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Naira appreciates significantly to end week on good note

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Naira appreciates

The naira appreciated significantly against the dollar at the foreign exchange market to end the week on a good after several days of depreciation.

FMDQ data showed that the naira gained to N1600.78 per dollar on Friday from N1660.49 exchanged on Thursday. This represents an N59.71 appreciation.

The development comes as FX transactions increased to $350.72 million on Friday from $330.18 million on Thursday.

This comes after three days of depreciation against the dollar.

In the week under review, the naira had appreciated twice and depreciated thrice at the official FX market.

Meanwhile, at the parallel market, the naira fell to N1725 per dollar on Friday from N1705 recorded the previous day.

In the past months, the naira has continued to fluctuate against the dollar at the FX market despite interventions by the Central Bank of Nigeria.

Olayemi Cardoso, the Central Bank governor, recently said a weak naira is advantageous with adequate investment into the country.

Credit: dailypost.ng

Govt imposes fresh 5% tax on Telecoms, betting services

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Tax on telecommunication

The Nigerian government plans to impose a 5 percent tax on telecommunication, gaming and betting services in the country amid economic hardship.

This was contained in the Economic Stabilisation Bills recently sent to the National Assembly by the Federal Government.

Analysis of the bill indicated that it seeks to introduce excise duties on services such as telecoms, gaming, gambling, lotteries, and betting provided in Nigeria.

By implication Nigerians using telecoms and betting services would have to pay more as part of the government’s drive to overhaul the country’s tax framework.

An analysis of the proposed legislation on Friday showed that it seeks to introduce excise duties on services such as telecoms, gaming, gambling, lotteries and betting provided in Nigeria.

“Services, including telecommunications, gaming, gambling, betting and lotteries however described, provided in Nigeria shall be charged with duties of excise at the rates specified under the Tenth Schedule to this Act in a manner as may be prescribed by the Service.”

This comes after the Federal Executive Council in September 2024 approved the bill as recommended by the Presidential Committee on Fiscal Policy and Tax Reforms.

Similarly, the bill contained plans to impose a 25 percent tax on Nigerians earning above N1.5 million as salaries.

The bill is expected to come into force in 2025 if it scalesled through the National Assembly.

DAILY POST reports that the plan to introduce the 5 percent excise comes after the Former Minister of Communications and Digital Economy, Isa Pantami in May 2023 announced the exemption of the tax on the sector.

Credit: dailypost.ng

Court fixes date for commencement of Ex-Kwara Gov’s trial

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Former Kwara Governor Abdulfatah Ahmed

Justice Mahmood Abdulgafar of the Kwara State High Court has fixed December 3, 2024, for the commencement of the trial of the immediate past governor of Kwara Abdulfatah Ahmed over a 15-count charge bordering on the alleged diversion of N3 billion public fund.

The presiding judge, Justice Abdulgafar, later fixed December 3, 2024, for the commencement of the trial.

In an interview with journalists, the counsel to the Economic and Financial Crimes Commission (EFCC) Rotimi Jacobs said that the re-arraignment of the former governor from the Federal High Court to the state High Court was due to the conclusion of the investigation of other aspects of the allegations and to prevent moving from one court to another.

Charges Against the ex-Kwara Gov

That you, ABDULFATAH AHMED (while being the Governor of Kwara State) and ADEMOLA BANU (while being the Commissioner of Finance of Kwara State), on or about 14 January 2015 in Ilorin, within the jurisdiction of this Honourable Court, did illegally spend the sum of N1,000,000,000.00 (One Billion Naira) to pay Salaries of civil servants in Kwara State which sum was originally domiciled in the Kwara State Universal Basic Education Board (SUBEB) Matching Grant account and which sum formed part of the funds allocated for the execution of the projects stated in the action plan for the year 2013 and approved by the Universal Basic Education Board (UBEC) and you thereby committed an offence contrary to section 22(5) of the Corrupt Practices and Other Related Offences Act, 2000 and punishable under the same section.

That you, ABDULFATAH AHMED (while being the Governor of Kwara State) and ADEMOLA BANU (while being the Commissioner of Finance of Kwara State), on or about 14th January, 2015 in Ilorin, within the jurisdiction of this Honourable Court, in such capacity having dominion over certain property, to wit: the sum of N1,000,000,000.00 (One Billion Naira), committed criminal breach of trust in respect of the said sum, when you dishonestly transferred the said sum from the Kwara State Universal Basic Education Board (SUBEB) Matching Grant account into the Kwara State Pension Salary account domiciled with Polaris Bank for the payment of salaries of civil servants in Kwara State contrary to the direction of the Compulsory Free Universal Basic Education Act, 2004, and you thereby committed an offence contrary to section 315 of the Criminal Code and punishable under the same section.

