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BIG STORY

BREAKING: CBN Lifts Forex Ban On Rice, Vegetable Oil, Cement, 40 Other Items After Eight Years

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The Central Bank of Nigeria (CBN) has finally lifted the foreign exchange restrictions it placed on importers of 43 items eight years ago.

The apex bank in a statement signed by CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin, said this is a significant change to the foreign exchange market policy.

According to the central bank, this action will boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time, stating that interventions will decrease as liquidity improves.

In a circular in June 2015, the CBN published a list of imported goods and services that will not be eligible for foreign exchange in the Nigerian foreign currency market. The list which was originally 41 was updated to include two more items.

Below is the list of the items:

  1. Rice
  2. Cement
  3. Margarine
  4. Palm kernel
  5. Palm oil products
  6. Vegetable oils
  7. Meat and processed meat products
  8. Vegetables and processed vegetable products
  9. Poultry and processed poultry products
  10. Tinned fish in sauce (Geisha)/sardine
  11. Cold rolled steel sheets
  12. Galvanized steel sheets
  13. Roofing sheets
  14. Wheelbarrows
  15. Head pans
  16. Metal boxes and containers
  17. Enamelware
  18. Steel drums
  19. Steel pipes
  20. Wire rods (deformed and not deformed)
  21. Iron rods
  22. Reinforcing bars
  23. Wire mesh
  24. Steel nails
  25. Security and razor fencing and poles
  26. Wood particle boards and panels
  27. Wood fiberboards and panels
  28. Plywood boards and panels
  29. Wooden doors
  30. Toothpicks
  31. Glass and glassware
  32. Kitchen utensils
  33. Tableware
  34. Tiles-vitrified and ceramic
  35. Gas cylinders
  36. Woven fabrics
  37. Clothes
  38. Plastic and rubber products
  39. Polypropylene granules
  40. Cellophane wrappers and bags
  41. Soap and cosmetics
  42. Tomatoes/tomato pastes
  43. Eurobond/foreign currency bond/ share purchases

BIG STORY

BREAKING: President Tinubu Arrives National Assembly To Present N47.96tn 2025 Budget

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Barring any last-minute twist, President Bola Tinubu has just arrived at the National Assembly Complex with his entourage to present the 2025 budget proposal before a joint session of parliament.

The Federal Executive Council on Monday approved the N47.96tn budget estimate for the 2025 fiscal year.

Consequently, security agents, including operatives of the Department of State Services, the Nigeria Police Force, Nigerian Security and Civil Defence Corps, Sergeant-At-Arms, and the Federal Road Safety Corps, are restricting access to the complex, assuring that only those with legitimate business related to the proposed budget presentation are allowed entry through the gates.

Staff members of the National Assembly providing clerical and other auxiliary services were on Tuesday instructed to remain at home until the President’s visit was over.

 

More to come…

 

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BIG STORY

After Spending Over 14 Yrs In Prison, Governor Adeleke To Pardon Man Sentenced To Death For ‘Stealing Chicken’

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Ademola Adeleke, governor of Osun, is seeking to pardon Segun Olowookere, who was sentenced to death by hanging for allegedly stealing a fowl and eggs in 2010.

In an interview with Biola Adebayo, a Nigerian actress, the parents of the victim claimed that police officers from the Osun command arrested Olowookere for an offence he did not commit.

Olowookere Olanrewaju, the man’s father, said a divisional police officer (DPO) asked him to pay N30,000 for his son’s release, but N20,000 was all he could raise at the time.

“We are here to beg Nigerians to help us. In 2010, I was at the shop where I was renting out cassettes, and at about 11am, some police officers came around,” he said.

“We later found out some students from Segun’s school were in their vehicle and they said they were arrested because of the theft of a chicken and eggs.

“Truth be told, Segun does not eat chicken. Because I trained broilers. He refused to run away, telling us that he didn’t know anything about the theft of the chicken.

“They came back around 9pm in the night and he was eventually arrested. It was when I visited the station that I knew who owned the chicken and eggs. He was just like a brother to me.

“I was told by the DPO in charge to bring N30,000 so my son could be released but after running around, all I could raise was N20,000 which he refused to collect.”

Folashade Olowookere, mother of the victim, said her son, who was 17 at the time of his arrest, has now spent over 14 years in prison since he was sentenced.

In a statement on Wednesday, Adeleke directed the attorney-general and commissioner for justice in Osun to commence a full probe into the matter.

“I have received the report of a case of a young man reportedly sentenced to death by hanging in Osun State for stealing a fowl,” the statement reads.

“Consequently, I have directed the Attorney-General and Commissioner for Justice, Osun State to commence full investigation into the matter and initiate processes to grant the prerogative of mercy to the young man.

“Osun is a land of justice and equity and must ensure fairness and protection of the sanctity of lives.

“I assure members of the public that this matter is receiving my direct attention with every sense of urgency also attached to our response to the matter.”

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BIG STORY

Two LAUTECH Students Win N20m In NOA Campus Debate Competition

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  • Extra N1million from NELFund

 

Two students of the Ladoke Akintola University of Technology (LAUTECH) in Ogbomoso, Oyo State, Adekunle Ayomide and Oladeji Oluwashina, have won the 2024 National Orientation Agency (NOA) campus debate competition.

The competition, organized by the NOA, featured two university representatives from each of the six geopolitical zones, debating the topic “Criticising and dissenting peacefully while maintaining love for one’s country.”

The LAUTECH representatives emerged victorious in the debate, receiving a prize of N20 million.

The students were also awarded an additional N1 million from the Nigerian Education Loan Fund (NELFund).

Ahmadu Bello University in Zaria and the University of Ilorin were the first and second runner-ups, winning N750,000 and N500,000, respectively.

Ignatius Ajuru University of Education in Port Harcourt, Gombe State Polytechnic in Bajoga, and the Institute of Management and Technology in Enugu secured the fourth, fifth, and sixth positions, respectively.

Speaking during the event on Tuesday, Lanre Issa-Onilu, the NOA director-general, stated that the debate aims to engage the youth in governance matters.

Issa-Onilu emphasized that while criticism is essential for nation-building and democracy, it must be constructive to ensure peace and development.

He congratulated the participants for their thoughtful strategies in engaging with the government constructively.

“Constructive criticism is not rebellion; it is a cornerstone of democracy and a vital tool for nation-building,” Issa-Onilu said.

“Patriotism is not silence. Loving your country does not mean turning a blind eye to its shortcomings. It means recognizing those shortcomings, speaking up against them constructively, and working together to find solutions.”

Akintunde Sawyerr, managing director of NELFund, reaffirmed the agency’s commitment to ensuring that Nigerian students have access to quality tertiary education through its education loans.

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