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Falana Writes CBN, Seeks Information On Nigeria-China Currency Swap Agreement

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Femi Falana, SAN, human rights lawyer, has written the Central Bank of Nigeria demanding details of the currency swap between Nigeria and China.

Falana, in a Freedom of Information request dated June 26, 2023, noted that he would drag the bank to court should it fail to honour his request.

He said, “About five years ago, the Federal Government of Nigeria and China entered into a currency exchange agreement. The transaction, which was valued at Renminbi 16 billion or N720 billion was aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses, thereby, reducing difficulties encountered in the search for the United States Dollar.

“The swap was also designed to improve the speed, convenience, and volume of transactions between the two countries.

“In view of the ongoing devaluation of the Naira through dollarisation, we hereby request detailed information on the implementation of the dual currency swap between Nigeria and China.”

“As this request is made pursuant to the provisions of the Freedom of Information Act 2011, you are required to accede to our request within 7 days of the receipt of this letter.

“Take note that if you fail or refuse to furnish us with the requested information before the deadline of 7 days we shall not hesitate to pray the Federal High Court to compel you to accede to our request,” Falana added.

Meanwhile, the CBN, in a reply dated July 11, 2023, acknowledged that it received Falana’s request but noted that it may decide to honour or disregard the request.

“We write to acknowledge the receipt of your letter dated 26th June 2023 on the above subject. Please note that the Bank is in the process of checking its records and may accede to or decline the request, depending on the availability and status of the information being sought under the FOIA,” it read.

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NDLEA Seizes Lipsticks Stuffed With Drugs At Lagos Airport [VIDEO]

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Officials of the National Drug Law Enforcement Agency have uncovered another batch of female lipsticks containing illegal drugs at the Murtala Muhammed International Airport in Lagos.

Femi Babafemi, the agency’s Director of Media and Advocacy, revealed this in a post shared on his X (formerly Twitter) page on Sunday.

He also urged Nigerians, particularly women, to be extremely vigilant when purchasing or accepting beauty products, especially from unfamiliar sellers or dubious online platforms.

The statement read, Ladies beware! It does appear like female lipstick is becoming attractive as an instrument for concealment and trafficking now with yet another consignment of factory fitted female lipsticks stuffed with illicit substances intercepted at MMIA barely a week after @ndlea_nigeria officers uncovered a similar cargo at a courier company in Lagos.

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JUST IN: Former President Buhari Dies In London Clinic

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Former Nigerian leader, Muhammadu Buhari, passed away on Sunday.

His longtime media aide, Garba Shehu, confirmed the news in a brief statement issued on Sunday afternoon, stating that the former president died at a clinic in London.

Shehu’s message, distributed to the media, read:
“INNA LILLAHI WA INNA ILAIHIRRAJIUUN. The family of the former president has announced the passing on of the former president, Muhammadu Buhari, GCFR, this afternoon in a clinic in London. May Allah accept him in Aljannatul Firdaus, Amin.”

The statement concluded with the date: July 13, 2025.

Although the cause of death was not disclosed, Buhari, who held office from 2015 to 2023, had frequently sought medical care in the United Kingdom during and after his time as president.

Buhari, a retired Major General in the Nigerian Army, first led Nigeria as a military head of state from 1983 to 1985. Decades later, he was elected president through a democratic process. He made history as the first opposition candidate to unseat a sitting president in Nigeria.

Funeral plans have not yet been made public.

 

More to come…

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No Effective Governance Without Full Local Government Autonomy — Femi Gbajabiamila

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The Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has stated that governance at the local government level cannot be effective without complete autonomy.

He made the remark while addressing journalists after voting in the Lagos State local government elections in Surulere on Saturday.

When asked about the progress of implementing the LG autonomy ruling by the Supreme Court one year after it was delivered, Gbajabiamila described the process as ongoing and said it would be completed with time.

Gbajabiamila said, “The ruling was welcome by everybody. It’s the execution of that ruling and the implementation of that ruling that we are still trying to dot the Is and cross the Ts.

“I believe in a matter of time, we will realise full autonomy. There cannot be effective governance without full autonomy. That’s what we are working toward.”

In July 2024, the Supreme Court granted autonomy to all 774 local government areas across the country following a case filed by the federal government through the Minister of Justice and Attorney General of the Federation. However, the ruling is yet to be fully implemented.

Following the judgement, the Senate urged state and local governments to immediately adhere to the court’s directive, especially regarding local government accounts and direct fund disbursements.

The Senate also moved to amend relevant sections of the Constitution to ensure full local government autonomy nationwide.

The announcement was made by Deputy Senate President Senator Jibrin Barau, after lawmakers emerged from a closed-door session where they discussed alleged efforts by some state governments to bypass the Supreme Court’s ruling on July 11.

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