Credit: channelstv.com

Govt has started implementation of 300% salary hike for judicial officers

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Attorney General and Minister of Justice Lateef Fagbemi

The Attorney General and Minister of Justice Lateef Fagbemi says the Federal Government has started the implementation of the 300% pay rise for judicial officers. 

Fagbemi said this on Monday at the 12 Convocation ceremony of the Afe Babalola University, Ado-Ekiti (ABUAD) in Ekiti State.

“One ongoing concern before I took office was the poor remuneration of judicial officers,” the AGF said at the event’s grand finale where he was conferred with an honourary doctorate in Law.

“I am again pleased to report that a major intervention of the Tinubu administration in the judiciary is the recent 300% upward review of the remuneration of judicial officers in Nigeria across board. To be true, I can confirm that the implementation of this has begun in earnest.”

He described the move as “an important first step” in the President Bola Tinubu administration’s resolve to “strengthen the judiciary”.

Tinubu had in August signed into law a bill seeking a 300% increase in salaries and allowances for judicial officials. His comment came months after the Supreme Court recently ruled in favour of local government autonomy in what many have described as a watershed in the nation’s democratic journey.

Earlier in the year, Justice Fagbemi had sued the 36 state governors over alleged mismanagement of local government funds.

Credit: channelstv.com

Understanding Rules Of Origin Under AfCFTA: Ghana Customs Pushes For More Collaboration

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Chief Revenue Officer Jonathan Dabrah

A Chief Revenue Officer and Acting Head of Tariff and Trade Unit at the Customs Division of the Ghana Revenue Authority (GRA), Jonathan Dabrah, has acknowledged that while Customs has a pivotal responsibility in enforcing trade regulations, its effectiveness depends largely on working hand-in-hand with private sector stakeholders.

As he emphasized the critical role that Customs plays in facilitating trade under the African Continental Free Trade Area (AfCFTA) during a discussion on the Eye on Port television program, CRO Dabrah called for stronger collaboration between the Customs Division, Customs House Brokers, and the private sector to ensure smooth implementation of the rules of origin under the agreement.

“The success of AfCFTA lies in collective efforts. We can’t achieve much if Customs works in isolation. It’s crucial that brokers, traders, and manufacturers all align with the standards and expectations under the agreement,” Mr. Dabrah stressed.

He urged all stakeholders to engage more closely with Customs, pointing to the ongoing capacity-building efforts designed to equip brokers and other key players with the necessary skills to comply with the new trade protocols.

The discussion centered on the Rules of Origin, a key aspect of AfCFTA aimed at determining the economic nationality of goods and ensuring that only qualifying products benefit from preferential tariff treatment. According to CRO Dabrah, the rules of origin help identify products genuinely produced within AfCFTA member states, preventing goods from non-member countries from accessing the benefits of the agreement through fraudulent claims of origin.

He broke down the technicalities, emphasizing the concept of “substantial transformation,” which ensures that raw materials undergo significant changes before qualifying as originating from a specific country. Factors such as a change in tariff classification, value addition, and specific processes used in manufacturing are critical in determining origin. Dabrah highlighted examples like Ghanaian cocoa being transformed into chocolate, as illustration of how value is added to meet origin criteria.

Chief Revenue Officer Jonathan Dabrah underscored the need for customs brokers to be fully educated on these rules, as they play a key role in facilitating trade between the Customs Division and the business community. To this end, the Customs Division has intensified its training programs, ensuring that brokers are well-informed and equipped to handle the complexities of the rules of origin.

He hinted at the establishment of an AfCFTA Academy by the AfCFTA Secretariat as a significant step towards empowering customs brokers and other trade-related professionals across the continent. In Ghana, Customs officers have undergone advanced rules of origin training, with the aim of aligning them with the requirements of AfCFTA. This initiative, Dabrah said, is key to preventing potential errors in documentation and facilitating faster processing at the country’s ports and exit points.

He also highlighted the creation of a specialized Tariff and Trade Unit within the GRA, which was set up to oversee the implementation of free trade agreements, including AfCFTA.

