SERAP Files Lawsuit Against CBN Over Controversial ATM Fee Increase The Socio-Economic Rights and Accountability Project (SERAP) has taken legal action against the Central Bank of Nigeria (CBN), seeking to halt the implementation of what it describes as an unlawful and unreasonable increase in ATM transaction fees. CBN’s New ATM Fee Policy Sparks Outrage The CBN recently introduced a revised ATM withdrawal fee structure, stipulating that withdrawals made from machines owned by banks but located outside their branch premises will attract a charge of N100 per N20,000 withdrawn. Additionally, transactions conducted at shopping centers, airports, or standalone cash points will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal. This decision has sparked significant public backlash, with many Nigerians criticizing the policy as unfairly burdening consumers while benefiting banks. SERAP Takes Legal Action In response, SERAP has filed a lawsuit (case number FHC/L/CS/344/2025) at the Federal High Court in Lagos, requesting judicial intervention to prevent the CBN from implementing the revised ATM charges. SERAP is urging the court to determine whether the CBN’s decision to increase transaction fees aligns with the Federal Competition and Consumer Protection Act 2018 and whether it violates consumer rights. SERAP’s Arguments Against the Fee Hike SERAP contends that the ATM fee hike is arbitrary, unfair, and contrary to legal provisions that protect Nigerian consumers. The organization argues that: Legal Grounds for SERAP’s Lawsuit SERAP’s case references key legal provisions that bind the CBN, including: What SERAP is Asking the Court to Do SERAP is requesting the court to: Public Reactions and Economic Impact The CBN’s decision has been widely criticized, with many Nigerians expressing concerns about the financial strain it places on lower-income individuals. Economic analysts argue that such policy changes should be absorbed by banks and shareholders rather than passed onto the public. Critics also highlight that banks continue to record substantial profits, and an increase in ATM charges will only worsen financial hardships amid Nigeria’s economic struggles. Next Steps in the Case A hearing date for the lawsuit has not yet been scheduled. In the meantime, Nigerians await the court’s decision on whether to halt the implementation of the new fees. For further updates, you can follow SERAP’s official website. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
A nationwide pressure group, The Nigeria People’s Project (PPP), has raised serious concerns over Nigeria’s escalating insecurity, warning that the future of the younger generation is at risk due to persistent violent conflicts between herders and farmers. In a statement released on Sunday by its chairman, Lateef Gbenga Ganiyu, and secretary, James Jibrin, the group expressed deep worries about the ongoing crisis. They pointed out that numerous farmers are being displaced from their ancestral lands, while urban dwellers continue to suffer significant financial losses due to criminal activities such as banditry and kidnapping. Commendation for Government Efforts The PPP acknowledged that these security challenges had remained unresolved for years. However, they noted that since the current administration took office, there has been notable progress in tackling insecurity. The group commended President Bola Tinubu for his strategic appointments, emphasizing that his selection of credible service chiefs has strengthened national security. They particularly praised the Chief of Defence Staff for his bold initiatives in combating terrorism, which have been instrumental in addressing the security crisis. Call for Unity and Enhanced Security Measures Advocating for national unity, the PPP stressed the need for stronger collaboration among Nigerians to achieve lasting peace. They stated, “We must emphasize unity and harmony among citizens to secure a peaceful nation.” Additionally, the group urged security agencies to ensure that as the rainy season approaches, farmers can safely return to their lands without the fear of attacks from bandits and other criminal elements. They further highlighted the importance of leveraging the experience and expertise of security forces, noting, “With the Chief of Defence Staff’s expertise, security forces should intensify their efforts to eradicate this menace.” A Commitment to a Safer Nigeria Reaffirming their dedication to promoting security and stability, the PPP assured Nigerians of their continued advocacy for peace and progress. They concluded with a message of hope, stating, “We remain committed to supporting initiatives that enhance national security and create a safer Nigeria for all.” For more insights on Nigeria’s security challenges, visit Vanguard Nigeria. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Contrary to claims circulating on social media, students of the University of Lagos (UNILAG) have denied being asked to pay between N5,000 and N10,000 for examination dockets before gaining access to the exam halls. Investigations reveal that these allegations are unfounded, with actual charges being significantly lower. Breakdown of Docket Fees Some reports suggested that certain departments within UNILAG demanded up to N10,000 for examination dockets. However, findings by Vanguard confirm that students are only required to pay between N500 and N2,500, depending on their faculty or department. Additionally, the fees collected at the departmental level for the ongoing semester are not close to N10,000, as some had claimed. Student Reactions to the Allegations Several students have dismissed the claims, stating that the school management has not imposed such exorbitant fees. According to Kingsley Eze, a student of the Faculty of Arts: “No, students are not being charged N10,000 for dockets. I have heard that some departments require as much as N2,500, but in my department, we only paid N500 for the docket, and even that is optional.” When asked whether students who refuse to pay these fees would be denied entry into the examination hall, Eze responded: “Not at all.” Understanding the Semester Dues A 300-level student from the Faculty of Management Sciences, who chose to remain anonymous, provided insights into the dues students are expected to pay. The student also clarified that the N500 docket fee is separate and was not charged this semester. Conclusion The allegations of UNILAG students being required to pay N10,000 for dockets have been debunked. While some faculties impose minimal fees, they are significantly lower than what was initially reported. Students who had paid their semester dues earlier in the term would not face additional costs related to examination dockets. For more information on student fee structures, visit the official UNILAG website: https://unilag.edu.ng READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Finland’s Seasonal Work Opportunities Now Open The Finnish Immigration Service has officially opened applications for the Finland Seasonal Work Permit 2025, offering employment opportunities for foreign workers, including Nigerians, in agriculture, forestry, and tourism sectors. These permits allow non-EU workers to engage in temporary employment for up to nine months within a 12-month period. Overview of Finland’s Seasonal Work Permit The seasonal work permits cater to foreign nationals looking to contribute to Finland’s workforce while complying with labor regulations. Applicants must secure a permit before traveling to Finland. Types of Seasonal Work Permits Available Finland offers two main types of seasonal work permits depending on the length of employment: Key Eligibility Requirements for a Seasonal Work Permit To qualify for Finland’s seasonal work permit, applicants must meet the following criteria: Step-by-Step Guide to Applying for Finland’s Seasonal Work Permit To successfully apply for a seasonal work permit, follow these steps: 1. Secure a Job Offer Contact Finnish employers in agriculture, forestry, or tourism to secure employment. 2. Sign a Contract Obtain a legally binding employment contract from your employer. 3. Gather Required Documents Prepare the necessary documents, including: 4. Choose the Right Permit Apply for either: 5. Pay Application Fees Submit the required processing fees to the Finnish Immigration Service. 6. Monitor Your Application Status Track your application progress through the Finnish Immigration Service’s official website. Finnish Immigration Service official website. Conclusion Finland’s Seasonal Work Permit 2025 offers an excellent opportunity for Nigerians and other foreign workers to gain employment in agriculture, forestry, and tourism. If you’re interested in working in Finland, ensure you meet the minimum wage requirements, have suitable accommodation, and apply early to secure your work permit. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Israel Holds Off Prisoner Release Amid Demands for Unceremonious Handover Israel has delayed the planned release of 620 Palestinian prisoners, demanding that Hamas ensure future hostage handovers occur without what Israel calls “humiliating ceremonies.” The move follows the recent release of six Israeli hostages from Gaza, an event that included public displays condemned by international bodies. Israel’s prime minister, Benjamin Netanyahu, ordered the postponement of the prisoner exchange, citing concerns over the way hostages were paraded before being handed over. Hamas Criticizes Israel’s Decision Hamas spokesperson Abdel Latif Al-Qanou has accused Netanyahu of deliberately obstructing the ceasefire agreement, calling the delay an act of bad faith. The group rejected criticisms of its handover procedures, insisting that they serve as a solemn display of Palestinian unity. One of the recently released hostages, Hisham Al-Sayed, a 36-year-old Arab-Israeli suffering from mental health