Month: December 2024

By Anwar Usman

The Central Bank of Nigeria (CBN) has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents.

The apex bank disclosed this in a circular issued on Friday, December 13, 2024, signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi.

The circular revealed the CBN’s concern about the increasing prevalence of mint naira notes being traded by hawkers, a practice the bank described as impeding efficient and effective cash distribution to customers and the general public.

The circular, which referred to an earlier directive dated November 13, 2024, highlighted the apex bank’s determination to address the commodification of the naira.

Under the directive, any financial institution found guilty of this act will face a penalty of N150m for the first violation.

Subsequent infractions, the CBN warned, would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.

To ensure compliance, the apex bank stated that it would increase periodic spot checks in banking halls and ATMs while deploying mystery shoppers to uncover illicit cash hawking spots across the country.

The CBN further called on the DMBs to strengthen controls, processes, and procedures around their Cash Management Centres, branches, and teller operations to prevent their systems from being exploited for illegal transactions.

Reports has it that the CBN issued a serious warning to Deposit Money Banks over cash hoarding and diversion, stating that such actions will attract stiff penalties.

The CBN also warned against cash hoarding, diversion, and other practices that hinder cash flow, stressing that such actions violate the Clean Note Policy.

By Abdullahi Mukhtar Algasgaini

Important dignitaries attended the wedding fatiha of the children of the Deputy President of the Senate, Senator Barau Jibrin.

President Bola Ahmed Tinubu, Speaker of the House of Representatives, Rt Hon Tajuddeen Abbas; governors, senators, national chairman of the All Progressives Congress (APC), Dr Abdullahi Umar Ganduje; and nephew of the former president Muhammadu Buhari, Mamman Daura; were among the dignitaries who attended.

The wedding fatiha of Senator Barau’s children, Jibrin Barau I Jibrin (Abba), and Maryam Nasir Ado Bayero, the daughter of the Emir of Bichi; and Aisha Barau I. Jibrin and Engineer Abubakar, the son of Dr. Abdulmunaf Yunusa Sarina, President of the Azman Group of Companies, was held at the National Mosque, Abuja, after the two raka’at Juma’at prayers.

President Tinubu served as both Wakil and Waliy to the two children of the Deputy President of the Senate through the Speaker of the House of Representatives.

While Ganduje served as Waliy to the daughter of the Emir of Bichi, former Governor of Nasarawa State, Senator Tanko Almakura served as Wakil of Abubakar, the son of Dr. Abdulmunaf Sarina.

The Imam of the National Mosque, Professor Ibrahim Maqari, conducted the wedding.

Top politicians from across the country graced the occasion, cutting across major political parties, including governors, senators, ministers, business tycoons, and traditional and religious leaders.

Governors in attendance included the Chairman of the Nigeria Governors’ Forum (NGF) and Governor of Kwara State, Abdulrahman AbdulRazaq; Enugu State Governor, Peter Mbah; Zamfara State Governor, Dauda Lawal; and Katsina State Governor, Dikko Umar Radda,Kogi State Governor Ahmed Usman Ododo and Yobe State Governor Mai Mala Buni, among others.

Many senators, including former President of the Senate, Ahmad Lawan; Ali Ndume; Sani Musa; Ibrahim Mohammed Bomai; Aminu Iya Abbas; Buhari Abdulfatai; Mohammed Tahir Monguno; Ikira Aliyu Bilbis; Mohammed Ogoshi Onawo; Salihu Mustapha; Shehu Buba; Abdul Ningi; Abdullahi Yahaya; Ahmed Lawan; Sahabi Ya’u; Kamorudeen Adekunle Adedibu; Danjuma Goje; Lawal Usman; and Kawu Sumaila, attended the wedding.

Members of the ECOWAS Parliament, including the Fourth Deputy Speaker, Billay G. Tunkara, were also in attendance.

By Uzair Adam

The Economic and Financial Crimes Commission (EFCC) on Friday arraigned the immediate-past Governor of Kogi State, Yahaya Bello, on a 19-count charge of alleged money laundering totaling N80 billion.

The charges were read before Justice Emeka Nwite of the Federal High Court in Abuja, where Bello pleaded not guilty to all counts.

According to the EFCC, the allegations against the former governor center on the misappropriation of public funds during his tenure.

Counsel for the commission, Kemi Pinheiro (SAN), informed the court of the decision to withdraw an earlier application seeking to abridge the arraignment date.

He noted that the application had been overtaken by events. Joseph Daudu (SAN), representing the former governor, did not object to the withdrawal, and Justice Nwite subsequently struck out the application.

