As the week ends, PUNCH Online shares the top news stories in the country.
The Naira came back as the Federal Government chose to reveal the names of people involved in funding terrorism in the country.
After soldiers were killed in Okuama, Delta State, there have been discussions and guesses about a possible revenge attack.
Access Bank bought the National Bank of Kenya, a big development in the business sector that has been received positively.
Here are the important news stories of the week from March 17 to March 23, 2024.
Naira recovers
The Naira showed strength on Thursday, going up by N18 to close at 1,382/$ in the official market. This came after a big increase in value at both the official and parallel markets the day before, with the Naira closing at N1,400/$ on Wednesday. On Thursday, the Naira's value went as high as N1,598/$ and as low as N1,300/$. More supply of the Dollar at the Nigerian Autonomous Foreign Exchange Market helped the Naira go up by 1.3 percent. The Central Bank of Nigeria's successful handling of foreign exchange backlogs worth $7 billion also increased confidence in the FX market.
Also, Nigeria's external reserves increased to $34.37 billion as of March 12, 2024, and Diaspora remittances went up by 433 per cent to $1.3 billion in February. People who speculate in the market were told to sell their Dollar holdings, as the Naira is expected to go up even more with CBN interventions and crackdowns on illegal currency activities.
Terror financiers unveiled
The Nigerian Sanctions Committee, following the Federal Government's directive, made public the names of organizations on Monday, March 18, allegedly involved in financing terrorism. Among the nine people facing sanctions, Kaduna-based publisher Tukur Mamu, who is accused of helping terrorists in the Abuja-Kaduna train attack, was prominently listed.
Also named were people suspected of terrorist actions such as attacks on St. Francis Catholic Church in Owo, Ondo State, and the Kuje Correctional Centre in Abuja. Six Bureau De Change firms, including West and East Africa General Trading Company Limited and Desert Exchange Ventures Limited, were involved. The sanctions were based on information from the Nigerian Financial Intelligence Unit, which called for immediate freezing of assets and reporting requirements for designated individuals and organizations as per the Terrorism (Prevention and Prohibition) Act, 2022.
Access Bank expands footprint
Access Bank announced its purchase of the National Bank of Kenya Limited from the KCB Group Plc, as part of its plan to expand into important African markets.
The acquiring of NBK, a well-established bank in Kenya with a large balance sheet, provides a significant opportunity for Access Bank to strengthen its presence in the East African market. Once the deal is done, NBK will join with Access Bank Kenya Plc, creating a bigger franchise. This acquisition supports Access Bank's main goal of becoming a top player in the Kenyan and East African markets.
Stampede at Nasarawa State University
A sad event happened at Nasarawa State University, Keffi, where two female students died in a chaotic situation during a distribution of bags of rice to help students. At least 10 others got hurt when students rushed the venue.
Yunusa Baduku, the National President of the Nasarawa State Students Association, confirmed that many students were taken to hospitals after the incident.
Governor Abdullahi Sule was shocked by the incident and ordered a thorough investigation to find those responsible. The Vice-Chancellor of the university, Prof Suleiman Bala, also expressed sorrow for the loss of lives and announced plans for investigations by both the university management and the state government.
There was another stampede last month when the Nigeria Customs Service announced the sale of seized food items at a reduced price, resulting in the death of a pregnant woman and six others at the Yaba Customs office compound, Lagos.
Conflict Between Union and Party
The Nigerian Labour Congress and the Labour Party have been in a dispute that has left many Nigerians wondering why the union and the opposition party are disagreeing. A former President of the NLC, Ayuba Wabba, stated that the Labour Party was created by the NLC as a platform for members to advocate for their rights.
Following a virtual meeting, the NLC instructed its state councils and political commissions to protest at LP secretariats across the country. The NLC also demonstrated at the LP’s national secretariat, demanding the removal of the National Chairman, Julius Abure, and opposing the LP’s planned national convention.
Wabba explained that the LP was formed by the NLC and accused the party of not honoring an agreement signed in June 2022, leading to the dispute and picketing actions by the NLC.
This is still a developing story.
Army denies reprisals amid tension in Delta
The Nigerian Army has denied carrying out retaliatory attacks in the Okuama community of Delta State, where 17 military personnel were killed during a communal clash. The Army accused the community of spreading false information and emphasized its commitment to capturing the culprits.
Tension remains high in Okuama as military personnel continue to stay present, with residents fleeing and houses reportedly being set on fire. The Defence Headquarters released the names of the slain personnel and vowed to bring the perpetrators to justice while adhering to human rights laws.
Meanwhile, soldiers reportedly invaded the Igbomotoru community in Bayelsa State, causing panic and destruction. Although it could not be confirmed if the soldiers’ mission was related to the killing of military personnel in neighboring Delta State, a community source told PUNCH Online that they arrived in Igbomotoru in five gunboats.
