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Naira Plunges to N1,825 Against Dollar Despite EFCC’s Intervention

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Tuesday, the naira dipped further, trading at N1,825 to a dollar, despite efforts by the Economic Financial Crimes Commission (EFCC) to disrupt the activities of perceived manipulators and speculators.

On Monday, it was reported how the anti-graft agency raided the well-known Abuja Zone 4 market, shooting at Bureau De Change operators to stop the naira’s rapid decline.

But, less than 24 hours after EFCC raided BDC operators in Abuja, the naira continued its rapid decline, dipping from N1,700 against the dollar to N1,825 to a dollar 24 hours later.

This came as the naira hit an all-time low against the dollar and pound sterling in Nigeria’s history, despite efforts by the Central Bank of Nigeria to salvage the free fall of the naira.

Though the naira had been on a downward trend against the dollar before Mr Tinubu assumed office last May, the naira’s freefall accelerated following the floating of the currency.

In September, the naira exchanged at N1,000 to one dollar at the parallel market. This historic dip spotlighted the weakness of Mr Tinubu’s efforts to manage the national currency amid runaway inflation.

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In July, the Association of Nigerian Licensed Customs Agents (ANLCA) complained that floating the nation’s currency had caused a drop in vehicle importation in the nation’s ports.

The currency fell to N1,520.123 to a dollar on January 31, according to Naira Rates.

This is against the currency’s depreciation to N1,482.75 per dollar recorded in the official foreign exchange market on January 30, amounting to a N38 depreciation for the naira under 24 hours.

The fall made it the first time after the COVID-19 pandemic that the official exchange rate was higher than the parallel market exchange rate, which traded at N1,470 per dollar from N1,425 on January 29.

The monetary policy of President Bola Tinubu’s government played a huge role in the further downward slide of the naira after he floated the currency.

Mr Tinubu’s economic policy scrapping fuel subsidy and collapsing multiple foreign exchange windows into the single Importer and Exporter, or I&E window, drastically depreciated the naira’s value by 98 per cent, a report by the Price Water Coopers stated.

The top global business advisory audit firm said in its report ‘Nigeria’s Economic Outlook: Seven Trends That Will Shape Nigerian Economy in 2024’ that Mr Tinubu implemented policies that had the domino effect of devaluing the naira by nearly 100 per cent but appealed to foreign investors as the move was projected to improve the economy in 2024.

On September 26, the naira witnessed an unprecedented historical low, dipping to N1000 against the U.S. dollar. Since then, the currency has lost 17 per cent of its value.

The persistent decline of the naira is a source of concern and a spotlight on the challenges associated with President Bola Tinubu’s fiscal policies.

Despite the far-reaching consequences, including inflation and diminished economic purchasing power, Mr Tinubu has undertaken what his cabinet refers to as strategic moves, such as the petrol subsidy removal, which was met with resistance and scepticism but reflects an attempt to reduce the government’s financial burden and promote a more market-driven economy as well as the decision to adopt a clean float foreign.

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Supreme Court Nullifies Tinubu’s Pardon, Restores Maryam Sanda’s Death Sentence

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By Yusuf Danjuma Yunusa

 

Nigeria’s Supreme Court has set aside the presidential pardon granted by President Bola Ahmed Tinubu to Maryam Sanda, the Abuja woman convicted of killing her husband, Bilyaminu Bello, during a domestic dispute.

In 2020, the Federal Capital Territory High Court sentenced Sanda to death by hanging, a verdict later upheld by the Court of Appeal in Abuja.

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In contrast, President Tinubu had subsequently commuted the sentence to 12 years’ imprisonment on compassionate grounds.

However, in a narrow 4–1 judgment delivered on December 12, 2025, the Supreme Court restored the initial death sentence. The apex court dismissed Sanda’s final appeal, ruling that it lacked merit and failed to undermine the findings of the lower courts.

Reading the lead judgment, Justice Moore Adumein held that the prosecution had proved its case beyond reasonable doubt, establishing that Sanda unlawfully caused the death of her husband.

He described the presidential pardon as an inappropriate exercise of executive power, particularly because the clemency was issued while the appeal process in a homicide case was still ongoing.

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Alleged Fraud: Late President Buhari’s Minister of Labour, Ngige, Landed in Kuje Prison

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By Yusuf Danjuma Yunusa

On Friday, an Abuja High Court remanded a former Minister of Labour and Employment, Chris Ngige, in Kuje Correctional Centre, pending the determination of his bail application.

The Nigerian Tracker News had earlier reported his arrest by the EFCC on Wednesday.

The Crime’s Commission arraigned Ngige on Friday over alleged N2.2 billion fraud.

The one-time governor of Anambra State and former Minister of Labour and Employment, Ngige, is facing eight count charges of fraud and accepting bribes.

The defendant served as the governor of Anambra under platform of the Peoples Democratic Party (PDP) from May 29, 2003, to March 17, 2006.