The case has drawn significant public interest, with observers closely monitoring developments in the trial.

By Anwar Usman

The Independent National Electoral Commission, INEC, has recommended that those without Permanent Voter Cards (PVCs) use computer-generated voting slips ahead of future elections in the country.

INEC Chairman, Prof. Mahmood Yakubu, made this known while speaking yesterday in Abuja during the quarterly consultative meeting with Resident Electoral Commissioners RECs, said PVCs should no longer be the sole requirement for voting, especially with the inception of the Bimodal Voter Accreditation System, (BVAS).

He explained that the commission had released its 524-page main report on the 2023 general elections and had consulted widely with its officials and externally with all major stakeholders.

Yakubu disclosed that from the internal and external engagements, the commission had identified 142 recommendations dealing with the general state of preparedness, voter management, voter education and public communication, political parties and candidate management, electoral operations and logistics management.

Others include election officials and personnel, partnership and collaboration, monitoring and supervision, election technology, voting and result management, election security, electoral offences and the electoral legal framework.

He further asserts that out of the 142 recommendations, 86 require administrative action by the commission.

“This is followed by 48 recommendations that require action by a variety of stakeholders, including security agencies, mobile network operators, statutory bodies, political parties, transport unions, civil society organisations and the media.

“Among the major highlights of the commission’s recommendations is the imperative of legal clarity in result management, with regard to manual transfer versus the electronic transmission of results.

“The commission also believes that with the introduction of the BVAS, the use of PVC as the sole means of identification for voter accreditation on election day should be reviewed”, the chairman stated.

By Sabiu Abdullahi

The Federal High Court in Abuja has granted bail to former Kogi State Governor Yahaya Bello in the sum of ₦500 million, with two sureties.

Justice Emeka Nwite stated that bail is granted at the court’s discretion, while delivering the ruling.

Bello faces a 19-count charge brought against him by the Economic and Financial Crimes Commission (EFCC), relating to money laundering, breach of trust, and misappropriation of public funds totaling ₦80.2 billion.

By Uzair Adam 

The Benue State Police Command has arrested Dr Ichor Tersagh, a lecturer at the Joseph Sarwuan Tarka University of Agriculture, Makurdi (JOSTUM), for allegedly orchestrating the abduction of Mrs Susan Anyagh, the wife of his colleague, Mr Paul Anyagh, who is the chairman of the Academic Staff Union of Universities (ASUU), JOSTUM chapter.  

Mrs Anyagh was reportedly ambushed and kidnapped along Otukpo Road, Makurdi, last Saturday. 

According to reports, the kidnappers stole N1.3 million from her car, physically assaulted her, and left her unconscious on a bush path.  

The Police Public Relations Officer (PPRO) in Benue, Catherine Anene, confirmed the incident in a statement on Friday. 

She revealed that the victim was later found along Yandev-Ugbema Road and taken to the Primary Healthcare Clinic, Ameladu, for medical treatment.  

Upon regaining consciousness, Mrs Anyagh narrated how she saw Dr Tersagh at the scene of her abduction and pleaded for help, but he allegedly turned away. 

She further claimed that the kidnappers received a phone call from Dr Tersagh instructing them to kill her, causing her extreme distress.  

“She stated that while driving from the NNPC mega fuel station in Kanshio, where she went to collect money from a customer, she stopped to assist some people who flagged her down. 

“However, they jumped into her car at gunpoint, ordering her to drive towards the Wurukum area. Outside the car, she spotted Dr. Ichor Tersagh standing nearby. When she sought his help, he turned his back and walked away,” Anene said in her statement.  

The statement added, “The abductors later parked the car, took N1.35 million from her, and attacked her with a vehicle jack, leaving her unconscious.”  

Dr. Tersagh has been arrested in connection with the case, and investigations are ongoing.  

Meanwhile, Mr. Paul Anyagh confirmed the incident, stating he was at the police headquarters to follow up on the case and would provide additional details later.

By Oluseyi Sodiya

The tech startup landscape is evolving, and with it, a new paradigm known as product-led growth (PLG) is taking centre stage. Unlike traditional strategies that rely heavily on sales and marketing to drive growth, PLG focuses on the product itself as the primary driver of customer acquisition, expansion, and retention. This approach is not only reshaping how startups grow but also revolutionizing the tech industry as a whole.

