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Oyo lawmaker, Ige moves motion to end incessant night robbery attacks.

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HONOURABLE Ademola Akeem Ige representing Ibadan South East State Constituency II on Thursday moved a motion to put an end to the incessant night robbery attacks in Ibadan, the state capital.

While presenting the motion titled “Need to put an end to the incessant night robbery attacks on innocent citizens within Ibadan metropolis”, the lawmaker decried the rate of robbery attack on innocent citizens of the state particularly in Ibadan South East Constituency in recent times which he said was unprecedented, stressing that the residents have been given sleepless night by the action of these devilish people while perpetrating their nefarious acts.

Lamenting the spate of insecurity in Ibadan metropolis, Ige disclosed that many innocent souls, comprising two night guards namely, Sulaimon Adekola and Mr Peter, a resident, Mr Delani, a Community Chairman who also doubled as  vigilante Chairman, Elder Bola Lawal (aged74) as well as a Police officer attached to Idi-Aro police division, Sgt. Lateef Kazeem were killed during their operation at Ibuko (IMG School), Molusi, Olorunsogo, Molete, Keshinro, Onigari Adeyemo, Eyin Grammar, Felele axis and other locations.

He further explained that apart from the people that were killed, others were equally dispossessed of their valuable belongings ranging from substantial amount of money, mobile phones, electronic gadgets, among other property worth millions of naira.

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“The gang moved and attacked residents in huge numbers with dangerous weapons and the security agents were unable to curtail them. It appears the Police are powerless or unable to stem their excesses who always have a field day while looting households in Ibadan metropolis”, he added.

However, all the resolutions made in the motion were unanimously adopted by the House during the plenary which were “that the Special Adviser to the Governor on Security Matter; the Chairmen and Secretaries, Ibadan South East Local Government and Ibadan South Local Council Development Area and the Chairmen, Police Community Relations Council (PCRC) and vigilante group within the Local Government; and the Commissioner of Police, Divisional Police Officers (DPOs) in Ibadan South East Local Government and Ibadan South LCDA and other Heads of Security Agents in the State, be invited to meet with the Committee of the whole house with a view to discussing the measures to take in curbing the menace of the marauders.

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Labour union protests Heritage Bank’s dismissal of 1,000 workers

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The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.

The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.

Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.

He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.

“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.

 

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Nigeria not using foreign reserves to defend naira, says CBN governor

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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.

Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.

While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.

Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.

He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”

Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.

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He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”

 

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Dangote Slashes Diesel Price Amidst Economic Optimism

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Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.

The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.

This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.

In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.

“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.

As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.

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