The International Monetary Fund (IMF) has stated that Nigeria has not made any funding request as against ongoing speculations.

Abebe Aemro Selassie, director of the African department at the IMF, spoke during a press briefing in Washington DC.

Selassie was responding to a question on speculations within Nigeria’s business circle that the government is considering going to the fund for financing.

“No, there has not been a request for funding from the IMF in Nigeria,” Selassie said.

“To just be very clear, this is also a question that has come up in the context of some other countries. If and when countries turn to us, we hope that they do so having a very clear plan of how they want all kinds of economic reforms they want to pursue.

“And turning to us would be a way to help reduce the funding costs that they face.”

The IMF director said it is the right of every country that is in good standing with the organisation to borrow and have access to the “concessional financing that we provide. But there is no request for funding from Nigeria at the moment.”

Elon Musk owned satellite internet service provider, Starlink, has temporarily suspended the increase in the monthly subscription for its Nigerian subscribers.

The development is sequel to the internet provider’s decision to increase its standard package (residential) monthly subscription to N75,000, from N38,000 per month — an increase of 97.37 percent.

Also, the cost of the Starlink hardware was increased from N440,000 to N590,000.

Following the increase, the Nigerian Communications Commission (NCC) said the company did not receive its approval before reviewing its subscription.

According to NCC, it had commenced a pre-enforcement action on Starlink.

In a notice to customers on Thursday, Starlink said it has decided to put the increase on hold due to “regulatory challenges”.

“Last month, we increased the monthly service price for Starlink in Nigeria to account for inflation, helping us maintain operations and continue delivering reliable service,” Starlink said.

“Today, we are temporarily suspending this price increase as we navigate regulatory challenges.

“If you’ve already been charged at the higher rate, a one-time credit will be applied to your account to cover the difference. You also have the flexibility to cancel your service at any time.

“We remain committed to providing high-speed Internet in Nigeria, but we need regulatory support to make the improvements necessary for a better customer experience.

“Without these approvals, our ability to continue delivering service is at risk.

“Thank you for choosing Starlink and supporting our mission to bring affordable, high-speed internet to more people as many people around the world as possible.”

Also, it was gathered that on its website, Starlink has reversed its standard residential plan to N38,000, and mobile regional plan to N50,000, from N167,000, but its hardware remained at N590,000.

As the trial of four bloggers charged with alleged defamation and Cyberstalking Guaranty Trust Holding Company as well as its Management resumed today, the Investigating Police Officer, IPO, Mr Yaqob Sule informed the court that the first defendant in the case, Mr Precious Eze is a serial blackmailer.

The IPO, the first prosecution witness In the matter, made this known while testifying before Justice Ayokunle Faji of the Federal High Court, Lagos today.

Led in evidence by the prosecution counsel, Chief Ajibola Aribisala, SAN, Sule told Justice Ayokunle Faji that during the investigation, it was discovered that the first defendant, Precious Eze had been arraigned before an Ebute Meta Chief Magistrate Court, Lagos early this year and was only admitted to bail on the 31 of May only for him to commit another similar offense.

These facts were made known at the resumption of the trial today after the four bloggers Precious Eze, Olawale Rotimi, Rowland Olonishuwa, and Seun Odunlami were re-arraigned on a fresh 10 counts amended charges for alleged cyberstalking and publishing false allegations through various social media outlets against GTCO, its management and Group CEO. Mr Segun Agbaje.

While being led in evidence by the prosecutor, Yaqob Sule told the court that on the 19th of September 2024 the Commissioner of Police, SFU, Ikoyi minuted a petition from GTCO legal consultant to his team and was directed to take charge of the petition as the Investigation Police Officer.

Sule said the kernel of the petition was libelous publications, breach of peace, and an attempt to extort all linked to publications.

He added that as an IPO he tried to open the links and saw the publications against GTCO, GTbank, the CEO, Management, and the Central Bank of Nigeria among others.

He added that after the arrest of the four defendants, their statements were taken. They own up to being behind the publications but confessed that they did not confirm the story’s authenticity before posting it on their blogs.

Sule added that the defendants also denied asking for money before they could pull down the story.

While investigating we discovered that the 4th defendant had registered two platforms, Newsjaunts.com and Thevision.com, and that it was through the Thevision.com platform that the 4th defendant used to negotiate for funds with the GTCO legal consultant before he would pull the story down.

The witness said that during the investigation, they profiled the defendants and took their fingerprints for forensic analysis and found out that the first defendant had earlier been arraigned for a similar offense at Ebute-Meta Chief Magistrate Court, Lagos early in May this year and was granted bail on 31st of May this year before committing this offense again.

The defendants counsel however refused the prosecution’s attempt to tender the

statements of the defendants made to the police on the ground that the statements were not voluntarily made.

Consequent upon the objection, the trial judge ordered trial within the trial of the case and adjourned the matter till tomorrow.

It will be recalled that the Body of Bank CEOs recently issued a statement expressing concern over the persistent and unwarranted attacks on social media directed at Nigerian banks. It noted that The Nigerian banking industry is the most regulated sector in the country. Banks are subject to stringent regulations as financial services companies by the primary regulator, the country’s apex bank, the Central Bank of Nigeria (CBN), and several other direct and indirect regulators. A large number of banks are publicly quoted and subject themselves to global scrutiny by domestic and international regulators and

investors.

The banking sector plays a pivotal role in the economic development of Nigeria, contributing significantly to both individual and growth of businesses of all sizes and the society at large.

Without gainsaying, the development of the economy rests significantly on the banking sector and its intermediation roles. If any individual or group has grievances or concerns regarding the operations of any bank, we strongly encourage that such complaints be directed to the appropriate regulatory authorities.

It went further to say that resorting to social media attacks, blackmail, or smear campaigns against banks and the banking sector not only undermines the hard-earned reputation of these institutions but also seeks to unfairly manipulate the targeted banks.

“We strongly urge individuals engaging in such activities to desist and consider the facts before making accusations. Regulatory agencies are well-equipped to handle such concerns with impartiality, diligence, and professionalism, ensuring that all issues are addressed through the proper channels.

We remain committed to delivering the highest standard of banking services, and we will continue to operate with the utmost professionalism, guided by the rules and regulations that govern our industry.

Together, let us encourage an environment of trust and collaboration rather than division; citizens should desist from criminalizing a highly professional sector that has brought glory to Nigeria and Africa, as the banking sector works hard individually and collectively to build a stronger and more resilient Nigerian economy that works for everyone”