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FG Gives Individuals With Unauthorized Dollar Bills 9-Month Ultimatum To Return Them To The Bank

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The FG has announced a nine-month period of amnesty for individuals holding unauthorized dollar assets.

On Thursday, the Federal Government unveiled a nine-month initiative set to commence on October 31, which permits individuals to deposit dollar bills that have been kept outside the official banking system without facing any scrutiny.

The new initiative is designed to tackle the increasing prices of commodities that are affected by fluctuations in foreign exchange rates, which are in turn shaped by the forces of supply and demand.

Wale Edun, the Finance Minister and Coordinating Minister of the Economy, disclosed this information following the 144th session of the National Economic Council, which is the premier economic advisory group in the country. The meeting was chaired by Vice President Kashim Shettima at the State House in Abuja.

He said, “There will be no penalty; there will be no taxes, and there will be no questions.

“One element of the cost increase is the foreign exchange rate, which is demand and supply. There will be a programme starting today, October 31, and lasting nine months that will allow people to bring in cash outside the banking system.

“[Such cash] is unsafe, insecure and outside legal limits. They will be allowed forbearance to bring dollars cash. Let me emphasise once again: it is to bring dollars that they are holding outside the system to get them in and credit it to their bank accounts, as long as it is not proceeds of crime or illicit money.

“They should just meet the standard Know-Your-Customer criteria of banks and have an opportunity to bring in those funds, making them safe, secure, and available through regular economic activity.

BIG STORY

UPDATE: Nigerian Police File 12 Fresh Cybercrime Charges Against Dele Farotimi [PHOTOS]

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The Nigerian Police have brought new cybercrime charges against detained human rights lawyer, Dele Farotimi.

The additional 12-count charge was filed on Friday, December 6, 2024, before a Federal High Court sitting in Ado-Ekiti.

This comes after 16 charges were previously filed against Farotimi by the Police on Wednesday.

It will be recalled that the human rights lawyer was arrested in Lagos on Tuesday, December 3, 2024, by operatives of the Ekiti State Police Command.

The following day, he was arraigned in a magistrate court in Ado-Ekiti on a 16-count charge of defamation of character against Senior Advocate of Nigeria (SAN) Afe Babalola, who was mentioned in his book, ‘Nigeria and its Criminal Justice System’.

In his ruling, Magistrate Abayomi Adeosun remanded Farotimi in prison custody until December 10.

In the latest charges, Farotimi is accused of making defamatory statements on Seun Okinbaloye’s podcast, based on content in his book, ‘Nigeria and Its Criminal Justice System’.

He is further accused of intimidating and maligning Afe Babalola during the podcast.

The lawyer was also charged with publicly discussing details of legal actions taken against him during a press conference on December 2, 2024, prior to his arrest on December 3, 2024.

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BIG STORY

Taraba Governor’s Sister “Accidentally Shot By Police Escort” During Gunmen Attack

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Atsi Kefas, the sister of Agbu Kefas, the governor of Taraba State, was reportedly shot by a police escort during an attack by gunmen on Thursday.

According to Zagazola Makama, a counter-insurgency publication focused on the Lake Chad region, Jumai, the governor’s mother, and Atsi were traveling along Kente Road in Wukari LGA of Taraba State when they were attacked.

The publication stated that a police officer assigned to escort the family “accidentally shot Atsi” while attempting to fend off the assailants.

Following the attack, troops rescued the victims and evacuated both Jumai and Atsi Kefas from the scene using an air ambulance.

The injured sister was rushed to the hospital for treatment, and her condition remains undisclosed at the time of this report.

The vehicle used by the gunmen was recovered by security forces, along with an empty magazine, and the luggage of the passengers was found in the vehicle.

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BIG STORY

Governor Sanwo-Olu Seeks Investors For Proposed $1.9bn Purple, Green Rail Line Projects

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Babajide Sanwo-Olu, the governor of Lagos, announced that he is seeking investors for the proposed $1.9 billion purple and green rail lines.

Sanwo-Olu made the statement on Thursday at the ongoing Africa Investment Forum (AIF) Market Days in Rabat, Morocco.

Discussing the state’s investment strategy for the purple rail line, Sanwo-Olu emphasized that the project presents a strong investment opportunity with promising returns.

The governor expressed enthusiasm about moving forward with the project, stating that his administration is ready to be flexible with investors to ensure its successful delivery.

He added that the purple rail line would connect Lagos and Ogun states.

“The purple rail line is a 60 km electrified rail system that will include 16 stations and seamlessly integrate with existing metro and bus services to enhance connectivity,” Sanwo-Olu said.

“It is projected to serve over 300,000 passengers daily, significantly reducing greenhouse gas emissions by encouraging a shift from road to rail transportation.”

Sanwo-Olu informed potential funders that the immediate requirement is $866.05 million, which will cover survey and design, as well as civil works.

He outlined a short-to-medium-term funding projection of $602.81 million and a long-term funding plan of $497.7 million.

The governor highlighted that the state is working toward a transportation master plan aimed at creating a brighter, more effective, efficient, sustainable, and safer system.

He emphasized the state’s focus on integrated transportation systems and mass transit solutions to reduce traffic congestion and commuting time, ultimately improving the health and wellbeing of residents.

He further explained that each corridor features a bus rapid transit (BRT) system and waterway routes, designed to take commuters off the major roads and alleviate traffic.

“Two of the stations that were built on the same line are also connected with water, rail and BRT altogether,” he said.

  • ‘THERE WOULD BE NO BACKLASHES, DISPLACED PERSONS WOULD BE COMPENSATED’

Sanwo-Olu assured investors that the state is committed to ensuring there would be no disruptions or backlash from displaced communities.

“The government would even pay compensations to displaced persons where necessary, so no additional burden is brought to would-be funders,” he added.

“We don’t want to lock in anything, we know all the various options. We understand how some of these things work.”

“We’re willing and ready to make those transactions work. We’ve seen from our experience how to guarantee revenue assurance.”

“We have a payment system under the cowry card, which is where we’d block leakages to a large extent, and the same contactless card can be used on our bus, train, and ferry, where it will all be integrated.”

“On a daily basis, they know what the traffic is and what is due to everybody. Whatever, based on the study or the ridership guarantee, we would look at it.”

Sanwo-Olu added that the state government would need “to either top up on other forms of revenue that can help out in terms of advertising rides on the corridor.”

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