challenges, was handed over without any public event. However, previous hostage releases featured armed Hamas militants escorting captives before a crowd, an act widely criticized by the UN and the Red Cross. International Response to Hostage Handovers Following the return of the six Israeli hostages, Hamas released a video showing two other captives—Eviatar David and Guy Gilboa-Dalal—watching the handovers. Israel condemned these events, arguing that they demean the dignity of the hostages and exploit them for propaganda purposes. The UN and the Red Cross have denounced the public nature of the handovers, describing them as inhumane and deeply concerning. Details on Palestinian Prisoners Awaiting Release The list of Palestinian detainees slated for release includes: Among them are five Palestinian journalists detained since October 7, 2023, and 71-year-old Abdulrahman Saleh from Jenin, who suffers from hearing and vision impairments. Notably, the longest-serving Palestinian prisoner, Nael Barghouti, who has spent over 40 years behind bars, is also expected to be released. Ceasefire Holds Despite Accusations Since the ceasefire took effect on January 19, both Israel and Hamas have accused each other of violations. Hamas has previously threatened to halt hostage handovers over alleged Israeli breaches. Despite the tensions, the truce remains intact for now. As negotiations continue, the world watches closely to see whether both sides will uphold their commitments or if the fragile ceasefire will collapse under mounting tensions. The Independent READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Introduction The Centre for the Promotion of Private Enterprise (CPPE) has expressed support for the Central Bank of Nigeria’s (CBN) recent decision to pause interest rate hikes. Dr. Muda Yusuf, Chief Executive Officer of CPPE, described this move as a step in the right direction and aligned with economic expectations. CPPE’s Call for Future Rate Reductions Dr. Yusuf has recommended that the CBN consider reducing interest rates in the near future while expressing concerns about the high Cash Reserve Ratio (CRR). He highlighted that with the recently rebased inflation rate computation, Nigeria’s inflation has dropped to 24.48%, a level currently lower than the Monetary Policy Rate (MPR). Yusuf emphasized that maintaining the current rate prevents further financial strain on businesses and individuals with loan exposures. He suggested that a gradual easing of the current tightening measures would help stabilize the economic environment. Implications of High Monetary Policy Rate According to Dr. Yusuf, the current MPR exceeding the inflation rate puts excessive pressure on investors and businesses, making credit more expensive. He urged the CBN to gradually lower the MPR and ease the CRR to create a more favorable economic climate. Impact on Commodity Prices and Economic Stability Dr. Yusuf noted that prices of key commodities, such as petroleum motor spirit (PMS), diesel, pharmaceuticals, and other essential goods, are beginning to decline. He emphasized that maintaining exchange rate stability would contribute to further reductions in product prices, easing inflationary pressures on consumers. Concerns Over Nigeria’s High CRR One of the key issues raised by Yusuf is Nigeria’s CRR, which currently stands at an unprecedented 50%—the highest globally. He pointed out that the closest comparison is Turkey, with a CRR of 25%, and argued that Nigeria’s economic conditions do not justify such a high reserve requirement. Yusuf recommended a reduction in the CRR to enable financial institutions to channel more credit into the real economy, thereby fostering economic growth. Wide Asymmetric Corridor and Its Economic Impact The CPPE also raised concerns about the asymmetric corridor of +500/-100 basis points, stating that it is too wide and could disconnect the financial sector from the real economy. If the current trajectory continues, it may stifle economic expansion and limit access to funding for businesses. CBN’s Monetary Policy Decision During its 299th meeting, the Monetary Policy Committee (MPC) opted to maintain the MPR at 27.5%, along with the asymmetric corridor of +500/-100 basis points. Additionally, the CRR was retained at 50% for Deposit Money Banks (DMBs), 16% for Merchant Banks, and the Liquidity Ratio at 30%. Conclusion Dr. Yusuf urged the CBN to reassess its monetary policy stance and adopt a more flexible approach that fosters economic growth. He stressed the need to relax both the MPR and CRR in future MPC meetings to ensure that businesses and investors can access credit at reasonable costs. For more insights on Nigeria’s monetary policy decisions, visit the Central Bank of Nigeria’s official website. READ ALSO Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Aliko Dangote, Africa’s richest man, continues to redefine industrial dominance with another strategic expansion. This time, he is injecting $400 