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Lifestyle adjustments that will help you cope with petrol subsidy removal

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While delivering his inaugural address on Monday, President Bola Tinubu said the “petrol subsidy is gone” because the immediate administration did not make provision for such in the 2023 appropriation. Despite the assurance by the president’s team that the subsidy removal is not immediate, the announcement has sparked a reaction across the country.

Since then, in Lagos, Abuja, and other parts of the country, operations have ceased in some filling stations, while those that dispensed petrol increased prices.

Transport fares have gone up, and thousands of people are spending valuable time queueing for fuel. It’s hitting everyone where it hurts, even the rich are not left out.

Nigerians are left with no choice but to adjust to new lifestyles brought about by a change of policy. It started during the height of the naira redesign policy, now the petrol price hike may demand a more frugal lifestyle.

Here are suggestions for some lifestyle adjustments.

Explore alternative energy sources

This may be the best time to invest in renewable energy to reduce dependence on fuel for electrical machines and generators used in factories and homes.

Portable solar home systems remain one of the cheapest means to light up the house and power small home appliances.

Introduction of flexible work schedules by employers

There are jobs that cannot survive days without the physical congregation of workers, but there are many other establishments that can endure the blend of virtual and physical arrangements for workers.

Factories can make work schedules flexible by adopting regulated work shifts to ease transportation costs for employees.

This is the time to encourage virtual meetings. The objective of that official meeting can still be achieved on Zoom, Google Meet and other video conferencing apps. That document can also be signed virtually. We can still achieve efficiency in a tech-driven work environment.

Foster the idea of efficient driving habits

Nigerians are buying a litre for N488 in Lagos and over N500 in Abuja and in other parts of the country. It is advisable that private car owners drive when it is only unavoidable and also ensure that their speed is moderate. Maintain a constant speed of 15 to 20 mph.

The idea of doing away with the car’s air conditioning may have been received as a joke, but some experts claim leaving it on while driving slowly increases fuel consumption by up to seven per cent.

Consumers must at this time start to learn how to do proper maintenance of their vehicles without having to entirely do away with them.

Register wards in schools at a trekking distance from your house

The nuances of picking a child’s school are not lost on us; drastic issues demand well-thought decisions. In order to augment the budget for those that keep one, the thought of changing one’s child’s school to a good institution of trekkable distance is quite logical at this time.

Attend neighbourhood places of worship

Congregating in recognised churches and mosques no matter how excruciating it takes to reach there is an attitude that may need to be relaxed at this period.

Religious Nigerians may need to attend places of worship close to their homes. This situation may be unfamiliar but at this delicate time, it appears “where two or three are gathered” is best believed.

A phone call will do it

At the moment, there are so many places you can avoid driving to and you can also avoid spending huge money on commercial vehicles. A phone call will do it. It’s safer that way and less expensive. You don’t have to spend hours in traffic too.

If it is not far, walk it. Walking is a good exercise for your health. Patronise neighbourhood shops, malls and markets. A phone can also deliver that product to your doorstep. The world is changing; you should too.

Most importantly, live within your means.

Business

Court orders Binance to release comprehensive data of all Nigerian users to EFCC

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A federal high court in Abuja has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with the comprehensive data or information of all persons from Nigeria trading on its platform.

Emeka Nwite, presiding judge, gave the ruling on an ex parte motion moved by Ekele Iheanacho, EFCC’s lawyer, on February 29.

“The applicant’s application dated and filed 29th February 2024, is hereby granted as prayed,” the judge held.

“That an order of this honourable court is hereby made directing the operators of Binance to provide the commission with comprehensive data/information relating to all persons from Nigeria trading on its platform.”

The ex-parte motion, marked: FHC/ABJ/CS/259/2024, was brought pursuant to Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.

In the affidavit in support of the motion, Hamma Bello, an operative of the EFCC, said following the inauguration of the Technical Committee on Currency Stability and Forex Manipulation by the ONSA, the special investigation team (SIT) “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a cryptocurrency exchange platform”.

“That on receipt of the intelligence, the team began investigation by conducting surveillance of the activities of the platform,” Bello said.

“The team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the Naira losing its value against other currencies.

“The damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform.

“The information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 (twenty-one billion, six hundred million dollars).

“Attached and marked as Exhibit EFCC 1 is a copy of the document from Binance to the ONSA stating this fact amongst others.

“That the commission will ensure that investigation is conducted within such reasonable time.”

Bello stated that the information would help the panel with its investigation, and that the subject was of the utmost urgent public interest.

He claimed that granting the application was in the interest of justice because rejecting the request would seriously impede the commission’s inquiry.

BACKGROUND

In February 2024, Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, said Binance and other crypto platforms should be banned from operating in Nigeria.

Onanuga had accused Binance of “blatantly setting exchange rate for Nigeria,” and hijacking the role of the Central Bank of Nigeria (CBN).

