News
Falana Drags CBN To Court Over Floating Of Naira

Human rights lawyer Femi Falana said the Central Bank of Nigeria (CBN), has been dragged to court over the floating of Naira currency.
Falana disclosed this while speaking in an interview on Channels Television on Friday.
Recall that the apex bank reportedly told Deposit Money Banks to freely float the naira against the dollar and other international currencies in June.
The policy was announced at a time when the naira traded between 730 and 755 to the dollar at the Investors and Exporters (I&E) window.
But, Falana described the decision of the CBN to float the naira as ‘illegal’ and being challenged in court.
READ ALSO: JUST IN: FG Gives ₦5bn Subsidy Palliative To Each State, FCT
He said, “There’s no provision for floating the naira. It’s illegal. You say, ‘The value of the naira will be determined by market forces.’ That is not there in the law,” he said.
“I’ve had to sue the Central Bank of Nigeria at the Federal High Court because Section 16 of the Central Bank Act has imposed a duty on the Central Bank to fix and determine the rate of the naira vis-a-vis other currency,” he added.
As of Friday, the CBN puts the exchange rate between N744 and N746.
The Senior Advocate of Nigeria, SAN said the CBN Act made it compulsory for the apex bank to fix the exchange rate.
He noted that Section 20(1) of the CBN Act provides that the only legal tender in Nigeria shall be the currency notes issued by the Central Bank: “only the naira.”
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Section 20 (5) of the Act also provides that anybody who spends any other currency in Nigeria without the approval of the central bank has committed an offence “and shall be prosecuted”, he explained, adding, “The penalty is six months’ imprisonment.”
Falana argued further that as long as government officials are not prepared to strengthen the naira and make it the only legal tender in Nigeria, “we’re not going to go far”.
On the Federal Government’s approval of N5 billion for each state and the Federal Capital Territory (FCT) to procure food items for distribution to the poor in their respective states, Falana said the measures were diversionary.
He said, “They are temporary measures. Some of them are quite diversionary and the people in government have not addressed the root of the crisis, which is the dollarisation of the economy,” he said.
“Whatever palliatives that are announced will be eaten up by dollarisation of the economy,” he added.
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News
Edo Expresses Commitment To Ease Of Doing Business

The Edo State government has expressed commitment to providing the enabling environment for businesses to thrive in the state.
The state Deputy Governor, Hon. Dennis Idahosa, gave the assurance after a closed door meeting with representatives of Pan Ocean Oil Corporation Nigeria Limited, NewCross Exploration and Production Limited in Benin.
The deputy governor, who served as chairman of the state boundary committee, noted that this is in line with the Renewed Hope Agenda of President Bola Tinubu and the SHINE Agenda of Governor Monday Okpebholo.
Idahosa, who said “it is part of the state’s strategy to create employment opportunities,” pointed out that it is in line with Governor Monday Okpebholo economic drive to turn the state into an investor friendly one.
READ ALSO:2027: I Will Resign If Tinubu Loses In Edo – Governor Okpebholo
He also emphasised meed to resolve the lingering disputes, saying the boundary committee is proactively looking into and settling areas of concern regarding the issue.
“All communities that are in the boundary line between Edo and Delta States where there are communal disputes, we want to assure them that we are doing everything within our power, using diplomatic and democratic means to make sure this is resolved amicably,” he assured.
The deputy governor noted that under the SHINE Agenda of this administration, much has been done in the area of infrastructural development.
READ ALSO:Okpebholo’s One Year Performance Outshines Some governors’ 8 Yrs, Says Idahosa
“This has made it possible to access roads to major companies, communities, and, ensuring the security of life and properties across the state by investing aggressively in security,” he stated.
On the outcome of the robust interface with the oil workers, Idahosa said through deliberations at the meeting, both parties successfully forged a headway.
He said this has resorted to the invitation of the Edo State Boundary Committee for an on the spot inspection of operation sites in Orhionmwon Local Government Area of the state.
He called on investors and multinational companies operating in Edo State to go about their businesses with ease as the Okpebholo led administration is investment friendly.
News
Imansuangbon Donates To Benin IDPs, Charges Wealthy Nigerians To Advance Humanity