million into his cement production facilities in Ethiopia, doubling the capacity of the Mugher Cement Plant to an impressive five million tons annually. This move solidifies Dangote’s foothold in the African construction sector, reinforcing his commitment to self-sufficiency across the continent. Overcoming Challenges in Ethiopia’s Industrial Landscape Expanding business operations in Ethiopia has not been without challenges. The Mugher Cement Plant previously suffered disruptions due to conflicts, including attacks on company property and the tragic loss of employees. However, Dangote’s resilience has proven unmatched. While other investors might have retreated, he has remained steadfast, turning adversity into opportunity. To ensure a steady supply of cement to Ethiopia’s booming infrastructure sector, the expansion project includes a new grinding unit near Addis Ababa. This strategic move will not only boost production but also enhance accessibility for construction projects across the country. Dangote’s Vision: Africa’s Self-Sufficiency This latest venture is not just about cement; it is a blueprint for Africa’s industrial revolution. With operations spanning ten African countries, Dangote Cement is spearheading economic transformation by reducing dependency on imports. This is not Dangote’s first audacious move. In 2023, he disrupted the Nigerian energy sector by launching the $20 billion Dangote Refinery, Africa’s largest. The refinery has a daily production capacity of 650,000 barrels, reducing Nigeria’s reliance on imported fuel and shifting global energy dynamics. As European refiners reassess their strategies, Dangote has once again demonstrated visionary leadership in overcoming industry monopolies. Beyond Cement: A Multifaceted Industrial Expansion Dangote’s industrial empire extends beyond cement and oil. His fertilizer plant produces three million metric tons annually, further supporting Africa’s agricultural sector. Additionally, investments in gas pipelines and other infrastructure projects highlight his unwavering commitment to an Africa that produces what it consumes. Wealth and Legacy: More Than Just Numbers Ranked 86th richest in the world in 2024 with a net worth of $23.9 billion, Dangote’s success is not merely about wealth accumulation—it is about leaving a lasting impact. His philosophy remains unchanged: Build. Expand. Dominate. Despite numerous obstacles, Dangote has never backed down from a challenge. His latest Ethiopian expansion is a testament to his unwavering ambition, and if history is any guide, this is just another milestone in an extraordinary journey. Dangote Group Official Website READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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A Surprising Shift in Perspective More than a decade after accusing former Vice President Atiku Abubakar of corruption in his book, The Accidental Public Servant (2013), former Kaduna State Governor, Nasir El-Rufai, has made an unexpected reversal. He now acknowledges Atiku’s instrumental role in driving economic reforms during the administration of former President Olusegun Obasanjo. This change of stance emerged during a condolence visit to the family of the late Chief Edwin Clark, where El-Rufai highlighted Atiku’s contributions to Nigeria’s economic policies. The Previous Allegations Against Atiku El-Rufai had previously accused Atiku of corruption, claiming he was involved in dubious dealings during his tenure as vice president (1999–2007). Atiku, in response, refuted these allegations in a 2016 interview with Zero Tolerance, an Economic and Financial Crimes Commission (EFCC) publication. He also accused El-Rufai of offering him shares in Transcorp Plc, a claim El-Rufai dismissed, stating that he himself had rejected similar offers. During Atiku’s tenure as vice president, he oversaw the Bureau of Public Enterprises (BPE), which was responsible for Nigeria’s privatization efforts. El-Rufai, who led the agency at the time, had previously questioned Atiku’s integrity, citing various alleged financial irregularities. El-Rufai’s Acknowledgment of Atiku’s Economic Impact However, speaking at the condolence visit, El-Rufai stated that Atiku had been instrumental in shaping economic policies under Obasanjo’s administration. “Nobody gives Alhaji Atiku Abubakar the credit for economic policymaking under Obasanjo’s administration. Many of the things we did were under his leadership. Maybe because we don’t document our history, people tend to forget,” El-Rufai remarked. Political Controversy Surrounding the Condolence Visit The Transparency and Accountability Network (TAN) criticized both Atiku and El-Rufai for allegedly turning the condolence visit into a political spectacle. The group’s National Coordinator, Michael Briggs, described their remarks as disrespectful to the late Chief Clark’s family, accusing them of using the moment to promote political narratives rather than honoring