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FG releases N12.7bn for prepaid meters in army barracks nationwide

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Adebayo Adelabu, minister of power, says the federal government has released N12.7 billion to provide meters in army barracks across the country.

Adelabu said the amount is from the N40 billion earmarked for the mass metering project, according to a statement by Bolaji Tunji, his special adviser on strategic communication and media relations, on Monday.

The minister, who spoke during the flagoff of the metering exercise at the headquarters of the 9th brigade of the Nigerian army, Ikeja Military Cantonment, said the exercise would be in phases.

He said the Ikeja cantonment is the first phase of the exercise, which would last for six weeks before the second phase begins.

“Mass metering in army formations nationwide will enable us to know what is being consumed on a monthly basis in order to ensure appropriate billings and ease collections,” the minister said.

“The overall intention is to eliminate and make estimated billing a thing of the past.

“The current exercise is part of President Bola Tinubu’s renewed hope agenda to ensure regular supply of electricity to army formations nationwide.

“This is one of Mr. President’s objectives as contained in the renewed hope agenda to ensure that electricity supply to the armed forces is prioritised and they do not suffer, especially in the enjoyment of public utilities.”

Adelabu said the smart meters being installed are tamper-proof and would eliminate energy theft.

He said it would be difficult to bypass the meters which also come with an app where customers can get statements of their consumption on a monthly basis.

The minister added that the meters allow interconnectivity between grid and off-grid solar power supply.

According to Adelabu, part of the energy blueprint for the country involves building off-grid power sources such as solar energy for military barracks located in remote areas without grid supply.

He said where there is a grid supply, there would be an interchange between the grid and solar supply if not satisfied with the number of hours supplied by the distribution companies (DISCOs).

“Beyond metering, we have to prioritise electricity supply to the barracks,” the politician said.

On his part, Ashade Olatunbosun, chief executive officer of De Haryor Global Services, said the second phase of the project would begin in Abuja and Enugu, simultaneously.

He said military formations across the 11 electricity distribution companies (DisCos) would benefit from the exercise.

“Army formations in Jos, Abuja, Ibadan, Enugu, Kaduna, Ikeja and Eko DisCos will benefit from the exercise,” Olatunbosun said.

Speaking earlier, Adegoke Adetuyi, commander of the 9th brigade of the Nigerian army, Ikeja, said the federal government’s metering initiative was timely as the brigade headquarters had been getting epileptic power supply over time.

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CBN fires some directors as Cardoso commences reorganization process

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The are reports that the Central Bank of Nigeria (CBN) has sacked at least 5 directors in what seems like the commencement of reorganization process at the apex bank.

Reliable sources familiar with the internal workings of the bank told Nairametrics that the affected officials have already received termination notices since March 15th, 2024.

Although details and reasons for the sack of these top officials still appear quite unclear, sources within the bank revealed that the directors affected include Trade and Exchange Department, Securities Department, Development Finance Department, as well as Purchasing and Support Services Department.

These directors, according to sources, were initially reassigned to FSS 2020, a division of the bank under the Governor’s Directorate located in the Maitama District of Abuja on November 24th, 2023, and kept in a holding pattern for further directives.

Samuel Chukwuyem Okojere, Abdulmumin Abdulsalam Isa, Dr. Elizabeth Amos Kwaghe, Dr. Maureen Omolola Chukwurah, and Mr. Arinze Stanley were among the directors who were transferred to the FSS 2020 division on November 24th of the preceding year.

The sources could not verify whether those being disengaged have been implicated in any wrongdoing.

However, investigations by Nairametrics shows that the affected directors had headed departments of the apex bank under the tenure of Godwin Emefiele, whose activities have been under scrutiny by the current administration.

A source at the corporate communication department who confirmed the disengagements noted that told Nairmetrics that there is no official statement on the development yet.

According to the reports, the news of this impending dismissal has been widely circulated since last Thursday.

The decision still shrouded in confidentiality from the media, has stirred considerable apprehension among CBN staff, who fear it may herald further job cuts under the current management of the banking regulator.

Before this latest development, the CBN had relocated no less than 150 employees from the Banking Supervision Department (BSD), one of its 29 departments, to Lagos. The BSD operates under the Financial System Stability Directorate of the CBN.

The relocation had sparked heated controversy nationwide, with many individuals from northern regions alleging an attempt to displace northern staff from the institution.

However, the CBN dismissed these allegations, maintaining that it was part of a necessary restructuring to ensure thorough onsite examinations of the country’s 24 banks, most of which are headquartered in Lagos. Additionally, the bank cited the need to alleviate congestion at its corporate headquarters.

There have been widespread allegations that political figures abused their privileges during the Buhari Administration to secure positions for their relatives in the CBN, resulting in redundancies. Consequently, many staff found themselves without proper office space or equipment, such as chairs and desks, at the bank’s headquarters.

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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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