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Gov. Makinde mourns 3SC’s GM, Rasheed Balogun’s death

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Oyo State Governor, ‘Seyi Makinde, Friday described the death of ex-General Manager of the Shooting Stars Supporters’ Club (3SC), Rasheed Balogun, as sad and shocking.

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In a statement signed by his Special Assistant (Print Media), Moses Alao, Governor Makinde prayed for the repose of the soul of the football chief, who he described as hard working and committed, noting that his death will leave a huge vacuum in football management in the state

Alao quoted the governor as commiserating with the immediate family of the late 3SC GM, management and players of the Oluyole Warriors and the people of Oyo State on the death.

According to Makinde, the death of Balogun came at a time the 3SC needed his experience and expertise the most, having just guided the team to the coveted promotion to the Nigeria Premier Football League.

“The news of the death of my brother, Rasheed Balogun, the General Manager of the 3SC, came as a shock. It is sad, but we can only submit to the will of Allah SWT.

“I express my heartfelt condolences to his family, the management and players of the 3SC and all residents of Oyo State and pray to Allah, SWT, to forgive his sins and grant him Aljanah Firdaus.

“Mr. Balogun was a committed administrator and a hard working man. He gave his best to ensure the success of our darling Oluyole Warriors, working hard with our government to navigate the road to its promotion to the NPFL.

“His death at this time means that the 3SC has lost an experienced hand and an individual with huge expertise.

“It is my prayer that God grants us all the fortitude to bear his death” Makinde prayed.

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Court convicts eight Yahoo boys, recovers N60m duplex, exotic cars

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A Federal High Court in Ilorin has convicted one David Oluseyi Ajewole, based in Ado-Ekiti, Ekiti State, over offences bordering on internet fraud.

The convict is to forfeit a duplex, situated in Lekki, Eti-Osa Local Government Area of Lagos, worth over N60 million.

According to the presiding judge, Justice Muhammed Sani, Ajewole is also to forfeit RS 350 Lexus car worth over N6 million, which the convict procured with proceeds of his illegal activities, to the Federal Government.

Ajewole was prosecuted alongside seven others over similar offence by the Ilorin Zonal Command of the Economic and Financial Crimes Commission.

The seven others are Ebenezer Apata, Obadun Taofeek, Ayeni Kayode, Alade Daniel, Ojo Tobi,  Adeyemi Segun and Akinrinmola Olumide, all from Oyo, Ondo, Osun and Ekiti states.

The convicts pleaded guilty to their charges.

Upon the guilty plea entered by the defendants, the prosecutors, Innocent Mbachie, Sesan Ola and Andrew Akoja ,reviewed the facts of the cases and narrated the circumstances surrounding the convicts’ arrest.

They tendered several materials recovered from the accused persons at the point of arrest and were all admitted as evidence.

The counsel urged the court to consider the guilty plea of the defendants, their extrajudicial statements and evidence, as well as the provisions of the law in convicting them as charged.

The News Agency of Nigeria reports that the convicts were among the 30 fraudsters arrested by EFCC operatives during a sting operation in Ado-Ekiti, the Ekiti State capital, on April 26.

Only Adeyemi Segun was arrested in Ogbomosho Area of Oyo State in October 2021.

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BREAKING: Naira Falls Massively As CBN Raises Interest Rates, See New Exchange Rate

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Naira has fallen massively as CBN raises interest rates, See New Exchange Rate below.

 

 

Naijaonpoint reports that the exchange rate between the naira and the US dollar closed at N419/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

 

 

Naira recorded a 0.32% against the US dollar to close at N419/$1 compared to N420.33/$1 recorded as of the close of trading activities on Monday, 23rd May 2022. Also, a total of $87.06 million in FX exchanged hands in the market on Tuesday, representing a 15.69% increase compared to $75.25 million traded in the previous session.

 

Exchange rate at the peer-to-peer market declined by 0.32% to trade at $608.12 on Wednesday morning, compared to N606.2/$1 recorded as of the same time the previous day. The downturn in the market is following the hawkish move of the apex bank in raising interest rates.

 

The Nigerian Central Bank raised the benchmark interest rate (MPR) to 13% on Tuesday after the MPC meeting, after 2 years of adopting a low-interest rate regime, in response to the 2020 economic recession. However, with the rising inflation numbers, the apex bank has joined other country apex banks in raising interest rates in a bid to curb the inflationary pressure.

 

Meanwhile, the exchange rate at the parallel market closed at N605/$1 on Tuesday, a 0.17% downturn compared to N604/$1 recorded in the previous trading session. Recall that the exchange rate fell sharply last week as FX liquidity tightened in the market. This is according to information obtained from BDCs operating in Nigeria.

 

Nigeria’s external reserves depreciated further by 0.26% on Monday to stand at $38.65 billion from $38.75 billion recorded as of the previous day. The decline in the external reserve level can be attributed to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.

 

Trading at the official NAFEX window

Naira gained against the US dollar on Tuesday, with a 0.32% appreciation to close at N419/$1 compared to N420.33/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N418/$1 on Tuesday, 24th May 2022, a 54 kobo appreciation compared to N418.54/$1 recorded on Monday, 23rd May 2022.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N419/$1, while it sold for as low as N410/$1 during intra-day trading.
  • A total of $87.06 million exchanged hands on Monday, representing a 15.69% increase compared to $75.25 million traded on Monday.

Crypto market update

The crypto market closed on a positive note on Tuesday, representing a recovery from the recurrent losses posted in recent weeks. The market gained 1.26% in capitalization to close at $1.252 trillion as of 00:30 (WAT) on Thursday.

Also, bitcoin recorded a 1.74% gain to close at $29.589, while Ethereum gained 0.16% to close at $1,974.16. On the flip side, Uniswap recorded a 0.53% drop in price to trade at $5.59.

Solana and Tera gained 0.95% and 13.64% to close at $49.57 and $0.00018111 respectively.

Meanwhile, despite the regulation released by the Securities and Exchange Commission (SEC) on cryptocurrency, the Central Bank of Nigeria remained mute concerning the development during the press briefing of the Monetary Policy Committee meeting held on Tuesday, 24th May 2022.

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