Understanding Product-Led Growth

Product-led growth is a strategy where the product itself is the main vehicle for acquiring and retaining customers. In a PLG model, the product is designed to deliver immediate value, encouraging users to try, adopt, and champion it without the need for aggressive sales tactics. This approach leverages user experiences and organic growth channels such as word-of-mouth and network effects, making it a cost-effective and scalable growth strategy.

Empowering users

One of the core principles of PLG is empowering users. By offering a seamless and intuitive user experience, startups can enable users to derive value from the product independently. This empowerment not only enhances user satisfaction but also fosters loyalty and advocacy. When users are delighted by a product, they are more likely to share their positive experiences with others, driving organic growth.

Data-driven insights

A product-led approach relies heavily on data-driven insights to continually improve the product and user experience. Startups can leverage analytics to understand how users interact with their product, identify pain points, and make informed decisions about feature development and enhancements. This iterative process ensures that the product remains relevant and valuable to users, driving sustained growth.

Reducing customer acquisition costs

Traditional customer acquisition strategies often involves significant marketing and sales expenses. In contrast, PLG can reduce customer acquisition costs by leveraging the product itself to attract and convert users. Free trials, freemium models, and in-app onboarding are effective tactics that allow users to experience the product’s value firsthand before making a purchasing decision. This not only lowers the barrier to entry but also accelerates the adoption process.

Building viral loops

PLG leverages the power of viral loops to drive exponential growth. Viral loops occur when users encourage others to adopt the product, creating a self-reinforcing cycle of user acquisition. Features such as referral programs, social sharing options, and collaborative functionalities can amplify the reach of the product and increase its user base organically. This network effect is a powerful growth engine that can propel startups to new heights.

PLG success

Several tech startups have successfully implemented PLG strategies to achieve remarkable growth. Companies like Slack, Dropbox, and Zoom have harnessed the power of their products to build massive user bases with minimal reliance on traditional marketing. Slack’s user-friendly interface and seamless integrations made it a favourite among teams, leading to widespread adoption through word-of-mouth. Similarly, Dropbox’s freemium model allowed users to experience the benefits of cloud storage before upgrading to premium plans.

Challenges and considerations

While PLG offers numerous advantages, it also presents challenges. Startups must ensure that their product delivers real value and can stand on its own without heavy sales intervention. This requires a deep understanding of user needs and continuous investment in product development. Additionally, measuring the success of PLG initiatives can be complex, as it involves tracking user behavior and engagement metrics.

Finally, the rise of product-led growth marks a new era for tech startups, offering a scalable and cost-effective approach to growth. By focusing on delivering exceptional user experiences and leveraging data-driven insights, startups can build products that not only attract and retain users but also drive organic growth through advocacy and network effects. As the tech industry continues to evolve, PLG is set to become a cornerstone strategy for startups looking to make a lasting impact. Embracing this approach can help startups navigate the competitive landscape and achieve sustainable success in the digital age.

By Anwar Usman

The president of Nigeria, Bola Tinubu, will present the 2025 Appropriation Bill to the National Assembly on Tuesday.

Akpabio made this known during the announcement at the Thursday plenary on the floor of the Senate.

He said, “The president has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on the 17th of December, 2024.”

Akpabio said that the budget presentation will take place at the House of Representatives Chamber.

Tinubu had earlier submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027 to both the Senate and the House of Representatives last Tuesday.

Akpabio instructed the Senate Committee on Finance, National Planning, and Economic Affairs to consider the MTEF/FSP documents and report within one week.

Key parameters in the MTEF/FSP include a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a targeted GDP growth rate of 6.4%.

These figures form the basis for consideration and approval of the proposed N47.9tn 2025 budget.

By Uzair Adam

Kano State Governor, Alhaji Abba Kabir Yusuf, has carried out a reshuffle of his cabinet.

The development was disclosed by the governor’s spokesperson, Sanusi Bature Dawakin-Tofa, on Thursday via his verified Facebook page.

Further details of the changes are expected to be revealed soon.

Stay tuned for updates.

By Abdullahi Mukhtar Algasgaini

Vice President Kashim Shettima is chairing the 147th Meeting of the National Economic Council.

The meeting is holding at the Council Chamber of the State House Abuja and is being attended by governors and some deputy governors from across the 36 states as well as some ministers, heads of agencies, and presidential aides.

In its 146th meeting held over three weeks ago, NEC issued three states and the FCT one week to submit their reports on the establishment of state police.

It had also expressed reservations about the new Tax Reform Bills and appealed to President Bola Tinubu to withdraw them to allow for wider consultations.

The 147th meeting is expected to consider the reports on state police and also make its position known on the matter.