WEEKLLYHIP

 The Oronsaye Report refers to the report of the Presidential Committee on the Rationalization and Restructuring of Federal Government Parastatals, Commissions, and Agencies, chaired by Mr. Stephen Oronsaye. The report was submitted to the Nigerian government in 2014. Here are key details about the Oronsaye Report: 1. Objective:    - The primary objective of the Oronsaye Committee was to streamline and rationalize the numerous federal government agencies, parastatals, and commissions in Nigeria. The aim was to enhance efficiency, reduce duplication of functions, and cut down on the cost of governance. 2. Committee Composition:    - The committee was chaired by Mr. Stephen Oronsaye, a retired Head of the Civil Service of the Federation. It comprised experts from various fields, including public administration, finance, and law. 3. Recommendations:    - The report made several recommendations aimed at reducing the number of government agencies to enhance...

 The trial of Nnamdi Kanu, the leader of the Indigenous People of Biafra (IPOB), at the Federal High Court in Abuja has been postponed until April 19. Judge Binta Nyako, overseeing the case in which Mr. Kanu is facing charges of terrorism brought by the Nigerian government, set the date for the trial's resumption. During the next court session, the prosecuting lawyer, Adegboyega Awolowo, has pledged to present at least two witnesses. Mr. Awomolo's presence on Monday marks a significant change in the federal government's prosecution team, signifying the first instance of an external prosecutor leading the government's team since the case's inception in 2015.

 Nigeria's currency is rebounding against the United States dollar in both the parallel and official markets following the intervention by the Central Bank of Nigeria (CBN) to enhance the supply of the greenback in the economy. Additionally, the Association of Bureau de Change Operators of Nigeria (ABCON) refuted claims of a shutdown of foreign exchange sales in Abuja, dismissing such information as misinformation aimed at creating confusion in the market. Within less than 24 hours, the Naira appreciated by 8.57%, reaching N1,400 on Thursday after hitting N1,520 per dollar on Wednesday in the parallel market, commonly referred to as the black market, according to data gathered from various street traders. The CBN's move to eliminate the cap on the allowable limit of -2.5% to +2.5% around the previous day’s closing rate for the International Money Transfer Operators (IMTOs) signifies a regulatory shift, providing IMTOs with greater flexibility in determining exchange rates. This...

Amidst the ongoing strike by tanker drivers, opportunistic black market dealers are exploiting the situation, causing a surge in the price of Premium Motor Spirit, commonly known as petrol, with rates reaching ₦1000 per liter in certain areas of Lagos State. The black market has witnessed a surge in prices, reaching N1000 per liter. In contrast, MEMAN stations, including Eterna, NorthWest, TotalEnergies, Mobil, Capital Oil, Enyo, Conoil, ForteOil, MRS, and others, have displayed varying prices ranging from ₦599 to ₦615 per liter. Consumers are flocking to MEMAN stations in search of the most economical prices, leading to increased activity at their premises. However, many IPMAN stations currently remain closed due to a limited supply of products. For those that are open and have products available, the selling price is no less than ₦650 per liter.

  Bola Tinubu appointed Oyetunde Ojo, a former Member of the House of Representatives, as the Chief Executive Officer (CEO) of the Federal Housing Authority (FHA). Ojo has experience in the housing and hospitality industries, and he holds a Master’s degree in Peace and Conflict Studies from the University of Greenwich, United Kingdom. Mathias Terwase Byuan, Umar Dankane Abdullahi, Oluremi Omowaiye, and Ezekiel Nya-Etok were appointed as Executive Directors at the Federal Housing Authority (FHA). Shehu Usman Osidi was appointed as the CEO of the Federal Mortgage Bank of Nigeria (FMBN). Osidi is a banker with over 30 years of work experience, including 13 years in mortgage banking. He is an alumnus of Harvard University’s Kennedy School of Government and the University of Pennsylvania’s Wharton School of Housing Finance. Ibidapo Odojukan, Muhammad Sani Abdu, and Chinenye Anosike were appointed as Executive Directors in the management team of the Federal Mortgage Bank of Nigeria (FMBN...