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FG launches conditional cash transfer of N75,000 to 15million households



President Bola Tinubu has formally launched the promised conditional cash transfer program targeted at 15 million households across the country who are billed to receive N75,000 within three months.

The formal launch of the program was held at an event to mark the International Day for the Eradication of Poverty.

The President was represented by the Secretary to the Government of the Federation, Sen. George Akume who said the current administration has strategized several means to tackle poverty in the country.

Speaking on the theme of the event “Decent Work and Social Protection: Putting Dignity in Practice for All” the President reeled the steps his administration will follow to reduce the spread of poverty in the country.

He said, “My government will lead from the front in seeking to ensure that all Nigerians have opportunities for dignified work and sustained social protection.”

Also speaking at the event was the Minister of Humanitarian Affairs, Dr. Betta Edu who said, 15million households across the country will get N75,000 within three months.

She added that an adequate verification process has been carried out to ensure the funds get to the deserving beneficiaries. The process includes getting their NIN, and BVN and ensuring their location is correct.

In her words, “Our President Bola Ahmed Tinubu has resolved that Nigerians would have both immediate short-term, medium-term or long-term interventions to cushion not just the effect of force subsidy or any economic shock but to ensure that we can pull Nigerians out of poverty while preventing mitigating against the humanitarian crisis that has led lots of Nigerians into being displaced or living below the poverty line”.

The Minister of finance and coordinating minister of the economy, Mr. Wale Edun said the rate of poverty in the country was unacceptable to the President and reducing poverty remains the President’s number one priority.

The Representative of the World Bank to Nigeria, Shubham Chaudhuri noted that programs such as the conditional cash transfer have proven to be one of the most potent ways to assist vulnerable citizens against economic shocks.

In his words, “This aid is crucial in helping them overcome the initial period during which they might otherwise be compelled to make decisions with long-term consequences. For instance, these decisions might include reducing daily meals to just one or withdrawing their children from school. The type of cash transfer referred to as ‘shock-responsive cash transfer’ that is currently being implemented is utilized by countries worldwide to offer temporary relief in such situations.”


EFCC withdraws money laundering charge against Shasore – weeks after vindication by UK court




The Economic Financial Crimes Commission (EFCC) has withdrawn the money laundering charge filed against Olasupo Shasore, former attorney-general of Lagos state.

Shasore was arraigned alongside his company, Middlesex Investments Ltd, on a 14-count charge of money laundering before Inyang Ekwo, a judge, in November 2022.

At the court session on Thursday, Bala Sanga, EFCC counsel, said Lateef Fagbemi, attorney-general of the federation (AGF) has directed the agency via a letter, to withdraw the charge.

Olawale Akoni, Shasore’s counsel, did not oppose the application.

“We will humbly be asking the defendant to be discharged,” Akoni said.

Consequently, the judge granted the application and discharged the defendants.


The AGF’s letter addressed to the EFCC chairman was titled: “RE: Review of All Civil and Criminal Proceedings Between Process and Industrial Developments Ltd (P&ID) and Federal Republic of Nigeria (FRN).”

The cases listed are charge number: FHC/L/447C/2022 – FRN Vs. Olasupo Shasore, SAN; charge number: FHC/ABJ/CR/386/2022 – FRN Vs. Middlesex Investments Ltd and charge number: ID/19657C/2022 – FRN Vs. Olasupo Shasore, SAN.

The letter with reference number: DPPA/OLASUPO/345/23 informed the EFCC “that the above charges were being reviewed in the light of recent developments in Process & Industrial Developments Limited vs. The Federal Republic of Nigeria (CL-2018-000182) and The Federal Republic of Nigeria vs. Process & Industrial Developments Limited (CL-2019-000752).

“Consequently, you are hereby directed, pursuant to the provisions of Sections 105(1) & 108(1) of the Administration of Criminal Justice Act, 2015, to withdraw the said charges with immediate effect and revert on compliance promptly.”