the deceased. “What should have been a solemn visit became a political charade. It was a clear display of insensitivity to the grieving family,” TAN stated. The group further accused El-Rufai of leveraging the occasion to praise Atiku’s economic policies rather than focusing on the essence of the visit. Conclusion El-Rufai’s change in tone regarding Atiku’s economic influence marks a notable shift in Nigerian political dynamics. While some see it as a genuine acknowledgment of past contributions, others interpret it as a strategic political move. Regardless, this development underscores the evolving nature of political alliances and narratives in Nigeria. For further insights into Nigeria’s political history, visit BBC Africa. READ ALSO; Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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The residents of Iragbiji, Osun State, have expressed their heartfelt appreciation to President Bola Ahmed Tinubu, the National Assembly leadership, and ministers responsible for approving the establishment of the Federal University of Agriculture and Development Studies Iragbiji (FUADSI). The community recognizes the efforts of the Minister of Marine and Blue Economy, Adegboyega Oyetola, the Minister of Education, Dr. Olatunji Alausa, and the Minister of Agriculture and Food Security, Abubakar Kyari, in securing this significant milestone. Community’s Appreciation for the Federal Government In a press release following a stakeholder meeting, Dr. Jimoh Olorede conveyed the sentiments of the Iragbiji Development Association (IDA), chaired by Dr. Lateef Raheem, Provost of Ilesha College of Health Technology. The traditional ruler of Iragbiji, Oba Rasheed Ayotunde Olabomi Odundun IV, who also serves as the Pro-Chancellor and Governing Council Chairman of the Federal University of Agriculture Abeokuta (FUNAAB), endorsed the statement. The community described President Tinubu as a visionary leader committed to national progress. They expressed confidence that his administration’s initiatives would accelerate Nigeria’s economic growth and position the country as a leader in agricultural and technological advancements within Africa. Call for Immediate Implementation Following the approval of FUADSI, Iragbiji leaders urged the Federal Government to expedite the necessary administrative and executive steps to ensure the university’s swift commencement of operations. They emphasized that the institution would significantly contribute to education and development in the region. National Assembly’s Role Acknowledged The press statement also acknowledged the vital role of the National Assembly in selecting Iragbiji as the host community for FUADSI. The community praised the Senate President, Godswill Akpabio, and Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, along with other key legislative figures, for their support and commitment to the university project. Among those commended were Deputy Senate President Barau Jibrin, Senate Majority Leader Opeyemi Bamidele, his Deputy Lola Ashiru, Chairman of the Senate Committee on Agricultural Colleges and Institutions Simon Lalong, and the Senate Appropriations Committee Chairman Adeola Olamilekan (Yayi). The statement extended gratitude to all members of the Senate and House of Representatives who played an active role in the university’s approval process. Special Recognition for Adegboyega Oyetola The community particularly lauded the contributions of former Osun State Governor and current Minister for Marine and Blue Economy, Adegboyega Oyetola. They described him as a dedicated leader with a passion for development, highlighting his consistent efforts in championing the growth of Iragbiji. Appreciation for Ministers of Education and Agriculture Dr. Olatunji Alausa, the Minister of Education, and Abubakar Kyari, the Minister of Agriculture and Food Security, were also acknowledged for their collaborative roles in making FUADSI a reality. Their combined efforts, alongside President Tinubu’s endorsement, ensured the university’s establishment, fulfilling the long-standing aspirations of the Iragbiji community. For further details on FUADSI and its impact on agricultural education in Nigeria, visit the Federal Ministry of Education. Conclusion With the Federal University of Agriculture and Development Studies Iragbiji now officially approved, the host community remains hopeful for its swift take-off and long-term success. They continue to call on the Federal Government to ensure full support for the institution, reinforcing its role in advancing education, research, and economic growth in the region. