Author: Festus Adeloye

The lawmaker representing Kano South, Senator Sumaila Kawu, has revealed that he earns over N21m monthly as a total take-home package. This revelation is coming barely 24 hours after the Revenue Mobilisation Allocation and Fiscal Commission said that each of the 109 senators in the upper chamber receives a total of N1.06m in salary and allowances per month. The RMAFC Chairman, Mohammed Shehu, said this as a form of clarification in response to recent controversies over the real amount each lawmaker earns per month. Based on Shehu’s disclosure, it would mean each lawmaker earns N12.72m in 12 months and the…

Nigeria’s external reserves have declined by 0.68 per cent to $36.620bn as of August 12, 2024, from $36.872bn recorded on August 7, 2024, data from the Central Bank of Nigeria (CBN) indicated. The development comes after it increased to US$37.88bn as of July 15, 2024, from US$34.76bn as of June 2024 ending. The CBN had in July, predicted that Nigeria’s external reserves could reduce slightly in 2024. This was disclosed in the maiden edition of its ‘Macroeconomic Outlook: Price Discovery for Economic Stabilisation’ report. The apex bank had attributed the projected decline to debt service and other obligations. The outlook…

Access Holdings Plc has extended the acceptance period for its ongoing N351 billion rights issue, providing existing shareholders and other investors additional opportunity to participate in the new capital raising. Access Holdings is offering 17.772 billion ordinary shares of 50 kobo each to existing shareholders at N19.75 per share. The offer opened on Monday, July 08, 2024. The offer period, which was initially scheduled to close today, August 14, 2024, has now been extended to August 23, 2024. The extension followed approval of the Securities & Exchange Commission (SEC). In a regulatory filing at the Nigerian Exchange (NGX), Access Holdings…

The Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi. has applauded President Bola Tinubu for assenting to the Judicial Office Holders’ Salaries and Allowances Bill, 2024. In a statement on Tuesday, the AGF said by this historical assent, the yearning of judicial officers across the country for better conditions of service has been met. Fagbemi said that judicial officers in Nigeria have been on the same salary for almost two decades. He said Tinubu has demonstrated his commitment to the sustainable reform of the Administration of Justice which is an important component of judicial reforms. The…

Former presidential candidate and Labour Party flag bearer, Peter Obi, has met with the renowned music duo P-Square’s family. Peter Okoye, also known as Mr. P, publicly criticised his twin brother Paul Okoye on Monday amid an ongoing dispute between them. Paul, who is known as Rudeboy, recently claimed in an interview that Peter filed a petition with the Economic and Financial Crimes Commission (EFCC) seeking his arrest. In response, Peter issued an open letter denying the allegations and raising concerns about a secret company, Northside Music, which he claims is purportedly owned by their brother Jude Okoye and his…

Lille secured a place in the Champions League play-offs at the expense of Jose Mourinho’s Fenerbahce after a Jonathan David penalty in extra time snatched a 3-2 aggregate victory in Turkey on Tuesday. Fenerbahce lost the first leg 2-1 last week and looked to be going out until Bafode Diakite’s late own goal sent the match to extra time. Lille substitute Aissa Mandi was sent off on his debut for a reckless challenge on Irfan Can Kahveci, but the visitors were awarded a penalty for a handball by Jayden Oosterwolde and David made no mistake from the spot. Cenk Tosun…

The Nigerian Education Loan Fund (NELFUND) has received N50 billion from the Economic and Financial Crimes Commission (EFCC) from the proceeds of crime. Managing Director and Chief Executive Officer, NELFUND, Mr. Akintunde Sawyerr confirmed this during his visit to the Chairman of EFCC, Mr. Ola Olukoyede. President Bola Tinubu in his nationwide broadcast directed the commission to release N50bn to NELFUND for the student loan scheme. Speaking during the meeting, Sawyerr said: “We are aware of the funds from the proceeds of crime extended to NELFUND. We are here to express our gratitude for the gesture. We also want the…

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says each of the 109 senators occupying legislative seats in the red chamber earns ₦1,063,860 salary and allowances per month. The commission gave the breakdown of the salary and allowances of each senator as: Basic Salary – ₦168,866:70; Motor Vehicle Fuelling and Maintenance Allowance – ₦126,650:00; Personal Assistant – ₦42,216:66; Domestic Staff -₦126,650:00; Entertainment – ₦50,660:00; Utilities – ₦50,660:00; Newspapers/Periodicals – ₦25,330:00; Wardrobe – ₦42,216,66:00; House Maintenance – ₦8,443.33:00 and Constituency Allowance – ₦422,166:66; respectively. RMAFC chair M. B. Shehu, in a statement on Tuesday, made the clarification “in view of the…

The Federal Court of Appeal sitting in Akure, the Ondo State capital on Tuesday dismissed the sack of a former deputy speaker of the State House of Assembly, Mr Iroju Ogundeji, ordering the respondent to be reinstated. The judgement came four years after the suit was instituted as Ogundeji challenged his sack by the leadership of the 9th Assembly of the state, led by the former Speaker, Mr Bamidele Oloyeloogun. Ogundeji, who represented the Odigbo Constituency 2, in the Assembly, was removed by the leadership of the House following his disagreement with the House leadership in 2020. After his removal,…

The Economic and Financial Crimes Commission (EFCC), Abuja Zonal Directorate said it has secured the conviction and sentence of five internet fraudsters. A statement by the commission’s Head, Media & Publicity, Dele Oyewale on Tuesday, said the five convicts were jailed on Monday by Justice C.O. Agashieze of the Federal Capital Territory High Court on a one-count separate charge bordering on obtaining by pretence. The convicts are; Desmond Ikpefua, Oyeniji Efosa Temitope, Exiobor Raphael, Emmanuel Gabriel and Samuel Owoicho. The count against Gabriel reads, ‘That you Emmanuel Gabriel sometime in 2024 at Abuja within the jurisdiction of this Honourable Court…