“Management has shown strong commitment by establishing this unit to ensure that we are adequately prepared to handle AfCFTA, alongside other trade agreements like the ECOWAS Trade Liberalisation Scheme (ETLS), the Ghana-EU Partnership Agreement, and the Ghana-UK Partnership Agreement,” Mr. Dabrah added.

In reinforcing the role of Customs in facilitating trade, Mr. Dabrah said his outfit will continue to strictly enforce the division’s risk management approach, which includes selective inspections of goods and post-clearance audits. He assured that while Customs would maintain its focus on trade facilitation, it would not compromise on the necessary controls to ensure compliance with the rules of origin.

“Our systems are designed to detect irregularities, but at the same time, we are working to make the process smoother for compliant traders,” he said.

Mr. Dabrah praised the over 60 Ghanaian companies that have been approved to trade under AfCFTA, noting Ghana’s participation in the first guided trade under the agreement as a milestone.

The Customs Division, as the designated competent authority, is responsible for inspecting and certifying goods manufactured in Ghana before issuing certificates of origin, ensuring that they meet AfCFTA strict standards.

The Acting Head of Tariff and Trade Unit at the Customs Division of the Ghana Revenue Authority (GRA), CRO Jonathan Dabrah stressed the importance of collaboration between customs administrations, customs brokers, and the private sector across AfCFTA member states.

He said his outfit will continue to champion the cause for increased collaboration and continuous training of key players in order to foster a robust and thriving trade environment for Ghana and its trading partners under the agreement.

Customs Brokers In Ghana Trained On Rules Of Origin

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Rules of Origin Training Program in Accra

Members of the Council of the Freight Forwarder Association (CoFFA) are the latest to benefit from the European Union-World Customs Organization Rules of Origin Africa Program.

This initiative aims to support the African continent to improve its capacity to deal with rules of origin and ultimately to support the harmonized and well-coordinated implementation and application of the rules of origin under Annex 2 of the African Continental Free Trade Area (AfCFTA) and other regional and international commitments.

The program, which had been restricted locally to customs officials since its inception, is the first one done specifically for customs brokers and freight forwarders who serve as intermediaries between government actors and traders.

The Assistant Commissioner in charge of Trade and Tariffs at the Customs Division of the Ghana Revenue Authority, Fechin Akoto, encouraged the private sector to immerse themselves in such training programs to equip them for effective intra-continental trade.

“Let me mention that this is the basics and we have an advanced one it shouldn’t be the end. Every year we have an origin meeting at the Customs Head Office you can register and participate where you get to hear the problems from other parts of the world,” he added.

The President of the Customs Brokers Association, Ghana (CUBAG), Nana Fredua Agyeman Ofori-Atta, described the 3-day training in Accra as ground-breaking for his industry and hinted at more of such in the future.

Lead Origin Expert for the Program at the World Customs Organization, Mette Werdellin Azzam, who was the training facilitator, elaborated on the concept of rules of origin to Eye on Port.

“Rules of origin is what will determine the nationality of the goods. So in a free trade agreement, it will be mentioned what does it take for you, what do you have to do in your country for the goods to be originating? Do they come entirely from your country or do you use inputs from other countries and in that case what is the work you need to carry out here in your country for the goods to be originating?”

She emphasized the importance of properly roping in the private sector for the success of AfCFTA and other intra-continental trade agreements.

“I think that training on all levels is very important whether it is for Customs, for the intermediate business or for the business people themselves. We all need to understand the rules in order to take advantage of them and traders need to understand the rules so that they can make sure their goods are fulfilling the requirements when they want to export to other countries. You cannot count on brokers or whoever to know that for you,” he said.

‘No evidence’: Bobrisky cleared of alleged evasion of justice

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Bobrisky

Despite the serious allegations, the panel’s phase one report found no evidence of Bobrisky’s alleged external stay or any related violations. The Federal Government’s investigative panel has cleared popular crossdresser Idris Okuneye, also known as Bobrisky, of allegations that she evaded her jail term.

The panel’s report, released on Monday, October 21, confirmed that there was no evidence to support claims that Bobrisky spent part of her six-month prison sentence outside Kirikiri Correctional Centre.

Dr Uju Agomoh, Executive Director of Prisoners’ Rehabilitation and Welfare Action (PRAWA), presented the findings at the Ministry of Interior.

“The panel did not find any evidence thus far that suggested that Mr Okuneye slept outside the custodial centre during the period of his imprisonment,” Agomoh stated.

