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Before you risk it, here’s what the law says about spraying of naira notes

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Today, the Economic and Financial Crimes Commission (EFCC) announced the arrest of Lagos socialite and crossdresser, Idris Okuneye better known as Bobrisky, for abusing naira notes.

For context, spraying naira notes is a popular practice at Nigerian parties. This idea, popularised by Nigerian Owambe culture and the flamboyant lifestyles of celebrities is a habit the Central Bank of Nigeria (CBN) seriously frowns at.

Unfortunately, many Nigerians do not know that spraying naira notes at weddings or funerals could land them in trouble.

What does the law say?

The CBN regards spraying of naira notes as “abusing the country’s symbol of sovereignty.”

This sentiment is strengthened by Section 21 of the CBN Act which makes it a crime to tamper with or deface naira notes.

According to the section, “A person who tampers with a coin or note issued by the Bank is guilty of an offence and shall on conviction be liable to imprisonment for a term not less than six months or to a fine not less than N50,000 or to both such fine and imprisonment.”

Section 21(3) of the CBN Act specifically forbids Nigerians to spray or throw the national currency at social occasions.

The section says, “For the avoidance of doubt, spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever, shall constitute an abuse and defacing of the Naira or such note and shall be punishable under subsection (1) of this section.”

  1. Spraying naira notes.
  2. Hawking naira notes.
  3. Using naira notes for money bouquet.
  4. Throwing bundles of naira notes.
  5. Loading naira notes into spray guns to spray at parties.
  6. Defacing naira notes, like dancing, or writing on them.
  7. Squeezing of naira notes.

Bobrisky is not the first Nigerian to get in trouble for abusing naira notes, as many others have been arrested for a range of the above-stated violations.

Most recently, in February 2024, Nollywood actress, Oluwadarasimi Omoseyin, was sentenced to six months imprisonment for spraying and dancing on naira notes. The court also gave her an option of a fine of ₦300,000.

If Bobrisky is found guilty, he will get the same fate as prescribed by the law.

Business

Japa: Six tips for Nigerians to boost their chances of securing US visa

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The United States (US) visa, is undisputably, the most sought-after in the world for relocation because of the exceptional life opportunities attached to it.

A US visa is a permit issued by the US government that grants Nigerians and other non-citizens entry into the country for certain purposes, such as work, study, or travel.

This document must be attached to the applicant’s passport before gaining access to enter as an immigrant or non-immigrant to the US.

An immigrant visa is for those who plan to stay in the US permanently, while a non-immigrant visa is for those who intend to visit the US temporarily.

Non-immigrant visas allow people to work or study in the US for up to 180 days, while an immigrant visa allows you to stay indefinitely and work without restrictions.

As a Nigerian, whether you are applying as an immigrant or a non-immigrant, you must master some tips to boost your chances of getting a visa at the US embassy.

In this article, there are six tips to help you increase your chances of securing a US visa.

1. Research your visa category 

As a US visa applicant, you must thoroughly research the visa category that best suits your purpose of travel and gather all the necessary documents accordingly.

2. Begin early

As thousands apply for US visas daily, you must start the application process well in advance to give you enough time for any unprepared delays.

3. Get ready for questions

You must prepare for the visa interview by engaging and familiarising yourself with potential and unexpected questions and practising concise, confident responses.

4. Honesty

Be honest and transparent during the interview, because offering false information can lead to serious consequences and future visa rejections.

5. Prepare all documents

Present your supporting documents in an organised manner, making it easier for the consular officer to review and verify the information.

6. Show commitment to Nigeria 

You need to demonstrate strong ties to your home country, such as stable employment, family, or property, to assure the consular officer that you will return after your authorised stay (if applicable).

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Business

Adesola Adeduntan steps down as First Bank CEO

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Adesola Adeduntan, managing director and chief executive officer (CEO) of First Bank of Nigeria Ltd, has resigned from his position.

According to a letter addressed to Tunde Hassan-Odukale, the bank’s board chairman, Adeduntan’s tenure ought to elapse on December 31, 2024.

However, he voluntarily decided to step down on April 20.

“As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years,” Adeduntan said.

“During this period the Bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.

“I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.”

Furthermore, he expressed gratitude towards the board of directors of First Bank and FBN Holdings for the support he received from them during his tenure.

Adeduntan was appointed as CEO of First Bank in 2016.

Prior to his appointment, he served as the bank’s executive director and chief financial officer (CFO).

Before joining First Bank in July 2014, he was a director and the pioneer CFO/business manager of Africa Finance Corporation (AFC).

Adeduntan formerly worked as a senior vice-president and CFO at Citibank Nigeria Limited, as a senior manager in the financial services group of KPMG Professional Services, and as a manager at Arthur Andersen Nigeria.

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Business

Customs adjust FX rate for import duties to N1,147/$

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The Nigeria Customs Service (NCS) has again adjusted the foreign exchange (FX) rate for duties to N1,147.02 per dollar.

This represents a 7.3 percent decrease compared to N1,238.1/$ displayed on April 18.

The rate adopted by customs was observed on Friday.

It fell below the official foreign exchange rate, which closed at N1,154/$ on April 18 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.

On April 17, the naira appreciated to N1,050 at the parallel section of the FX market, from the N1,100/$ traded on April 15.

Meanwhile, on April 16, President Bola Tinubu inaugurated the national single window (NSW) project to boost trade in Nigeria.

NSW is an electronic portal linking all agencies and players in import and export processes to an integrated platform.

Speaking on the development, Adewale Adeniyi, the comptroller-general (CG) of Nigeria Customs Service (NCS), said the country is making progress with consultations on the reopening of the borders with Niger Republic and Benin Republic.

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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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