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I Am Not Calling For Naira Devaluation, Osinbajo Reveals

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Vice President Yemi Osinbajo has said that he is not calling for the devaluation of the naira contrary to some reports that trailed his speech at the opening session of the mid-term ministerial performance review retreat at the presidential villa, Abuja on Monday.

Osinbajo in a statement issued by his spokesman, Laolu Akande, on Tuesday said he rather advocates a forex policy to curb corruption.

While noting that he has been opposed to the devaluation of the currency, the Vice President said those who have access to the dollars at N410 turn round to sell it were benefiting from the current exchange rate.

“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira,” the statement read.

“For context, the Vice President’s point was that currently, the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570.

“It is stopping this huge arbitrage of over N160 per dollar that the Vice President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!”

He also revealed the major issues confronting the Nigerian economy, stressing that how to improve the supply of foreign exchange is the major challenge facing the country’s economy.

Osinbajo explained that allowing the window of import and export would help improve the value of the naira.

“The real issue confronting the economy on this matter is how to improve the supply of foreign exchange, but this will not happen if we do not allow mechanisms like the Importers and Exporters window to work. If we allow this market mechanism to work as intended, we will find that the Naira will appreciate against the dollar as we restore confidence in the system,” he added.

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EPL: Chelsea Edge Tottenham In Seven-Goal Thriller

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Chelsea came back from two goals down to defeat Tottenham 4-3 in Sunday’s Premier League game.


Details later…

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Ghana: Tinubu Congratulates Presudent-Elect John Mahama In A Telephone Call

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President Bola Tinubu has congratulated President-elect John Dramani Mahama on his victory in the December 7 general election in Ghana, following his opponent’s concession speech.

In a telephone call to Mahama, President Tinubu hoped that Mahama’s ascension to power for the second time would further bring stability to the Economic Community of West African States (ECOWAS), of which President Tinubu is the chairman.

President Tinubu commended the people of Ghana for their commitment to democracy, which was demonstrated through the peaceful and successful conduct of both the presidential and parliamentary elections.

He applauded Ghanaians for demonstrating again to the world that democracy is the preferred path to achieving political stability, economic development, social justice, and transparent governance in Africa.

He affirmed that Nigeria’s and the region’s belief in the principles of the people’s right to choose their leaders freely will remain a source of pride.

The Nigerian leader applauded the candidate of the governing New Patriotic Party (NPP), the Vice President of Ghana, Dr Mahamudu Bawumia, for conceding defeat before the official announcement by Ghana’s Electoral Commission.

President Tinubu said Bawumia’s stance reinforced Ghana’s democratic ethos.

President Tinubu noted that President-elect Mahama’s return to Jubilee House, having served as President from 2012 to 2017, reflects the Ghanaian people’s trust in his stewardship and vision to take the country to greater heights.

Mahama served as Vice President of Ghana from 2009 to 2012, Member of Parliament from 1997 to 2009, and held deputy and ministerial roles between 1998 and 2001.

President Tinubu renews his steadfast support for deepening the fraternal bonds between Nigeria and Ghana, underpinned by shared history, cultural ties, mutual support and cooperation, Pan-African goals, democracy, the rule of law, and economic integration.

The Nigerian leader thanks President Nana Akufo-Addo for his exemplary leadership and numerous contributions to Ghana’s progress and regional peace and stability.

The President looks forward to working with President Mahama’s incoming administration to strengthen bilateral ties across various sectors and build a brighter future in the West Africa region

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NDLEA Arrests Engineer For Allegedly Concealing Illicit Drugs In Pressure Machines

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The National Drug Law Enforcement Agency (NDLEA) says its operatives have arrested a suspected drug trafficker, Egwu Phillip Inya, who claims to be a building engineer, while attempting to take delivery of illicit consignments concealed in pressure machines imported from South Africa.

According to a statement by the NDLEA spokesperson, Femi Babafemi on Sunday, the 42-year-old Egwu was arrested on Monday 2nd December 2024 at Okeyson motor park Enugu when he showed up to collect three units of pressure machines inside which were hidden parcels of Loud, a synthetic strain of cannabis, weighing 7.40 kilograms.

Babafemi stated that the consignments had arrived the Murtala Muhammed International Airport, Ikeja Lagos import shed on 29th November 2024.

“Following credible intelligence, officers of the MMIA Strategic Command of the Agency had monitored the shipment pass through clearing processes up to a logistics company’s warehouse outside the airport where it was to be collected by the consignee.

“The importer however changed the point of collection to Enugu at the last minute. As a result, NDLEA operatives in a follow up operation in Enugu arrested Egwu when he showed up to collect the consignments.

“No fewer than 511,000 pills of tramadol were recovered from a Siena vehicle at Hildi, Askira Uba way in Adamawa state by NDLEA operatives on patrol along the road in the early hours of Friday 6th December.

“The occupants of the vehicle had made a detour on sighting the NDLEA team and after a distance abandoned the vehicle with the consignments after noticing the operatives were on their trail,” the statement said.

It also added that in Ekiti State, two suspects, Olanrewaju Alale, 48, and Babatunde Kayode Ijadahun, 55, were arrested along Ise- Emure road in a J5 bus marked EPE 958 XJ while transporting 108 jumbo bags of cannabis weighing 1, 323 kilograms to Owo, Ondo state from where they claimed the consignment will be moved to the North for distribution.

It further read, “Another suspect, Adekunle Yusuf, 33, was nabbed by NDLEA operatives with 704 kilograms of the same psychoactive substance, concealed in white sacks on Friday 6th December at Idere road, Igboora, Oyo state.

“In Lagos, a grandmother, 65-year-old Ramata Bola Adeyemo was on Friday 6th December arrested by NDLEA operatives at 62 Odunfa street, Lagos Island, where 20.6 litres of codeine-based syrup were recovered from her. Also arrested in Lagos was Alhaji Lawan Manga who was picked at Ogundana Street, Ikeja on Thursday 5th December while 4.7kg cannabis and 1.3kg tramadol were recovered from him.

“With the same vigour, Commands and formations of the Agency across the country continued their War Against Drug Abuse, WADA, sensitization lectures to schools, worship centres, workplaces and communities among others in the past week. These include: WADA sensitisation lecture to students and staff of Progressive Secondary School, Ado Awaye, Oyo state; Muslim Grammar School, Ede, Osun state; Government Girls College, Maiduguri, Borno state; Community Secondary School, Ogale, Rivers state; Santa Maria Secondary School, Igogoro, Enugu state; and Chiranci Upper Basic Junior Secondary School, Bichi, Kano state while Lagos State command of NDLEA organised WADA enlightenment lecture for leaders and members of NURTW, Orile Agege, Lagos, among others.

Commending the officers and men of MMIA, Adamawa, Ekiti, Lagos, and Oyo Commands of the Agency for the arrests and seizures, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd), stated that their operational successes and those of their compatriots across the country especially their balanced approach to drug supply reduction and drug demand reduction efforts are well appreciated.

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