessly. With an intuitive AI camera toolkit, snapping the perfect shot is now within reach for users of all skill levels.

     

    Step Into the Future of Technology as TECNO Introduces CAMON 30 Series and AIoT Products

     

    Beyond just photography, the CAMON 30 Series offers a seamless and immersive multimedia experience. Powered by MediaTek Dimensity 8200 Ultimate 5G SoC, this device allows you to juggle multiple tasks effortlessly. With a generous PC-level memory of 24GB and a spacious 512GB storage capacity, you’ll have all the space you need for your favourite apps, photos, and videos. Plus, the stunning 6.78″ 144Hz AMOLED display, 70W Ultra Charge technology, and Dolby Atmos Stereo Dual speakers deliver an unparalleled audiovisual experience that will exceed your expectations.

     

    “We are thrilled to introduce the CAMON 30 Series and POVA 6 to the Nigerian market,” said Milen Oyinlola, PR/Media Manager at TECNO. “These devices demonstrate our commitment to innovation and excellence, offering users unrivaled performance, style, and value. Our partnerships with Google and MTN further enhance the customer experience, providing exclusive benefits to our loyal users.”

     

    Step Into the Future of Technology as TECNO Introduces CAMON 30 Series and AIoT Products

     

     

    As part of the launch event, attendees were treated to a mesmerizing performance by music sensations Magicxx, Reekado Banks, and Tiwa Savage, adding an extra layer of excitement to the electrifying atmosphere. The event showcased TECNO’s dedication to pushing the boundaries of smartphone technology and providing users with the tools they need to express themselves creatively.

     

    Step Into the Future of Technology as TECNO Introduces CAMON 30 Series and AIoT Products

     

    The CAMON 30 Series, POVA 6 device, and AIoT products are now available at authorised TECNO retailers nationwide. Be among the first to lay your hands on the new CAMON 30 Series and get a whopping N20,000 discount, and you can buy using EasyBuy with 0% interest. For more information, follow TECNO on Facebook, Instagram, and X(Twitter).

     

     



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  • Okuama Community In Delta Has Stockpiled Weapons, Made Illegal Money From Crude Oil Theft, Says Chief Of Defence Staff

    The CDS explained that the Delta State Governor, Sheriff Oborevwori and residents of the community where the military personnel were attacked and killed by irate youths, have no access to the community because of the ongoing “cordon and search” operation in the area.
     

     

    The Chief of Defence Staff (CDS), General Christopher Musa, has said that Okuama Community in Ughelli South Local Government Area of Delta State where 17 military personnel were killed last month have a lot of weapons and illegal funds from crude oil theft.

    Musa said this while fielding questions on the Arise TV Morning Show programme on Wednesday, where he explained why the military personnel are currently conducting a cordon-and-search in the community.

    The CDS explained that the Delta State Governor, Sheriff Oborevwori and residents of the community where the military personnel were attacked and killed by irate youths, have no access to the community because of the ongoing “cordon and search” operation in the area.

    He said, “We are currently conducting a cordon-and-search in the community. Cordon-and-search operation means we are searching every nook and cranny within the community because they have a lot of illegal funds from crude oil theft. They have bought a lot of weapons.

    “It is for us to thoroughly clean the community to ensure that no weapon, no explosive is left in the community. I can tell you at the end of the operation, residents of the community will always go back,” he said.

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  • Detained Binance official trained EFCC officials, not part of management, crypto firm claims

    The management of embattled crypto-currency firm, Binance Holdings Limited, has denied claims that one of its purported executives who is currently being detained in Nigeria, Tigran Gambaryan, is part of the company’s management team.

    Gambaryan who was arrested on March 22 along with a director of the company, Nadeem Anjarwalla who later escaped and fled the country, was arraigned at the Federal High Court, Abuja court on Thursday on charges of money laundering to the tune of $35,400,000.

    However, the crypto-exchange giant, in a statement on Wednesday, said Gambaryan who is an American, only serves as a law enforcement officer for the firm and does not have the power to make decisions at the management level.

    In the statement made available to Ripples Nigerian by a spokesperson for the company, the crypto firm said Gambaryan is “known globally as someone fully dedicated to law enforcement.”

    The statement said, “Tigran was hired in 2021 to help Binance fix past compliance issues. As the head of Binance’s Financial Crime Compliance (FCC) team, he has been a strong advocate for Binance to develop policies and build compliance capabilities that set new industry standards.

    READ ALSO:Nigerian govt in talks with INTERPOL for extradition of escapee Binance Director, Anjarwalla

    “In the past several years, he, along with his FCC team, responded to more than 600 information requests coming from Nigerian law enforcement agencies or related to investigations pertinent to Nigeria.

    “Tigran’s team also provided multiple training sessions for Nigerian crime fighters on the role of exchanges in the digital-asset ecosystem. This included a three-hour online workshop for 70 Nigerian EFCC officials in mid-2023 and, late last year, two full-day sessions for EFCC officials in Abuja and Lagos, with more than 30 investigators attending each of them.

    “Tigran is a strict law enforcement professional and is not part of Binance management.

    It further said, “Binance respectfully requests that Tigran Gambaryan, who has no decision-making power in the company, is not held responsible while current discussions are ongoing between Binance and Nigerian government officials.”

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  • Renaissance Capital Says Naira Undervalued By 30%

    Renaissance Capital Africa has said that the Naira is currently under-valued by about 30 per cent.

    The company said in its economic report that 2024 has a positive outlook for Nigeria with a strengthening currency and a rise in oil prices.

    In the report, it added that holders of equities had already seen gains of 20 per cent since the end of February, as the naira strengthened from 1,600/$ to around 1,300/$.

    It stated, “So at the March 28 level of 1,303/$, the NGN is 30 per cent undervalued to its long-term average. That’s the cheapest in Africa (just decimal places cheaper than Egypt), and only the Japanese yen is cheaper among 80 currencies we look at.

    “We expect a surge in March and/or April inflation to erode that to perhaps 20-25 per cent undervalued. If the NGN stabilises at 1,269/$ – and if inflation was 20 per cent in March 2025, this would take the average rate up to around the same level by March 2025.

    “As such, the naira could stay here all year – which is much better return in one-year bonds yielding 18-19 per cent than owning US treasuries at 4-5 per cent.

    “Alternatively, the CBN could drive the NGN spot rate stronger, perhaps to 1,100/$ – and then encourage a weaker monthly trajectory for the currency. So, a 10-20 per cent nominal NGN move stronger from here is plausible, and we ought to get a re-rating of the equity market too (as in Pakistan and Kenya).”

    On the other hand, it said a worsening current account, higher than expected inflation, and insecurity were obvious risks, stating that if inflation surges to 50 per cent in the next few months, then much of the undervaluation of the naira will disappear.

    Renaissance said, “If inflation stayed at 50 per cent into next year, the naira would become overvalued at 1,300 and would need to sell off again to become competitive. The 18 per cent yield on one-year bonds would not look so attractive if we lose 20 per cent on the currency.

    “There are fiscal risks that could lead to higher inflation. The government has an expensive liability via fuel and electricity prices. The fuel subsidy may have been officially removed in 3Q23, when the fuel price went to around N550 and the exchange rate was more like N700-800/$.”

    Renaissance Capital Says Naira Undervalued By 30% is first published on The Whistler Newspaper

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