Author: Friday Omosola

The Central Bank of Nigeria (CBN) has introduced two new account types— the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA)—designed to attract diaspora investments and remittances, thereby boosting foreign capital inflows into the country.   The NRNOA allows Nigerians living abroad to remit foreign earnings to Nigeria and manage funds in both foreign and local currencies. In contrast, the NRNIA enables them to invest in Nigerian assets using either foreign currency (FCY) or Naira. This new policy was disclosed in a circular signed by Dr. W.J. Kanya, Acting Director of the Trade and Exchange Department, and…

The Federal Government (FG) has revealed plans to allocate $50 million of the $52.88 million recovered from the United States, linked to former Minister of Petroleum Resources, Diezani Alison-Madueke, to enhance rural electrification projects across Nigeria. Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, disclosed this on Friday in Abuja during the formal signing of the Asset Return Agreement between Nigeria and the United States. The New Daily Prime earlier reported that FG yesterday acknowledged the recipient of the funds. Fagbemi said the Alison-Madueke, and her associates (referred to as the Galactica Assets) funds are set to enhance…

Akwa Ibom Governor Umo Eno has disbanded his cabinet, citing the need for a fresh perspective and energy to drive his administration forward.  He made the announcement on Friday during a valedictory session held at the Executive Council chamber in Uyo, the state capital. The governor emphasised that the decision was not a result of underperformance, but rather a strategic move to bring in new professionals to support his governance. He further clarified that while the outgoing commissioners had delivered on their responsibilities, the time had come to inject new talent into his administration. READ ALSO: Funke Akindele’s Jenifa legacy:…

The Federal Government (FG) has revealed that the United States handed over $52.88 million in assets linked to former Petroleum Minister Diezani Alison-Madueke. Alison-Madueke fled to London shortly after leaving office in May 2015 and has remained abroad ever since, facing numerous allegations of embezzlement during her tenure. The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, announced this during a formal asset recovery agreement signing held in Abuja on Friday. Fagbemi revealed that $50 million of the recovered funds would be allocated through the World Bank to support rural electrification projects across Nigeria. The remaining $2.88 million…

In a major policy move aimed at fostering economic development and transparency in land administration, Enugu State Governor, Peter Mbah has signed the Land Use Regulation 2025 and Executive Order No. 1, 2025.  The governor in a statement on his X page Friday, said the regulation designated several locations across the state as urban areas, marking a significant milestone in the state’s development agenda. Under the new Executive Order, the entire Local Government Areas (LGAs) of Enugu East, Enugu North, Enugu South, Udi, Nkanu West, Nkanu East, and Nsukka are now classified as urban areas. Additionally, specific parts of Aninri,…

Ogun State Governor, Dapo Abiodun, has announced plans to expand the Ogun Teach initiative by increasing the number of interns from 4,000 to 6,000.  The governor said the move was aimed at addressing the gap in the student-to-teacher ratio across the state. He disclosed this at his Oke-Mosan office while receiving the management team of Teach For All and Teach For Nigeria, who were in the state for their retreat. The governor revealed that his administration had raised the monthly stipends for Ogun Teach interns to N80,000 in line with current economic realities. The governor added that the initiative since…

Edo State Governor, Monday Okpebholo, has assured 167 medical graduates of Ambrose Alli University (AAU), Ekpoma, that his administration will resolve the issues delaying their induction into the medical profession.   The governor addressed the 2015 set of medical students during a stopover at the institution’s gate on his way from Irrua. The students, who graduated in August 2024 after spending 10 years in medical school, had been protesting the delay in their induction. Speaking to journalists, Governor Okpebholo expressed empathy for the students, stating, “I feel your pain as a father. I will invite the acting Vice Chancellor to discuss…

President Bola Tinubu is set to depart Abuja on Saturday, January 11, to attend the 2025 Abu Dhabi Sustainability Week (ADSW 2025).   Bayo Onanuga, Special Adviser to the President on Information and Strategy, announced this today via a statement on his X account (formerly Twitter). He revealed that President Tinubu received an invitation from His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, to participate in the Summit, scheduled to take place in Abu Dhabi from January 12 to 18. Onanuga further stated that the Summit will convene global leaders to accelerate sustainable development and…

Justice Inyang Ekwo of the Federal High Court, Abuja, has summoned the Minister of Interior, Olubunmi Tunji-Ojo, and the Attorney-General of the Federation (AGF), Lateef Fagbemi, to explain why the implementation of a proposed expatriates taxation policy should not be halted.   The order followed an ex-parte motion filed by the plaintiff’s counsel, Patrick Peter. Justice Ekwo directed that the motion be served on the minister and AGF within three days and scheduled the hearing for January 16, 2024. The plaintiff, who named the Interior Minister and the AGF as defendants, is seeking an interim injunction to prevent the implementation of…

The United States Supreme Court on Thursday rejected an emergency request from President-elect Donald Trump to postpone sentencing in his hush-money case. The court, by a narrow 5-4 vote, dismissed the application to block Friday’s proceedings, even with three of the justices being Trump appointees. In its brief, unsigned order, the court stated that the burden of sentencing on the President-elect’s responsibilities was “relatively insubstantial.” It also noted that Trump would be allowed to attend the sentencing virtually. Judge Juan Merchan, who presided over the case, has indicated that Trump would likely receive an “unconditional discharge”—a sentence that imposes no…