Politician and philanthropist, Barr. Kenneth Imansuangbon on Wednesday charged political office holders and well-to-do Nigerians to use their position and wealth to advance humanity.
Imansuangbon gave the charge when he visited Internally Displaced Persons (IDPs)housed by Home for the Needy Foundation, Benin, where he donated food items, drinks, cash, toiletries, etc to the children and women as part of his Christmas gifts to them.
Recall that last month the IDPs lamented hardship caused by the economic situation of the country, saying due to the economic hardship, a single meal where they used to cook 15 bags of rice has been reduced to 5.
Rising to the occasion, the philanthropist said his love for humanity and in accordance with the teaching of the Holy Book drove him to give to the needy annually, adding that he has been doing it for the past 20 years.

READ ALSO:Tragedy For Borno IDPs As Fire Guts 200 Houses
Imansuangbon, who expressed displeasure over the current happenings in the country, said: “If the country is really working we will not find ourselves in this kind of situation. This is an embarrassment to the giant of Africa.”
“If we teach ourselves love and humanity, then the country will be safer and better for everyone
“We are just a tool in the hand of God Almighty. Anywhere God has placed you, use it to advance humanity. You are in government? Get it at the back of your mind that you are not the first person to occupy the position, and you are not going to be the last.
“The way our country is today, I am not satisfied, this goes beyond Mr. President or the Senators, it is about realising that We all need to save our country. If the country is really working, we will not find ourselves in this kind of situation. This is an embarrassment to the giant of Africa.”

READ ALSO:Imansuangbon Donates Food Items IDP In Edo, Sues For Honour For Humanitarian Workers
Imansuangbon, who is the proprietor of Pacesetter School, Abuja, expressed gratitude to students, staff members and parents of the school, saying the donations were from them.
“I’m here in Benin with the half of their donation. The children donated ₦1.5m cash, and I am here with the money. You can see these 70 bags of rice, 100 bags of noodles, bags of cane drinks, water, toiletry, etc, are from them. I am grateful to them for doing this for the past 20 years.”
He, therefore, appealed to Governor Monday Okpehbolo to extend the hand of fellowship to the IDPs particularly on Christmas day.
Responding, coordinator of the camp, Pastor Solomon Folorunsho, while appreciating the donor, said: “He does this regularly not because he is a politician but because of his love for humanity. He is one of the few that comes here anytime, not an electioneering period alone, but anytime we are in need. He has been showing his love for the children for years, so I thank him.”
Folorunsho used the occasion to appeal to well-to-do Nigerians to come and assist the IDPs, stressing that until Imansuangbon came they (IDPs) had nothing to “eat for today.”
News
27-year-old Man Dies Inside Deep Well In Ogbomoso

The corpse of a 27-year-old man identified as Alagbe Gbemisoye has been recovered from a deep well at Ire-Akari, Adeniran area of Ogbomoso, Oyo State.
His body was retrieved by officials of the Oyo State Fire Service after passersby alerted them to the incident.
The circumstances that led to the deceased falling into the well were still unclear as of the time of filing this report.
The Special Adviser to the Governor on Fire Reforms and Chairman, Fire Services, Moroof Akinwande, said his men were alerted by a running caller and Mr Ajayi Olayemi.
READ ALSO:Oyo: Properties Worth Millions Of Naira Destroyed As Fire Ravages Residential Buildings
“Fire personnel led by CFM Oladejo promptly deployed to the scene. On arrival, it was discovered that a man of about 27 years old, named Alagbe Gbemisoye, had fallen into a deep well. His body was recovered and handed over to the DPO, Owode Police Station,” he said.
Akinwande urged the public to always observe safety precautions in their daily activities and emphasised the importance of having fire extinguishers in their homes to prevent fire incidents.
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