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has engaged major oil sector stakeholders in a strategic dialogue aimed at resolving key operational challenges surrounding domestic crude supply obligations (DCSO) between producers and refiners. Key Highlights from the Stakeholders‘ Meeting Speaking at the meeting in Abuja, Mr. Gbenga Komolafe, the Commission Chief Executive of NUPRC, emphasized that the commission is committed to fostering growth in Nigeria’s oil sector while ensuring compliance with industry regulations. He reassured stakeholders that the NUPRC would maintain a fair and transparent regulatory approach to encourage investments and smooth operations in the upstream sector. The meeting provided an avenue for the NUPRC, the Oil Producers Trade Section (OPTS), and the Independent Petroleum Producers Group (IPPG) to collaborate on optimizing domestic crude supply operations. Key discussions revolved around: NUPRC’s Commitment to Industry Growth and Compliance Mr. Komolafe reiterated that the NUPRC remains dedicated to its regulatory mandate and has rolled out a comprehensive five-point agenda aimed at boosting crude oil production in 2025. These initiatives include: To enhance domestic crude supply, the NUPRC recently introduced significant regulatory measures, including the Production Curtailment and Domestic Crude Oil Supply Obligation Regulation 2023 and a DCSO framework and procedural guide to ensure effective enforcement. Strict Compliance Measures to Enforce Domestic Crude Supply The NUPRC has affirmed its stance on enforcing domestic crude supply obligations, warning that non-compliance could result in export permit denials for crude oil intended for domestic refining. However, Mr. Komolafe clarified that this measure is not intended as a threat to legitimate industry operators but as a deterrent against non-compliant players attempting to bypass regulatory requirements. The Nigerian government remains committed to ensuring energy security, protecting investors’ interests, and maintaining a market-driven pricing structure through a willing-seller, willing-buyer model aligned with global best practices. While the government will not interfere in product pricing, it will ensure that prices remain fair and reasonable to sustain sectoral stability. Conclusion The meeting between NUPRC and oil industry stakeholders underscores the importance of regulatory compliance, transparent crude oil allocation, and investment-friendly policies. With strategic measures in place, the commission aims to foster a more efficient and productive upstream oil sector, ensuring Nigeria’s energy security and economic growth. For further insights on Nigeria’s petroleum industry regulatory framework, visit the official NUPRC website. NUPRC Official Website READ ALOS: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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India has seen a significant shift in its edible oil imports, as refiners opt for soyoil over palm oil due to price advantages. Between February and March, a surge in soyoil imports—offered at slightly lower rates than palm oil—has led several refiners to cancel their palm oil contracts in favor of the more affordable alternative, according to Sandeep Bajoria, the chief executive of Sunvin Group, a leading vegetable oil brokerage. Mutual Agreement in Contract Cancellations A Mumbai-based trader from a global trade firm revealed that both buyers and sellers have been mutually agreeing to terminate contracts. In many cases, buyers are accepting a slightly reduced price compared to the current market rate for these cancellations, ensuring minimal financial loss. Palm Oil Prices See Fluctuations Currently, crude palm oil (CPO) is being offered at approximately $1,210 per ton, including cost, insurance, and freight (CIF), for March deliveries in India. This marks an increase from last month’s pricing, which ranged between $1,120 and $1,130 per ton. The price rise has made soyoil, primarily sourced from Argentina and Brazil, a more attractive option for refiners. Decline in Palm Oil Imports The switch to soyoil has significantly impacted India’s palm oil imports. In January, imports plummeted by 45% from the previous month, reaching only 275,241 metric tons—the lowest level recorded in nearly 14 years. With refiners increasingly favoring soyoil due to cost efficiency, palm oil shipments from key suppliers like Indonesia and Malaysia have been on the decline. Potential Import Duty Increase on Palm Oil Adding to the uncertainty, market speculation suggests that the Indian government might raise import duties on palm oil to support domestic oilseed farmers. This possibility has further motivated refiners to cancel palm oil contracts and book profits before any policy changes take effect, according to a New Delhi-based trader from a global trade house. Conclusion India’s edible oil market is undergoing a strategic shift, with refiners making cost-effective decisions by pivoting to soyoil. As market dynamics continue to evolve, it remains crucial to monitor government policies and global trade movements to understand their long-term implications on the industry. Reuters – India’s Edible Oil Imports READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Godwin Emefiele Denies Link to