News
EFCC goes after dollar speculators, CBN slashes banks allocations

Deposit Money Banks are battling dollar shortage after the Central Bank of Nigeria slashed their foreign exchange allocations.
Multiple bank officials told one of our correspondents they have been unable to meet their customers’ forex demand for school fees, Personal Travel Allowance, among others.
The gap between demand and supply has become worsened. The CBN will intervene and supply more forex soon, “ a top official of a tier-1 bank.
“For some weeks now, we have not got allocation. Sometimes they delay in giving” another bank official said.
The CBN on Monday said it would introduce measures to curb the naira slide.
However, the naira gained at the parallel market on Tuesday, after the central bank said it would intervene in the continued depreciation of the local currency.
On Monday, while speaking after briefing President Bola Tinubu on what the bank was doing to halt the naira slide, the Acting Governor, CBN, Folashodun Shonubi, said the fluctuation in the parallel market was not solely driven by economic factors, but also speculative demand.
However, some Bureau de Change Operators said the naira which was earlier exchanged to the dollar at 956/$ on Monday, exchanged at 925/$ on Tuesday.
A BDC operator, Alh Alli Kareem, said, “Today, we bought and sold the naira at 915/$ and 925/$. They are saying they will pump more dollars into the economy but, we are still waiting.”
On the Investors & Exporters window, trading of the naira commenced at 785.89/$ and reached a high of 799.90/$ before closing at 774.77/$ on Tuesday; it closed at 764.68/$ on Monday.
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said, the intervention announced by the CBN might be a short-term one, adding that might not be sustainable.
He said, “People don’t have confidence in naira again; when people have money, they go to the BDCs and buy the dollar and keep. The best intervention they can do is to see how they can get the economy to be productive, but now, we are importing a lot.
“If they are saying intervention, is it the dollar you have or the one you don’t have? I don’t worry that the CBN floated the naira, but it cannot defend it.”
It would be recalled that in July 2021, the CBN discontinued dollar allocation to the BDCs, but continued through the Deposit Money Banks.
Meanwhile, the Federal Government may in the coming weeks clamp down on Bureau De Change operators.
Sources close to the matter, hinted to our correspondent that the operatives of the Economic and Financial Crimes Commission might go after currency speculators whose activities have been putting pressure on the local currency.
“The Federal Government is planning to clamp down on operators of Bureau De Change across the country. Although they are businessmen, they are also part of the problem due to the rate at which they greedily hike rates to make profits. The current rates are not market driven but speculative, and that is why the government said they would intervene,” the source said.
EFCC could not verify the plan as of press time.
News
MTN, Airtel, IHS Towers Rev up FG’s 3MTT programme by N5bn
“This kind of collaboration is what drives our vision of building a future-ready workforce and positioning Nigeria as a net exporter of technical talent,” said Tijani.

Bosun Tijani, the Minister of Communications, Innovation and Digital Economy, said that MTN Nigeria made a cumulative N3 billion contribution to support the federal government’s 3MTT programme.
3MTT is an acronym for 3 Million Technical Talent, a bold initiative and a critical component of President Tinubu’s Renewed Hope agenda which is aimed at developing a local pool of technical talent for the country and the global tech ecosystem.
Tijani also disclosed that previously, the Airtel Africa Foundation had contributed N1 billion to support the same programme, while infrastructure service provider, IHS Tower, has entered an agreement worth another N1 billion with the Ministry to build learning communities across the nation for the 3MTT programme.
“This kind of collaboration is what drives our vision of building a future-ready workforce and positioning Nigeria as a net exporter of technical talent,” said Tijani.
He explained:” The tech talent will be trained in cohorts. The program started with 30, 000 Nigerians, which was one percent of the 3 million target, while another 270,000 were later selected for the second cohort to bring the number to 10 percent.
The 3 Million Tech Talent will be trained in areas of speciality including: Digital Marketing, Project Management Software, Cloud Platforms Navigation, Data Analysis and Visualisation, Search Engine Optimisation (SEO), CRM Management, Accounting Software, Graphics Design and UX/UI Design, among others.
News
BREAKING: Many feared dead in Lagos building collapse

A three-storey building today collapsed on Lagos Island, injuring some occupants while yet to be determined number of persons are under the rubbles.
The building located on Asesi Lane around the Adeniji Adele Road went down suddenly early today.
“Four persons have been rescued from the rubble so far. They have been taken to hospital,” Lagos State Information Commissioner Gbenga Omotoso said in a Facebook post.
Emergency responders from the Lagos State Emergency Management Agency (LASEMA), among others, have since gotten to the incident scene.
Developing story…
News
LAAF Organizes Haircut Outreach for Homeless Men in Honour of Men’s Mental Health Month
According to the World Population Review homelessness affects millions globally. In Nigeria alone an estimated 24 million people experience some form of housing insecurity.

The Life After Abuse Foundation expresses deep gratitude to all volunteers, barbers, donors and partners who made the event possible.
Lagos, Nigeria — On Saturday June 29th in honor of Father’s Month and Men’s Mental Health Month, the Life After Abuse Foundation hosted a powerful outreach event for homeless men at Teslim Balogun Stadium under the banner of The Dear Man Project.
The event served as a beacon of hope for fathers, brothers, and sons who have been bruised by life, forgotten by systems and silenced by shame.
This was more than a charity event. It was a sacred moment of restoration. Through simple but meaningful gestures such as a clean haircut a warm meal and a compassionate environment these men were reminded that they are seen valued and not forgotten.
According to the World Population Review homelessness affects millions globally. In Nigeria alone an estimated 24 million people experience some form of housing insecurity.
Among them are countless men burdened silently by poverty addiction trauma or job loss. These individuals often move through life invisible.
“Homelessness is not just the absence of a home” said Halima Layeni founder of Life After Abuse Foundation and facilitator of the session.
“It is the weight of being unseen. But on Saturday love broke through that cycle.
We may not have given them everything but we gave them something priceless: dignity.”
The atmosphere was filled with gratitude smiles and quiet moments of reflection. Many of the men expressed how the experience rekindled a sense of self-worth and reminded them that they still matter.
For some it was the first haircut they had received in years.
For others it was simply being listened to without judgment that moved them the most.
The outreach provided more than temporary relief. It restored confidence and planted seeds of hope.
Several men voiced a renewed desire to pursue support services reconnect with family and rebuild their lives.
The outreach was a heartfelt expression of community healing and humanity.
It was a moment where forgotten men were reminded of their worth and allowed to see themselves with new eyes.
The Life After Abuse Foundation expresses deep gratitude to all volunteers, barbers, donors and partners who made the event possible.
About The Dear Man Project
The Dear Man Project is an initiative of the Life After Abuse Foundation dedicated to supporting the mental emotional and social wellbeing of men especially those affected by trauma abuse and systemic neglect.
Through advocacy outreach and healing centered programs the project reimagines masculinity and champions dignity for all men.
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