Press Release: 5 Things You Need To Know This Friday Morning

Good morning! Here is today summary of what is happening in the Nigeria.

House rejects CBN’s presentation on $11 billion power cash

The presentation of the Central Bank of Nigeria (CBN) on the $11 billion withdrawn from the Excess Crude Account (ECA) for the National Integrated Power Project (NIPP), rejected by the House of Representative yesterday,

The Adhoc Committee set up by the House to investigate the power sector however stepped down the consideration of the report of  the CBN Governor, Godwin Emiefele who was invited by the committee  to explain the withdrawal of $11billion and the N1.514 trillion Nigerian Electricity Stabilisation Facility intervention fund approved and disbursed to Nigerian Bulk Electricity Trading (NBET) company after post-privatisation exercise.

Bond Investors Stranded in Nigeria Risk Taking 100% Losses

The Foreign investors who tempted into buying Nigeria paying interest of 13% a year ago are unable to move their cash out of the country.

But the rate the investors earn for lending capital to the government by purchasing 12 month Treasury bills which has dropped to a 10 yea low of 3.2%. While the local currency has twice been devalued against the dollar this year.

With their cash stranded, funds have few choices but to park in short-term debt. They’re waiting for the central bank to resume foreign-exchange sales that were halted in mid-March after lower oil prices dried up dollar supplies. The economic fallout from the coronavirus pandemic only exacerbated the situation.

Police spread dragnet on monarchs, others over death of governor’s security aide

Detectives investigating the killing of Azubuike Ekwegbalu, a security aide to Anambra State governor, Willie Obiano, have been directed to spread their dragnet on the traditional institution in the state that have been embroiled in a major crisis with the governor lately.

Police sources at the force headquarters, Louis Edet House, Abuja, hinted that the security aide, who was discreetly involved in top security surveillance for the state government, might have incurred the anger of his killers after he permeated the circle where they were allegedly hatching strategies to cause crisis in the state.

Nigerians tackle NBC, Minister over new code, fine on radio station – Hate Speech

While many Nigerians and nongovernmental organisations reacted with anger after the Nigeria Broadcasting Commission (NBC) imposed a fine on a radio station over conducting an interview the government considers inciting

The regulatory body said it fined the channel, Nigeria Info 99.3FM, N5 million for “providing its platform to be used to promote unverifiable and inciting views that can incite crime, public disorder.”

While announcing the penalty earlier today, NBC had cited the alleged unprofessional conduct of media house in the handling of the programme, “Morning Cross Fire”, aired on Monday between 8.30am and 9.00am.

FG Seeks Vital Weapons from World Powers to End Insurgency

The federal government yesterday said it needs vital weapons to end the insurgency ravaging the North-east of the country, expressing concerns that delays in getting armaments from world powers were hampering the push against the insurgents.

It said the refusal of some world powers to sell weapons to the country and the delay in supplying those the country had already paid for were undermining its anti-terror campaign.

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