Business
JUST IN: CBN hits Niger Republic junta with sanctions
President Bola Ahmed Tinubu has directed the Central Bank of Nigeria (CBN) to implement a set of new financial sanctions against the Niger Republic’s junta as well as their associates.
Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, said this during a briefing at the Presidential Villa in Abuja.
He said: “Following the expiration of the deadline of the ultimatum and standing on the pre-existing consensus position of financial sanctions meted out on the military junta in Niger Republic by the bloc of ECOWAS Heads of State, President Bola Ahmed Tinubu has ordered an additional slew of financial sanctions, through the CBN, on entities and individuals related to or involved with the military junta in Niger Republic.”
The President’s spokesman maintained that they are being instituted under the authority of the ECOWAS.
Nigeria has already cut off electricity transmission to its northern neighbours to pressurise the military to reinstate ousted President Mohamed Bazoum.
Ngelale added: “Concerning the ultimatum given to the military Junta in the Niger Republic, it is not a Nigerian mandate.
“The Office of President Tinubu, who is the chairman of ECOWAS, seeks to emphasise this point due to certain domestic and international media coverage tending toward personalisation of the ECOWAS sub-regional position to his person and to our nation individually.
“It is because of this that Mr. President has deemed it necessary to state unequivocally that the mandate and ultimatum were issued by ECOWAS.
“President Tinubu wishes to emphasise that the response of ECOWAS to the military coup in Niger has been and will remain devoid of ethnic and religious sentiments and considerations.
“The regional bloc is made up of all sub-regional ethnic groups, religious groups, and all other forms of human diversity.
“The response of ECOWAS, therefore, represents all of these groups, and not any of these groups individually.”
Ngelale stressed that tomorrow’s extraordinary summit of ECOWAS will come up with far-reaching decisions on the developments in the Niger Republic.
Junta rejects visit by ECOWAS, UN, AU, U.S. delegations
The Niger coup leaders vowed to resist external pressure to reinstate ousted President Mohamed Bazoum after ECOWAS imposed sanctions and Western allies suspended aid.
The junta informed ECOWAS that it cannot host a delegation from the West African regional bloc.
“The current context of anger and revolt among the population following the sanctions imposed by ECOWAS makes it impossible to welcome this delegation in the required serenity and security,” Niger’s Foreign Affairs Ministry wrote in a letter addressed to the ECOWAS representation in Niamey.
On Monday, acting U.S. Deputy Secretary of State Victoria Nuland met with the coup leaders and said they refused to allow her to meet with ousted President Bazoum, whom she described as under “virtual house arrest.”
She described the mutinous officers as unreceptive to her appeals to start negotiations and restore constitutional rule.
Police at alert to avert internal security crisis, says IGP
The Acting Inspector-General of Police (IGP) Olukayode Egbetokun yesterday directed Assistants Inspector General (AIGs) of Police and Commissioners of Police (CPs) in charge of the border to be alert to avert internal security crisis following the Niger coup saga.
Egbetokun disclosed this during a meeting with top police officers in Abuja.
He said the deployment of police officers would be done if need be alongside other security operatives.
The police boss said: “I have directed that CP of commands and AIGs, who are in charge of those border states with neighbouring countries, are to work in collaboration with our sister agencies, especially Customs to ensure that there are no internal security issues with respect to what is happening with our neighbours.”
ACF asks FG to lift economic sanctions against Niger
The mouthpiece of Northern Nigeria, the Arewa Consultative Forum (ACF), called on President Tinubu and ECOWAS to lift sanctions against the Niger Republic and adopt more dialogue with the military junta to prevent a further breakdown of talks.
ACF, in a statement by its National Publicity Secretary, Prof. Tukur Muhammad-Baba, said though the group condemns the coup and demands that the personal safety of President Bazoum and members of his government be guaranteed by the coup leaders, it feels dialogue, not military action is the way out.
This, he said, is to avoid a catastrophic occurrence of events between the two nations and the West African sub-region.
Coup plotters name economist as new prime minister
Nearly two weeks after the military took over power in the country, the coup plotters have named former economy minister Ali Mahaman Lamine Zeine as the country’s new prime minister.
A spokesman for the military junta made the announcement on television late on Monday night.
Lamine Zeine was formerly the minister of economy and finance for several years in the cabinet of then-president Mamadou Tandja, who was ousted in 2010, and most recently worked as an economist for the African Development Bank in Chad, according to a Nigerien media report.
Business
Exchange Rates Today Friday, 12 June
Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850
Official CBN Exchange Rates
US Dollar (USD) ₦1,363. 83
Great British Pound (GBP) ₦1,821. 25
EURO (EUR) ₦1,572. 90
SWISS FRANC (CHF) ₦1,706. 49
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦201.20
West African CFA (XOF) ₦2.40
West African Unit Account (WAUA) ₦1,857. 45
SAUDI RIYAL (SAR) ₦363. 29
SOUTH AFRICAN RAND (ZAR) ₦82.61
Black Market Rates
US Dollar (USD) Buy ₦1,397 Sell ₦1,405
Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1,587 Sell ₦1, 607
Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦180 Sell ₦200
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 380 Sell ₦2, 460
Central African CFA Buy ₦2, 220 Sell 2,300
Australian Dollar Buy ₦800 Sell ₦900
Business
Airtel launches data calculator to counter depletion complaints
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.
Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.
Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.
“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.
The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.
Business
Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.
The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.
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