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The Federal Govt has Announced a Nine-month Grace Period for Citizens to Deposit Dollars Without Facing Any Penalties.

Ikechukwu Emmanuel

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In a significant development for Nigeria’s financial landscape, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced a new policy aimed at facilitating the repatriation of foreign currency held outside the banking system. During a press briefing following the National Economic Council meeting, Edun revealed that Nigerians possessing dollars outside of formal financial institutions will have a nine-month grace period to bring these funds back into the banking system. Notably, individuals complying with this directive will not face legal liabilities or financial penalties during this timeframe.

This policy comes at a crucial time when the National Economic Council is addressing various economic challenges facing the nation. In his address, Edun provided updates on key financial accounts, noting that the Excess Crude Account currently stands at $473,754.57, while the Natural Resources Fund is recorded at ₦26,105,837,627.67, and the Stabilization Account holds ₦36,299,452,763.62.

Furthermore, the Minister highlighted the government’s ongoing economic relief measures, which have reportedly benefited 25 million Nigerians through various federal social protection initiatives. These initiatives encompass digital outreach, microenterprise loans, and targeted support across sectors such as power, agriculture, manufacturing, health, and compressed natural gas (CNG).

Edun also acknowledged that fluctuations in the foreign exchange market are contributing to rising costs, driven by demand and supply dynamics. He assured that details of the new program will be released imminently, a collaboration between the federal government and the Central Bank, which is set to commence on October 31 and run for the stipulated grace period.

This initiative reflects the government’s commitment to stabilizing the economy and enhancing the financial inclusion of Nigerians by integrating previously unbanked foreign currency into the formal financial system. As the implementation of this policy unfolds, stakeholders will be keenly observing its impact on Nigeria’s economic recovery efforts.

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Lagos State Reaffirms Focus on Road Safety, Not Revenue, with Speed Enforcement.

Ikechukwu Emmanuel

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Permanent Secretary of the Lagos State Ministry of Transportation, Olawale Musa, has reiterated the state government’s commitment to road safety, emphasizing that the recently implemented speed limit enforcement and e-policing camera system is primarily designed to reduce accidents and fatalities, not to generate revenue.

Speaking on a local radio program, Mr. Musa clarified that the initiative aims to curb excessive speeding, a key contributor to road accidents. He stated that compliance with speed limits is crucial for saving lives and preventing injuries, and that the enforcement measures, though often met with resistance, are necessary for public safety.

Further, Mr. Musa addressed concerns regarding potential errors and assured the public that a transparent process exists for contesting perceived wrongful fines. He also highlighted the government’s commitment to equitable enforcement, noting that even government vehicles have been subject to fines for violations. He urged motorists to adhere to posted speed limits, especially along the Alapere axis and the Third Mainland Bridge, and to utilize designated locations for passenger pick-up and drop-off. The government is also addressing issues of missing or vandalized road signs through alternative measures like direct road markings.

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Entertainment

Val Kilmer, Acclaimed Actor, Passes Away at 65.

Ikechukwu Emmanuel

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Hollywood mourns the loss of Val Kilmer, the acclaimed actor known for his diverse and memorable roles, who passed away in Los Angeles on Tuesday at the age of 65. His daughter, Mercedes Kilmer, confirmed the news.

Kilmer, a prominent figure in 1990s cinema, achieved widespread recognition for his performances in iconic films such as “Top Gun,” “The Doors,” where he embodied Jim Morrison, and “Tombstone,” where he portrayed Doc Holliday. He also donned the cowl as Batman in “Batman Forever.” His extensive filmography includes significant roles in “Heat,” “The Saint,” “Willow,” and the recent “Top Gun: Maverick.”

Beyond his on-screen achievements, Kilmer’s career was marked by periods of controversy and fluctuating box office success. He was reportedly diagnosed with throat cancer in 2014, though he later recovered.

Val Kilmer’s talent and dedication to his craft will undoubtedly be remembered by audiences for years to come.

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Foreign

Case Dismissed: Federal Charges Against Mayor Adams Dropped.

Ikechukwu Emmanuel

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On Wednesday, District Court Judge Dale Ho dismissed, with prejudice, the federal criminal case against New York City Mayor Eric Adams. This action effectively terminates the possibility of the Department of Justice (DOJ) resurrecting the five-count indictment against the Democrat in the US District Court in Manhattan.

The dismissal follows a controversial request by the Trump administration, nearly two months prior, to drop the corruption charges. The DOJ argued that prosecution would impede Mayor Adams’ ability to govern New York City and collaborate with the administration’s immigration enforcement policies.

The request prompted significant internal dissent, culminating in the resignation of seven federal prosecutors, including the acting Manhattan US attorney. Their departure underscores the contentious nature of the decision to seek dismissal and the ethical questions it raised within the Department. The “with prejudice” ruling solidifies the finality of this complex and closely watched legal battle.

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