Connect with us

News

Court Grants Abba Kyari Bail

Published

on

The former head of the Rapid Response Team, IRT, of the Inspector General of Police, Abba Kyari has been granted bail after 18 months in prison custody.

Kyari alongside some members of his team was taken into custody in February 2022 after the National Drug Law Enforcement Agency, NDLEA, alleged tampering with drug exhibits.

The IRT team arrested Chibunna Patrick Umeibe and Emeka Alphonsus Ezenwanne, in January 2022 in connection with 21.25kg of cocaine and subsequently handed the suspects to the NDLEA alongside the cocaine.

The case took a dramatic twist when NDLEA declared Kyari and some members of his IRT wanted for tampering with the evidence.

Both Chibunna Patrick Umeibe and Emeka Alphonsus Ezenwanne have been released from prison after their conviction.

After several attempts to secure bail, Justice Omotosho of Federal High Court 9, granted Kyari bail on Thursday.

He ruled that for the fact that DCP Abba Kyari and his team refused to escape when Kuje Prison was attacked on July 5, 2022, where about 90 percent of the inmates escaped, “it has proven that Kyari is ready to face any allegations against him.”

Besides the judge said all the “allegations are all bailable” and he is not “a flight risk”.

A member of his defence team, Barr Suleiman Shehu hailed the court decision “as a well-deserved victory.”

News

Hardship: Protesters Defy Police Warning, Hit Lagos Streets

Published

on

Residents have hit the streets of Lagos State to protest against the increasing spike in the price of food and the high cost of living in the country.

The protest was facilitated by a human rights group identified as the “Take It Back Movement.”

This comes against the warning issued by the Lagos State Commissioner of Police, Adegoke Fayoade, on Sunday.

The protesters were seen carrying placards of various inscriptions at Ojuelegba Under Bridge area of the state to express their grievances.

Continue Reading

Headline

CBN Lifts Ban On BDCs, Introduces New Operational Mechanism

Published

on

In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

Continue Reading

Facebook

Trending