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Nigeria’s External Reserves hit $40.4 Billion

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…As CBN injects $210m into interbank market
By Joseph INOKOTONG
Nigeria’s External Reserves have recorded a giant leap, hitting a new high of $40.4 billion.
The development, which would impact favourably on the economy, confirms projection by the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele at the Annual Bankers’ Dinner of the Chartered Institute of Bankers (CIBN) in Lagos last November.
This is even as the Bank injected a total of $210 million into the interbank Foreign Exchange Market in the first round of trading for the year on Monday, January 8, 2018.
Figures obtained from the CBN on Monday, indicate that the External Reserves reached the $40.4 billion mark on Friday, January 5, 2018, indicating an increase of about one billion United States dollars between December 2017 and January 2018.
The Acting Director in charge of Corporate Communications at the CBN, Isaac Okorafor who confirmed the figure, attributed the accretion to the country’s reserves to the Bank’s strategy to effectively manage forex demand by various sectors of the economy.
Citing the CBN policy restricting access to forex from the Nigerian forex market by importers of some 41 items as the major turning point, Okorafor said the policy had helped to stop the hemorrhaging of the country’s external reserves, which hitherto witnessed heavy depletion due to huge import bills and other debt obligations.
According to him, the CBN policy had ensured a decline in Nigeria’s import bills from over $5 billion monthly in 2015 to about $1.5 billion in 2017.
He expressed optimism that with the determination of the Bank and the cooperation of the fiscal authorities, the external reserves will continue to enjoy more accretion in the course of 2018.

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Pius Akutah’s Alleged Fraud at Nigerian Shippers Council Uncovered

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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.

According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.

Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.

Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.

Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.

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Pius Akutah’s Alleged Fraud at Nigerian Shippers Council Uncovered

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on

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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.

According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.

Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.

Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.

Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.

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Special Birthday Wishes to Zege Mule U Tiv & Wazirin Adamawa

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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.

I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.

Your Excellency, may your special day be filled with grandeur befitting your illustrious career.

I wish you continued success, prosperity, and an unending stream of accolades.

It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.

May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.

Happy Birthday, Your Excellency.

Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice

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