He served as minister under former and late President Muhammadu Buhari’s administration from 2015 to 2023.

He is being prosecuted for fraud, which he allegedly committed during his tenure as Minister of Labour and Employment.

The EFCC accused him of awarding seven contracts worth over N366 million “for consultancy, training and supply by the Nigeria Social Insurance Trust Fund (NSITF)” to a company, Cezimo Nigeria Limited, belonging to his associate, Ezebinwa Charles.

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EFCC alleged that Ngige awarded eight contracts worth over N583 million to another company belonging to Mr Charles.

The EFCC also alleged that the defendant used his position to give preferential treatment, awarding eight contracts worth over N362 million to a company, Jeff & Xris Limited, belonging to Nwosu Chukwunwike.

Other companies he awarded contracts include Olde English Consolidated Limited and Shale Atlantic Intercontinental Services Limited, belonging to Uzoma Igbonwa to the sum of N668 million and N161million respectively.

According to the EFCC, these offences violate section 19 of the Corrupt Practices and Other Related Offences Act, 2000.

Also, the anti-graft agency accused Ngige of collecting gratifications from contractors of the NSITF through “his organization, called Senator (Dr Chris Nwabueze Ngige Campaign Organization from Cezimo Nigeria Limited (Zenith Bank Account Number 1011901119).”

The EFCC further alleged that Ngige collected N38.6 million from Cezimo Nigeria Limited, N55 million from Zitacom Nigeria Limited and N26 million from Jeff & Xris Limited.

This according to EFCC contravened section 17(a) of the Corrupt Practices and Other Related Offences Act 2000 and is punishable under section 17(c) of the same Act.

He however pleaded not guilty to all the charges.

The EFCC’s counsel, Sylvanus Tahir, SAN applied for a trial date and urged the court to remand Ngige at Kuje Custodial Centre.

However, counsel to Ngige, Patrick Ikwueto, SAN, noted that they were only informed of the arraignment yesterday and could not file for his bail application.

Ikwueto urged the court to give Ngige a conditional bail on health grounds.

He also attempted to move for an oral bail application for the defendant on self-recognition.
Tahir noted that the court could not be presented with both a written and oral application.

He also noted that Ngige is yet to submit his international passport, which was part of his previous bail conditions.

Ikweto, however, noted that Ngige’s international passport was stolen, and the EFCC has been informed through a letter.

Tahir denied knowledge about the report.

Following their submissions, Justice, Maryam Hassan, ordered his remand at the Kuje Correctional Centre.

Justice Hassan adjourned the case until Monday for hearing and determination of his bail application.

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One Kano Agenda Announces Two-Day Economic and Political Conference

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The One Kano Agenda movement has announced plans to host a two-day economic and political conference in Kano State, reaffirming its commitment to unity, progress, and sustainable development.

In a statement signed by the Director of Media and Publicity, Abubakar Dangambo, the group emphasized that the initiative is designed to bring together stakeholders from across the state to deliberate on strategies that will reposition Kano as a hub of economic growth and political stability.

Commitment to Unity and Progress
According to the statement, One Kano Agenda is rooted in inclusiveness, civic consciousness, and forward-thinking leadership. The movement stressed that its guiding principle remains simple: “Kano’s future must be built by all of us, and benefitted by all of us.”

Day One: Economic Summit
The first day of the conference will feature the Kano Economic Summit, focusing on:
– Repositioning Kano as a regional economic powerhouse
– Strengthening local industries, SMEs, and the commerce sector
– Attracting investment and rebuilding economic confidence
– Learning from successful models such as Lagos State’s long-term development vision
– Mapping out an actionable roadmap for Kano’s economic revival

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Organizers noted that the summit is expected to stimulate critical conversations and partnerships that will support job creation, entrepreneurship, infrastructure development, and broader wealth-creation opportunities for citizens.

Day Two: Political Dialogue
The second day will be dedicated to the Kano Political Dialogue, which will address:
– Strengthening political participation and leadership quality
– Promoting youth involvement and political re-orientation
– Reducing political manipulation and violence
– Encouraging issue-based politics grounded in development
– Building a united, peaceful, and politically stable Kano State

The dialogue aims to reshape mindsets, deepen democratic culture, and ensure that politics in Kano becomes a vehicle for progress rather than division.

Why the Conference Matters
The One Kano Agenda described the gathering as a “needed intervention at a decisive moment in the state’s history.” Kano, it said, stands at a crossroads, and the future desired by its people can only be achieved through deliberate planning, honest dialogue, and collaborative action.

“The conference will provide a platform for meaningful engagement, innovative ideas, and a united voice in charting Kano’s next chapter,” the statement read.

Call to Action
The movement called on professionals, youth, community leaders, religious institutions, business owners, and the general public to participate actively in the initiative.

“Together, we can redefine our future. Together, we are One Kano,” the statement concluded.

 

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