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Nigeria’s foreign reserves surge by $262m after weeks of decline

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Nigeria’s foreign exchange reserves have recently surged by $262 million after weeks of decline.

The Central Bank of Nigeria’s latest figures showed an upward movement of the country’s foreign reserves.

Specifically, Nigeria’s reserves rose to $32.369 billion as of May 6, 2024, an improvement from a one-month dip of $32.107 billion.

According to CBN’s data, the reserves stood at $34.450 billion on March 18 but declined to $32.107 billion on April 19.

However, with the recent uptick in the Nigerian government between April 19, 2024, and May 6 2024, the country’s FX reserves experienced a rise from $32.107 billion to $32.369 billion.

Meanwhile, the country’s foreign exchange crisis has persisted.

Since this week’s commencement, the Naira has had more depreciation than appreciation. On Wednesday, the Naira further depreciated to N1,421 per dollar at the FX market.

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UK regulator reports Air Peace over alleged safety violation

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The United Kingdom Civil Aviation Authority has written Nigeria’s Civil Aviation Authority stating Air Peace has reportedly violated some aviation safety regulations

The development came barely three months after the Nigerian carrier commenced the Lagos-London route.

Two mandatory occurrence reports on Air Peace had been reportedly sent to the United Kingdom Civil Aviation Authority.

The UK CAA, in turn, forwarded the complaints to the NCAA.

The CAA’s letter of complaint forwarded to NCAA was entitled; ‘United  Kingdom SAFA Ramp Inspection Report with reference number: CAA-UK, -2024-0217’ and ‘NATS Management System  Safety Report.’

The NCAA has also written to Air Peace to provide clarification on the issues.

The letter, with reference number: NCAA/DOLTS/APL/Vol.11/03624 was titled, “United Kingdom SAFA Ramp Inspection Report.

It was dated May 14, 2024, and signed by the NCAA General Manager of Operations, Capt. O.O. Lawani.

In the letter, the NCAA said the UK CAA had called its attention to the no operational approval of Electronic Flight Bag functions affecting the safe operation of the aircraft, while adding that the captain of the flight admitted that an Electronic Flight Bag was being used for navigational purposes.

NCAA further noted that the CAA stated in its letter that there was “no mounting device for the use of EFB, no charging points or battery for backup.”

Air Peace recently commenced operation to London Gatwick from the Murtala Muhammed International Airport, Lagos under the Bilateral Air Services Agreement, which Nigeria has with the UK.

The spokesperson of Air Peace, Stanley Olisa, could not be reached as of press time.

When called, the spokesperson of the airline picked but when this reporter began to enquire about the development, he kept mute until the call ended.

Our correspondent also sent a text message of enquiry to the spokesman but there was no response as of the time of filing this report.

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Alleged N6bn money laundering: Fidelity Bank staff testifies against Mompha

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Fidelity Bank compliance officer, Ezekoli Ozoemenam, on Monday testified against a social media celebrity, Ismaila Mustapha AKA Mompha, who is facing trial over money laundering charges involving the sum of N6 billion.

Ozoemenam, the fourth prosecution witness, was led in evidence by the Economic and Financial Crimes Commission, EFCC, counsel, Mr Suleiman Suleiman.

The witness testified about the package of an account of the bank allegedly linked to Mompha.

The prosecution, thereafter, tendered the document and prayed the court to admit it in evidence.

Defence counsel, Mr Kolawole Salami, told the court that he reserved his objection to the tendering of the document in evidence.

Counsel to EFCC, thereafter, appealed to the court for a witness summons to compel appearance of EFCC’s next witness.

The counsel said that he needed the summons because the witness complained of feeling unsafe and receiving threats to his life.

Justice Mojisola Dada, however, said that it was the duty of prosecution to ensure appearance of its witnesses in court.

Mompha was absent at the court. Recall that his trial in absentia started on June 3, 2023 when a compliance officer with Access Bank testified against him.

The court, on Sept. 21 2022, ordered commencement of Mompha’s trial in absentia after he failed to appear before it on several occasions.

Also, EFCC had, on Jan. 22, 2022, arraigned Mustapha alongside his company, Ismalob Global Investment Ltd., on eight counts bordering on N6 billion laundering.

The charges against Mompha include conspiracy to launder money obtained through unlawful activities and laundering of money obtained through unlawful activities.

The others are retention of proceeds of criminal conduct, use of property derived from an unlawful act, possession of a document containing false pretences, and failure to disclose assets.

The judge adjourned the case until July 1 for continuation of trial.

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Minimum wage: Labour agrees to attend Tuesday talks

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The Organised Labour has agreed to attend the “negotiation” meeting of the Tripartite Committee on the Minimum Wage slated for Tuesday.

The Vice President of the Trade Union Congress, Mr Etim Okon, confirmed this in an interview on Monday in Abuja.

The Nigeria Labour Congress and the TUC had walked out of the negotiation meeting as the Federal Government proposed N48,000 as a new minimum wage for workers in the country.

‘The proposal falls significantly short of meeting our needs and aspirations,” the unions said.

Labour also accused the government of failure to provide any substantiated data to support their offer exacerbates the situation and lack of transparency and good faith undermines the credibility of the negotiation process.

“The Federal Government has apologised and the next meeting is scheduled for Tuesday and we are going to appear and present our demand.

“We will still be presenting the N615,000. It is what we presented before we walked out, though our submission was not rejected by the government.

“We only rejected the N48,000 that the government presented. Because they did not show us how they arrived at that amount.

“That is taking cognisance of transportation, housing, food, utilities, health, and education among others which are basic needs of the people.

“So the government should come out clearly with what they are offering with the indices and variables and also how they arrived at that. This is all that we are saying,” he said.

Also, the Director-General of Nigeria Employers Consultative Association, Mr Adewale-Smatt Oyerinde, said that he hoped that the Tuesday meeting on the Tripartite Committee would be successful.

Oyerinde said that the federal government had prevailed over what happened at the last meeting as labour had walked out of the negotiation process.

“I am happy the government had prevailed on the issue and they would be coming back to the table for the actual negotiations.

“Everybody’s figure is valid, the Labour N615,000 proposal is valid to the extent of labour reality, and government N48,000 is valid to their reality. The private sector’s N54,000 is also valid to the present-day reality.

“As I said, we have moved back to the negotiation table properly, and we would look at alignment of positions. There will a lot of give and take.

“Also there will be a consensus on what the National Minimum Wage will be and the committee will then make a recommendation to Mr President,” he said.

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