In the parallel market, the naira remained unchanged at N1,535 per dollar
Yesterday, the Naira remained unchanged in the parallel market at N1,535 per dollar. However, the Naira fell to N1,532.58 per dollar in the Nigerian Autonomous Foreign Exchange Market, or NAFEM.
According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,532.58 per dollar from N1,523.85 per dollar on Monday, representing an N8.73 depreciation in the naira. The market’s dollar volume (turnover) surged by 41 per cent to $188.19 million, up from $133.46 million on Monday. As a result, the difference between the parallel market and NAFEM rates has decreased to N2.42 per dollar, down from N11.15 on Monday.
The N400 billion oil production shortfall threatens the 2024 budget
With Nigeria’s oil production consistently failing to meet budget benchmarks and allotted OPEC quotas, the industry’s regulators and operators have faced intense pressure to address the hostile operating environment that has caused investors and international contractors to flee the country.
Against the backdrop of an OPEC oil production quota of 1.5 million barrels per day, the latest data from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, shows that the country has recorded a production shortfall of over 3.011 million barrels in the first five months of the year, amounting to a revenue loss of over $264.97 million (about N400 billion) based on an average Bonny Light price of $88.
According to Vanguard, the country’s oil output has decreased to approximately 1.2 million barrels per day, down from a peak of 2.5 million in the early 2000s. According to industry experts, the reasons causing output decline are still very much within the system, and they believe it will deteriorate in the next months if nothing serious is done to stop the drop.
Court orders seizure of NIMASA cash diverted under the Jonathan administration
On Tuesday, the Federal High Court in Lagos ordered the definitive forfeiture of the sums of $16,500,000 and N127 million fraudulently misappropriated from the Nigerian Maritime Administration and Safety Agency. According to the Economic and Financial Crimes Commission, the cash was diverted during the tenure of former President Goodluck Jonathan.
Following the EFCC’s plea on Tuesday, Justice Kehinde Ogundare ordered the final forfeiture of the funds to the federal government.
Counsel for the EFCC, Sulaiman I. Sulaiman, informed the judge that the funds were discovered to be the proceeds of criminal operations.
In its accompanying affidavit, the EFCC explained that the monies were diverted when Jonathan, through his then-National Security Adviser, Sambo Dasuki, sanctioned the release of N1.2 billion to NIMASA on November 4, 2023. According to the EFCC, the cash was intended for the International Ship and Port Security initiatives.
According to the EFCC, the cash was redirected to the bank accounts of one Uche Obilor, an ally of NIMASA’s Executive Director, Captain Bala Agaba.
Nineteen Nigerian airports are not viable
The Managing Director of the Federal Airports Authority of Nigeria, Olubunmi Kuku, has indicated that only three of the 22 airports under its supervision are profitable and contribute significantly to the expansion of the aviation sector.
Kuku, who appeared on Channels TV’s morning show on Tuesday, claimed that 19 of the country’s FAAN airports were being subsidised since they did not receive enough passenger flow to cover their operational costs.
She added that the majority of the 22 airports handled by FAAN require maintenance and enhancements to vital infrastructure such as terminal areas, landside, and airside. The FAAN MD’s discovery is consistent with The PUNCH’s findings that only four of the country’s over 30 airports are economically viable, contributing N5.57 trillion in foreign commerce in 51 months.
Between January 2020 and March 2024, the four airports—Nnamdi Azikiwe International Airport, Muritala Mohammed Airport, Kano, and Port Harcourt—contributed a total of N529.68 billion in exports and N5.05 trillion in imports.
These statistics show that most airports are not economically viable for supporting international trade, despite aspirations by various state governments to begin building airports ostensibly to promote trade.
EFCC witness tells court how funds were moved from the CBN through Emefiele’s wife
Ifeoma Ogbonnaya, a business relationship manager of Zenith Bank PLC, told a Lagos High Court sitting in Ikeja how cash was transferred from the Central Bank of Nigeria (CBN) through Zenith Bank to several accounts associated with Mrs Margaret Emefiele, wife of former CBN Governor Godwin Emefiele.
Ogbonnaya, the fifth prosecution witness, testified in the trial of Godwin Emefiele and his co-defendant, Henry Omoile, on charges of suspected abuse of office for $4.5 billion and N2.8 billion.
Led in evidence by EFCC Prosecutor (SAN) Rotimi Oyedepo, the witness told trial Judge Rahman Oshodi that she had no dealings with the former CBN governor, but that multiple billions of dollars were transferred from the central bank to private entities associated with Mrs Emefiele.
The inflows were for services provided by the corporations to the CBN. She named the private companies that received funds from CBN as Limelight Multidimensional Services Ltd, Comec Support Services Ltd, Andswin Resources Solution Ltd, and Magofarm.
The witness further stated that Mr Stephen and Mrs Patricia are the two signatories to the accounts, however, Mrs Emefiele authorised all transfer orders. She stated that, in addition to Mrs Emefiele, she receives directions from two other people: Mr John Ogah and Mr Opeyemi Oludimu, who works for Emefiele but is currently late. “The accounts directly benefit Mrs Margaret Emefiele, the ex-CBN governor’s wife. “The companies send transfer instructions to my email, and Mrs Emefiele confirms all transactions in the accounts before they are processed,” she said.
WYSN Declares Support For National Protest By Nigerian University Workers Over Unpaid Salaries
The Workers and Youth Solidarity Network (WYSN) has expressed its support for the statewide demonstration organised by the Senior Staff Association of Nigeria Universities and the Non-Academic Staff Association of Education and Associated Institutions on Tuesday.
The university employees hold the protest to show their unhappiness with their unpaid debts. On Tuesday, Comrade Iortyom Moses, WYSN Secretary, issued a statement saying, “We support SSANU and NASU and urge the FG to meet their demands as soon as possible.” Similarly, we demand sufficient funding for the education sector.
“The Workers and Youth Sympathy Network stands in sympathy with the Senior Staff Association of Nigeria Universities and the Non-Academic Staff Association of Education and Associated Institutions. We endorse the demands of SSANU and NASU. We urge the federal government to meet the unions’ requests so that industrial catastrophes are avoided.
“We at WYSN think that the federal government is responsible for preventing the arrears of workers who were obliged to go on strike to seek better working conditions and other demands.
