Headline

Banks To Rehabilitate National Arts Theatre With $200m

Published

3 years ago

December 10, 2022

The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Saturday, said the Bankers’ Committee has raised the amount it planned to spend to rehabilitate the National Arts Theatre from $100m to $200m.

He also assured that the CBN wiould not stop but continue to support the economy with foreign exchange intervention after 2022.

Emefiele disclosed this during a press conference at the end the of the two-day bankers retreat in Lagos.

Speaking on the National Arts Theatre funding, he said, “I must confess that when we started this project, we contemplated it would cost $100m to complete. But unfortunately, where we are on the dimensions, the scope of the project yesterday, we found out that it is almost going to last up to $200m.”

To boost the volume of export repatriation, he said there was need to support the exporters who needed the facility to be able to process their goods that could qualify for exports abroad.

To ensure this support, he added that the banks would be made to grant at least N500bn yearly to export oriented companies.

According to him, the banking sector realised that the interventions introduced to support the economy was realising result.

He said, “Realising the progress that had been made so far, the CBN will continue to support the market with foreign exchange as hard as it may be; while the banks will continue to ramp up their own source of non-oil export to earn FX through repatriation which they can use to fund the needs of their customers.”

Headline

Indian Court Denies Bail To Nigerian Man Over Drug Charges

Published

2 hours ago

May 28, 2026

Editor

A court in India has denied bail to a 44-year-old Nigerian national, Cristian Soporuchukwu, who is currently facing drug trafficking charges in the country.

Cristian Soporuchukwu initially entered India on a business visa but was later arrested over allegations of involvement in the sale of hard drugs.

Reports indicated that after arriving in India, Soporuchukwu travelled through Goa, Delhi, and Mumbai, where he allegedly established links with suspected drug traffickers.

He was accused of purchasing MDMA crystals and distributing them to college students and information technology workers.

According to reports, operatives of the Beguru Police arrested Cristian Soporuchukwu in April 2025 for allegedly selling MDMA crystals around Begur Lake and the AECS Layout Road area.

The New Indian Express reported that the High Court of Karnataka subsequently dismissed the Nigerian’s bail application.

“The anti-narcotics wing seized about 1 kg of MDMA crystals, a pocket weighing machine, 10 zip-lock covers, a mobile phone and a scooter from him,” the report stated.

Justice V. Srishananda, while ruling on the bail application, reportedly held that errors relating to the grounds of arrest could not automatically justify bail in serious narcotics-related offences under the Narcotic Drugs and Psychotropic Substances, NDPS, Act.

The court further noted that Cristian Soporuchukwu had allegedly overstayed his visa in India, according to the report.

Headline

Strait Of Hormuz: US Announces Sanctions Against Iran

Published

3 hours ago

May 28, 2026

Editor

The United States Treasury has announced sanctions against Iran’s Persian Gulf Strait Authority.

Treasury Secretary, Scott Bessent, said this in a statement on Wednesday.

The statement extended the threat of sanctions to anyone paying the fees, saying they may be providing support to and receiving services from Iran’s Revolutionary Guards, and therefore may be exposed to sanctions risk.

“The Iranian military’s latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash.

“Treasury has deprived the Iranian regime of revenue for their weapons programs, terrorist proxies, and nuclear ambitions,” Bessent said.

Bessent added that the US has succeeded in disrupting tens of billions of dollars’ worth of revenue from being accessible to Tehran.

Headline

US Launches New Airstrikes On Iran

Published

3 hours ago

May 28, 2026

Editor

The United States has launched new airstrikes in southern Iran.

The strike shot down four one-way attack drones that posed a threat around the Strait of Hormuz and then a ground control site.

A US official revealed that American forces struck an Iranian ground control station in Bandar Abbas that was about to launch a fifth drone.

The official described the strikes as purely defensive, saying the US intended to maintain the ceasefire.

Report says this is the second time in three days that the US has carried out self-defense strikes against Iranian military targets in southern Iran.

Recall that on Monday the US carried out airstrikes against Iranian missile locations and boats that US Central Command said were preparing to launch mines in the Strait of Hormuz.