Forfeited Assets, States Properties Are Owned by Relative Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN), has refuted claims of ownership regarding funds and properties recently forfeited to the Nigerian federal government. In a recent ruling, Justice Yellim Bogoro of the Federal High Court in Lagos granted a final forfeiture of assets worth $4.7 million, N830 million, and multiple properties allegedly linked to Emefiele. Emefiele’s Official Statement Reacting through a press release issued by his legal representative, Olawale Fapohunda, Emefiele firmly denied any connection between himself, his immediate family, and the forfeited assets. He clarified that some of the properties belong to a relative and urged the public to refrain from associating them with him. Emefiele emphasized that a prior ruling from the same Federal High Court had earlier lifted an interim forfeiture order on these assets. However, in a recent development, Justice Bogoro ruled in favor of their final forfeiture. Legal Team’s Clarification The press statement reads: “Our attention has been drawn to media reports indicating that Justice Bogoro of the Federal High Court, Ikoyi, Lagos, has granted a final forfeiture order on certain assets allegedly linked to one Anita Joy Omoile and her companies, including DeepBlue Energy Limited. “It is crucial to clarify that DeepBlue Energy Limited, which was established in 2009, is owned by a relative of Mr. Godwin Emefiele and not by Mr. Emefiele himself. “For the avoidance of doubt, we, as the legal representatives of Mr. Emefiele, categorically state that our client does not own the assets in question, nor does any member of his immediate family. “Additionally, we wish to highlight that Justice Aneke of the same Federal High Court in Ikoyi, Lagos, had previously dismissed an interim forfeiture order on the same assets now forfeited by Justice Bogoro. “We urge stakeholders and the public to take note of these facts and cease associating the forfeited properties with Mr. Emefiele.” Background on the Case The forfeiture case has drawn significant public attention, as Emefiele, who previously served as Nigeria’s top banker, has been under scrutiny over financial transactions linked to his tenure. However, his legal representatives maintain that the allegations are misleading and that their client has no ownership ties to the assets. External Reference For further details on the court’s ruling, read the full report on Premium Times. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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NITDA, Flutterwave, and Alami Sign MoU to Advance Nigeria’s Digital Transformation In a strategic move to strengthen Nigeria’s digital economy, the National Information Technology Development Agency (NITDA) has partnered with leading fintech players Flutterwave and Alami. This partnership, solidified through a Memorandum of Understanding (MoU), aims to enhance fintech innovation, digital literacy, and the development of critical digital infrastructure across Nigeria. The MoU was signed by NITDA’s Director-General, Flutterwave CEO Olugbenga Agboola, and Alami CEO Ms. Olu White. Their collaboration focuses on fostering an inclusive, technology-driven ecosystem that aligns with Nigeria’s broader digital transformation goals. Key Areas of Collaboration According to NITDA, this fintech partnership will concentrate on the following strategic initiatives: 1. Strengthening Public-Private Partnerships The agreement emphasizes developing robust digital payment infrastructure and expanding access to technology financing to drive financial inclusion and economic growth. 2. Hosting Digital Nigeria Week 2025 This event will serve as a platform to showcase fintech innovations, facilitate workshops and panel discussions, support startups and SMEs, and encourage strategic collaborations within the Nigerian tech industry. 3. Supporting NITDA’s Core Initiatives The partnership aligns with NITDA’s major programs, including: NITDA highlighted that this collaboration is a crucial step towards achieving Nigeria’s digital transformation objectives, aligning with President Bola Tinubu’s Renewed Hope Agenda. Impact on Nigeria’s Digital Ecosystem By leveraging Flutterwave’s expertise as a leading African payment technology company and Alami’s innovation-driven fintech solutions, NITDA seeks to establish an enabling environment for startups, entrepreneurs, and SMEs. The partnership is expected to: What You Should Know As part of its broader digital transformation strategy, NITDA has also partnered with the National Youth Service Corps (NYSC) to train 30 million Nigerians in digital skills. This initiative aligns with the country’s goal of achieving widespread digital literacy and tech-driven economic growth. For further details on Nigeria’s digital transformation journey, visit Nigeria’s Ministry of Communications and Digital Economy. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
