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CBN hikes interest rate to 22.75%

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By Matthew Denis, Abuja

The Central Bank of Nigeria (CBN) has raised the monetary policy rate by 400 basis points to a record 22.75 per cent from 18.5 per cent.

The CBN held its inaugural Monetary Policy Committee (MPC) meeting yesterday and today.

The outcome of the two-day meeting in Abuja resulted in the increase in the interest rate.

The committee also increased the Credit Reserve Ratio (CRR) to 45.0 per cent from  32.5 percent; and retain liquidity rate at 30 per cent.

Speaking, the CBN Governor, Olayemi Cardoso said the increase of the anchor rate was to moderate the country’s soaring inflation rate, which stood at 29.90 per cent in January.

The decision of the MPC also coincided with the announcement by the CBN of the sale of foreign exchange to Bureau de Change (BDC) operators in the country at N1,301 per USD, according to a Tuesday memo signed by Hassan Mahmud, the director of the Trade and Exchange Department at the apex bank.

The resumption of the sale of forex to BDCs is happening more than two years after the former CBN governor, Godwin Emefiele, stopped the sales to BDC operators in that segment of the forex market.

According to the memo, the move is part of CBN’s “strategic step” to increase liquidity and strengthen the naira against “manipulators”.

The last time the MPC raised interest rates was in July under the former acting governor, Fola Shonubi and  Cardoso in its maiden MPC tightened the monetary policy measures.

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Ogun Assembly passes Assembly Commission Amendment bill

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The Ogun House of Assembly on Wednesday passed the State House of Assembly Service Commission (Amendment) Bill, 2024.

The passage of the bill followed  presentation of the Committee’s report by the Chairman, House Committee on Establishments and Public Service Matters, Mr Babatunde Tella at plenary in Abeokuta.

Tella moved the motion for its adoption, seconded by Mr Adeyanju Adegoke and supported by all the members.

The bill was later read and adopted clause by clause before the Committee of Whole.

The Majority Leader, Mr Yusuf Sheriff, moved the motion for the third reading of the bill, seconded by the Minority Leader, Mr Lukmon Adeleye and supported by the Whole House through a unanimous voice vote.

Consequently, the Deputy Clerk of the House, Mrs Funmilayo Adeyemi, took the third reading of the bill before the lawmakers.

The Speaker, Mr Oludaisi Elemide, directed that the clean copy of the bill be forwarded to Gov. Dapo Abiodun for his assent.

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Abuja court gives EFCC go-ahead to arrest ex-Kogi Governor, Yahaya Bello

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A Federal High Court, Abuja, on Wednesday, ordered that a warrant be issued to the Economic and Financial Crimes Commission (EFCC) for immediate arrest of former Governor of Kogi, Alhaji Yahaya Bello.

Justice Emeka Nwite, in a ruling on EFCC’s ex-parte motion, held that after listening to the submission of commission’s counsel, Rotimi Oyedepo, SAN, and reading the affidavit in support of the motion, including the exhibits and written address, he was inclined to grant the application.

It was earlier reported that a High Court sitting in Lokoja on Wednesday, restrained the EFCC from arresting, detaining and prosecuting Bello

Justice I.A Jamil, who gave the order in a two-hour judgment delivered in suit no HCL/68/M/2020, held that infringing on Bello’s “fundamental human rights is null and void.”

The judge, who dismissed the commission’s application challenging the jurisdiction of the court, said: “By this order, the EFCC is hereby restrained from arresting, detaining and prosecuting the applicant.

“This is a definite order following the earlier interim injunction given.”

However, in a ruling delivered by Justice Nwite on Wednesday, the judge ordered that a warrant be issued to the commission for Bello’s immediate arrest.

He also directed that the former governor be produced before the court on April 18 for arraignment.

“It is hereby ordered as follows:

“That an order of this honourable court is hereby made directing and/or issuing a warrant for the immediate arrest of the defendant for the purpose of bringing him before this honourable court for arraignment.

“That case is adjourned to 18th day of April, 2024 for arraignment,” he declared.

NAN reports that the EFCC, in the motion ex-parte marked: FHC/ABJ/CR/98/2024 dated April 16 and filed April 17, sought six orders.

These include “an order granting leave to the complainant/applicant to effect service of the charge together with the proof of evidence on the defendant by substituted means to wit; by pasting the charge at the last known address of the defendant within the jurisdiction of this honourable court being: 9, Benghazi Street, Wuse Zone 4, Abuja.

“An order directing and/or issuing an arrest warrant for the immediate arrest of the defendant for the purpose of bringing him before this honourable court for arraignment.”

In the alternative, the anti-graft agency sought an order issuing and directing the publishing of a public summons requiring/ commanding the defendant to appear before the court on a named date, among others.

The conflicting orders came after the EFCC had appealed against the initial order, and the appeal was scheduled for hearing on April 22 in Appeal No: CA/ABJ/CV/175/2024 between EFCC and Alhaji Yahaya Bello.

The Yahaya Bello Media Office had, in a statement signed by Onogwu Mohammed, alerted the nation to a siege on the former Governor’s Abuja residence.

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Zulum approves N1.3bn scholarship for 997 nursing, midwifery students

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Gov. Babagana Zulum, of Borno has approved the release of N1.3billion as scholarship for 997 nursing and midwifery students from the state.

Zulum stated this on Wednesday while inaugurating the scholarship programme at the College of Nursing and Midwifery, Maiduguri.

He said that out of the 1,080 nominations, 40 from each of the 27 local government areas of the state, 997 qualified to benefit from the scholarship.

He also announced that the 997 beneficiaries of the scholarship would receive automatic employment after graduation.

The governor said that the support was to encourage the students to complete their studies so as to bridge the workforce demand in the state’s healthcare system.

“The government has allocated  N1,305,189,000 for scholarship, with a breakdown of N124,149,000 earmarked for tuition fees, the remaining N1,181,040,000 will be disbursed as monthly stipend of N30,000 to each beneficiary throughout their studies,” Zulum said.

He added that N201 million bursary allowance would be given to 2,010 nursing and midwifery students who did not benefited from the scholarship, and directed that each of them should receive N100,000.

Zulum, who stated that ongoing construction of two colleges of nursing would be completed this year, inaugurated a lecture theatre complex and a 3,000-capacity multipurpose hall at the college.

Earlier, Lawan Wakilbe, the Commissioner for Education, said that the government had approved over N6 billion scholarship, out of which about N2.7 billion was disbursed to students from the state studying in higher institutions across the country.

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