Bobrisky had been sentenced on April 12, 2024, for naira mutilation and released on August 5, 2024, after serving her term with the standard remission.

The investigation followed allegations from activist VeryDarkMan, who accused Bobrisky of spending her sentence in a lodge rather than at the Kirikiri facility, citing influence from a powerful godfather.

VeryDarkMan also released an audio recording in which Bobrisky allegedly claimed to have bribed Economic and Financial Crimes Commission (EFCC) officials with ₦15 million to drop money laundering charges.

In response, the Minister of Interior, Olubunmi Tunji-Ojo, ordered a probe into the claims.

Credit: pulse.com.gh

Navah’s ‘Wayɛ bi’ featuring Yvonne Menz and El Manuel inspires worship

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Navah

Ghanaian Gospel Artiste domiciled in France, Navah has released ‘Wayɛ Bi,’ a heartfelt new single featuring Yvonne Menz and El Manuel.

The song, produced by Navah, continues his journey of thanksgiving, acknowledging God’s enduring goodness and mercy.

With lyrics rooted in personal testimonies and gratitude, ‘Wayɛ Bi’ stands out as a reflective anthem that will resonate with listeners, especially as the year draws to a close.

Built on a classic highlife ballad, ‘Wayɛ Bi’ offers a memorable melody combined with storytelling lyrics, making it an ideal choice for moments of thanksgiving.

Yvonne Menz and El Manuel add depth to the song by infusing their own life experiences, enhancing the praise-filled message.

Together, their harmonies and lyrical delivery bring out the essence of gratitude, encouraging listeners to reflect on God’s faithfulness.

The single was recorded live at Navah’s ‘Here I Am’ concert, which celebrated the 10th anniversary of his music ministry.

The live recording, held on August 4, 2024, at Holy Fire International Ministries in Takoradi, captured the energy and worship spirit of the night. Navah has hinted that ‘Wayɛ Bi’ is just the beginning, with more music from the concert to be released in the coming months.

With ‘Wayɛ Bi,’ Navah hopes to inspire many to look back on the year with gratitude and draw strength from God’s enduring mercies.

‘Wayɛ Bi’ is available on all streaming platforms.

I still work with Lynx Entertainment –Kuami Eugene 

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Kuami Eugene

Kuami Eugene has dispelled rumours that he has left Lynx Entertainment.

Speaking in an interview with Andy Dosty on Hitz FM, he said all the information about his exit from the label are mere rumours.

 

According by to him, if he leaves Lynx, he and the record label will release an official communication to that effect. 

“People are so impatient on social media. If there was an official exit like everyone is talking about, I’ve not put anything out, Lynx has not put anything out and people are just trying to end our contact for us. 

 

At the end of the day, if we are close to the level where we feel like ‘okay Kuami is no longer with Lynx and he is done’, we will put it out for everyone to know,” he said.

He therefore intimated that he still works with the record label.

 

“What I am trying to say it that me and Lynx are still working. I just sent a song to Richie two days ago on a project he is working on and he needs me to do one or two things for him, so we are so cool, and if I happen to leave there, we will put it out,” he further noted. 

Kuami is currently out with Belinda. 

Credit: myjoyonline.com

Mahama will improve the movie industry –Kafui Danku

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Kafui Danku

Celebrated Ghanaian actress and movie producer, Kafui Danku has expressed optimism that the flagbearer of the opposition National Democratic Congress (NDC) John Dramani Mahama will revitalise the movie industry if elected as President.

Speaking in an interview on Channel One TV’s entertainment talk show ‘The Chat’, Kafui Danku suggested that political involvement would play a role in the revitalization of the Ghanaian film industry which is plagued by funding and distribution issues.

She remained hopeful that the industry is on the cusp of a positive turnaround due to the anticipated return of John Dramani Mahama.

“The challenges have been there and it declined for a while; we have been having issues with funding, and distribution,” Kafui Danku mentioned.

The author of ‘Silence Is Not Golden’ book and ardent member of the NDC was quick to add; “They have been there forever, then again we still warming up for some good news in the future and we are warming up for John Mahama and the NDC to come and do it better.”

Kafui Danku is set to release her new film “Fear Women & Look” on November 1, 2024. Some of the cast in the ‘Fear Women & Look’ movie include Kobi Rana, Clinton, Salma Mumin, and Bella Agyemang.

The Ghanaian Chronicle