The former Lagos attorney-general had represented Nigeria in the P&ID case.

The P&ID had won a $9.6 billion judgment against Nigeria in a British court.

With the interest rate, the potential payment had accumulated to over $11 billion.

The company claimed it entered into a contract to build a gas processing plant in Calabar, Cross River state.

The firm added that the deal collapsed because the Nigerian government did not fulfil its end of the bargain.

The federal government accused Shashore of compromising the case in favour of P&ID.

Shasore was also alleged to have been bribed to avert justice in the controversial gas supply purchasing agreement (GSPA) contract.

The government had argued that Shasore bribed two senior lawyers in the ministry of petroleum resources and the Nigerian National Petroleum Company (NNPC) Limited to go on with the collusion.

But P&ID had denied the allegation, stating that if the argument on the GSPA was voided and the question on the jurisdiction of the tribunal had been successful at the time, Shasore’s position “would have knocked out P&ID’s entire claim”.

The former Lagos commissioner for justice has also maintained that he defended Nigeria to the best of his ability on the matter.

However, in a judgment delivered on October 23, Robin Knowles, justice of the Commercial Courts of England and Wales, cleared Shasore of corruption allegations in the P&ID case.

In a judgement delivered by email, the judge ruled that Shasore’s actions were “inconsistent with Nigeria’s theory” that he was corrupt.

The court also halted the enforcement of the $11 billion arbitration award in favour of P&ID against Nigeria.

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Naira depreciates to N1,165/$ at parallel market




The naira, on Thursday, depreciated to N1,165 per dollar at the parallel section of the foreign exchange (FX) market.

The figure represents a N5 or 0.43 percent depreciation compared to the N1,160 it traded last Tuesday.

Speaking to newsmen, currency traders in Lagos, also known as Bureau De Change operators (BDCs), quoted the buying rate of the greenback at N1,155 and the selling price at N1,165 — leaving a profit margin of N10.

On the official market side, the naira fell by 0.10 percent to close at N832.32 to a dollar on Thursday — from N831.47 at the close of trading on Wednesday.

According to data on FMDQ Securities Exchange, a platform that oversees official FX trading in Nigeria, the naira recorded an intra-day high of N1,137, and the lowest level for the day was N700.

On Wednesday, the Central Bank of Nigeria (CBN) directed all banks to accept old and redesigned naira notes indefinitely.

The apex bank issued the directive after the supreme court ruled that both notes should co-exist as legal tender.

In the fresh application, Lateef Fagbemi, the attorney-general of the federation (AGF), said due to the prevailing economic crisis, the CBN has not been able to print the volume of new notes that would enable it to phase out old currency notes before December 31.

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‘Accept old, new naira notes’ — CBN notifies banks after Supreme Court judgment




The Central Bank of Nigeria (CBN) has directed all banks to accept old and redesigned naira notes indefinitely.

The development is coming a few hours after the judgement of the supreme court.

Last week, Lateef Fagbemi, attorney general of the federation, filed an application before the supreme court, seeking a deadline extension.

Following the court’s decision, the apex bank directed all banks to accept the N200, N500, and N1000 old notes alongside the redesigned versions.

The financial regulator in a statement signed by Ali Hakama, its director of corporate communications, also urged Nigerians to accept and handle the naira notes with respect.

“The Central Bank of Nigeria (CBN) has directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs),” the apex bank said.

“For the avoidance of doubt, the Supreme Court ordered that the old versions of N200, N500, and N1,000 banknotes shall continue to be legal tender, alongside the re-designed versions.

“Accordingly, in line with section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria (CBN), will continue to remain legal tender, indefinitely.

“Members of the public are enjoined to continue to accept all Naira banknotes (old or re-designed) for their day-to-day transactions and handle these banknotes with the utmost care, to safeguard and protect the lifecycle of the banknotes.

“Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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