News
Reps To Probe Banks, Other Financial Institutions Over Non-compliance With CBN Directives

The House of Representatives has resolved to conduct an investigative hearing on the non-compliance by banks and financial institutions with Central Bank of Nigeria, CBN, directives on the Net Open Position Limits.
The resolution of the House followed the adoption of a motion of urgent national importance on the need for banks to implement CBN’s policies on holding excess long foreign exchange and net open position limits, moved at the plenary on Wednesday by Hon. Babajimi Benson.
Moving the motion, Benson explained that CBN is saddled with the responsibility of regulating the monetary policies of the country as provided for by the CBN Act.
He said in the performance of this duty, the CBN is empowered to make regulations and give directives for commercial banks and certain financial institutions to implement.
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The lawmaker added that Section 8 (4) and (5) of the CBN Act requires that the CBN Governor is expected to brief the relevant Committees of the National Assembly during the semi-annual hearings as well as provide periodic reports on the performance of the economy to the National Assembly.
He expressed concern that there had been a steady rise in the exchange rate of the Dollar in comparison to the Naira, adding that it rose to N1,520 in the last week.
Benson expressed worry that the astronomical rise has been caused by diverse market forces and certain economic policies adopted by the government, including the liberalisation of the Dollar.
He also lamented that commercial banks and certain financial institutions in Nigeria usually hold back a large part of forex they obtain, either through purchase, borrowing or allocation from the CBN, rather than lending to their customers, with a view to selling it when the exchange rate is high.
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Benson noted that this speculative activity by commercial banks and certain financial institutions has further exacerbated the harsh economic situation in the country and led to difficulty by legitimate businesses to obtain forex for their business transactions.
He emphasised that the CBN has intervened by introducing new monetary policies to check the rise in the rate of the Dollar among which are the Net Open Position Limits and holding excess long foreign exchange.
The lawmaker stated: “We are also aware that commercial banks and certain financial institutions are reluctant to implement the monetary measures put in place by the apex bank to check this unwholesome practices by banks and other financial institutions in the country.”
Benson was of the opinion that unless drastic legislative measures are taken to enforce the implementation of these directives, the country would continue to experience dire economic hardship as a result of continuous rise in foreign exchange rates.
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The House resolved to “mandate the House Committees on Banking Regulations and Banking Institutions to conduct an investigative hearing on the non-compliance by banks and financial institutions with CBN directives on the Net Open Position Limits”.
It further mandated the Committee on Legislative Compliance to ensure full implementation.
News
Migration Agency Warns Migrants Against Irregular Travel Routes

The International Organisation for Migration (IOM), in collaboration with Giving is Healing Foundation, has sensitised residents of Ayobo in Alimosho Local Government Area of Lagos State on the dangers of irregular migration and the need to embrace legal travel procedures.
Speaking during a sensitisation programme held at Megida Ifelodu Community Development Association in Ayobo, the founder of Giving is Healing Foundation, Mr. Gbolahan Ayediran, warned intending migrants against using illegal travel routes.
Ayediran said many Nigerians desire to migrate abroad in search of better opportunities but often ignore proper procedures, thereby exposing themselves to several dangers.
“Lots of people want to migrate and most of them do it in the wrong direction. The reason for the programme is for us to advise people on how they can migrate in the right way. As much as migration is their right, they should do it correctly,” he said.
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He advised intending travellers to obtain the necessary travel documents before embarking on any journey, noting that such documents include international passports, visas, flight tickets and yellow cards, depending on the destination country.
According to him, migrants should also gather adequate information about their destination countries to enable them make informed decisions before travelling.
Ayediran further highlighted some of the dangers associated with irregular migration, including abuse, exploitation, discrimination and forced labour.
Also speaking, the Chairman of Megida Ifelodu Community Development Association, Elder Mathews Amusan, commended the organisers for enlightening members of the community on safe migration practices.
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He urged residents planning to travel abroad to always follow legal migration procedures to avoid falling victim to human trafficking and other migration-related challenges.
One of the participants, Mr. Kolawole Adenoko, said the programme enlightened him on the dangers of irregular migration and the importance of travelling through the proper channels.
He added that he would also educate his relatives and friends on the risks associated with illegal migration.
News
Shatta Wale Bailed Burna Boy From Ghana Prison After Arrest For Smoking Weed – Captan

Ghanian singer, Captan, has claimed that his former record label boss, Shatta Wale, once bailed Nigerian singer Burna Boy out of prison in Ghana after he was allegedly arrested for smoking weed.
Speaking in a recent podcast interview, Captan claimed that Shatta Wale sent him and others to free Burna Boy from police custody.
He also claimed that Shatta Wale and his group once accommodated Burna Boy when he was being hunted by some dangerous men.
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Captan said, “I once bailed Burna Boy out of prison in Ghana when he was arrested for smoking weed. Shatta Wale sent me and some guys to go and free him from police custody.
“There was a time we also accommodated him when some people were after his life. We helped him settle the case.”
He added that he and Burna Boy are no longer in good terms after the Nigerian artist’s fallout with his mentor, Shatta Wale.
He, however, said he and Shatta Wale are open to reconciling with Burna Boy if he asks for it.
Watch the video here
News
Children’s Day: Chaos At Ogbe Stadium As Dozens Faint

Chaos erupted on Wednesday during the Children’s Day celebration as dozens of students reportedly collapsed following a stampede triggered by the use of pepper spray.
The event,
organised by the Edo State Ministry of Education at the Samuel Ogbemudia Stadium was disrupted after some male students of Ihogbe College allegedly made uncompromising advances towards female students at the venue.
A parent who identified himself as Oboh Emmanuel said, “the behaviour of those uncultured students attracted the attention of bouncers stationed at the stadium as they rebuked the male students.”
Oboh said the affected students later regrouped and attacked the bouncers, leading to a confrontation within the crowded arena.
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It was gathered that in the ensuing confusion, the bouncers were reported to have deployed pepper spray in an area occupied by a large number of students.
Several students, particularly female students, reportedly fainted after inhaling the substance, while others sustained injuries after being stepped on during the ensuing melee.
The panic was said to have spread across the stadium as students, teachers and parents scampered for safety.
Many of the affected students were reportedly rushed to the Edo Specialist Hospital for medical attention.
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Reacting to the incident, Chief Press Secretary to Governor Monday Okpebholo, Dr Patrick Ebojele, said the security personnel that fired the tear gas had been detained.
He said all the students, except two, that were rushed to the hospital have been discharged.
Ebojele stated that doctors wanted to observe the students till tomorrow before allowing them to go home.
“The two students are not seriously injured. Doctors want to observe them overnight. Permanent Secretary, Ministry of Education is still at the hospital. The man who used pepper spray has been detained.
“The incident did not happen the way it is being exaggerated. All modalities were put in place to ensure the children enjoyed their day.”
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