Nigeria’s foreign exchange reserves have dipped to $34.58 billion, a 10.25 per cent decline year-to-date. The reserves stood at $38.53 billion on January 2 and have been drawn down by $3.95 billion in the last three months.

There are new fears of further devaluation of the naira due to dip in foreign exchange earnings and reserves as crude oil prices continue to decline.

The naira has tumbled to its weakest level in five years in the parallel market at N415 to a dollar, widening the gap with an official rate of N360 to a dollar. The naira has continued to come under pressure despite COVID-19 lockdown that slowed economic activities and reduced import demand for the dollar.

Given Nigeria’s reliance on crude oil for 90 per cent of foreign exchange revenue, the stability of the naira depends largely on crude oil prices, which have disappointed in recent months. The extended drop in oil prices is increasing pressure on the naira, with continuation around the $25 a barrel levels posing a risk of further devaluation.

Afrinvest Securities Head of Research Abiodun Keripe said a second level naira adjustment was inevitable.

He said: “Agreeably, there is relatively slow down on economic activities, which have moderated pressure on the naira. As activities return to normal after the COVID-19 lockdown, and businesses begin to demand more dollars to cover import needs, there will be renewed pressure on the naira, and a second level adjustment will occur.”

Keripe said whatever gain would be made through the OPEC‘s decision to cut oil production will have little or no effect on the state of the reserves and Nigeria’s dollar earnings, making further devaluation of the naira inevitable.

In a report titled: ‘Low Oil Pressures Naira’, Trading Desk Manager, at AZA (a non-bank currency broker), Murega Mungai, said: “The naira tumbled to its weakest level in five years in the parallel market at 415 per dollar, widening the gap with an official rate of 380. Given Nigeria’s reliance on crude for 90 per cent of foreign exchange revenue, all eyes are on the oil markets. The extended drop in oil prices today will increase pressure on the naira, with continuation around the $25 a barrel levels posing a risk of further devaluation.”

Nigeria on Sunday joined its other Organisation of Petroleum Exporting Countries (OPEC)+ counterparts to bring into effect the agreement to cut 9.7 million barrels of supply.

Minister of State for Petroleum Resources Chief Timipre Sylva, in a statement, said the development followed the alignment of Mexico.

He added that the “ intervention of the United States of America resulted in Mexico agreeing to a cut of 100 KBOPD and to be complemented by an additional 300 KBOPD by US Producers.”

Syva said this would enable the rebalancing of the oil markets and the expected rebound of prices by $15 per barrel in the short term.

He added: “As agreed, Nigeria will join OPEC+ to cut supply by 9.7 Million Barrels per day between May and June 2020, Eight (8) Million Barrels per day between July and December 2020 and Six (6) Million barrels per day from January 2021 to April 2022, respectively.

“Based on reference production of Nigeria of October 2018 of 1.829 Million Barrels per day of dry crude oil, Nigeria will now be producing 1.412 Million Barrels per day, 1.495 Million Barrels per day and 1.579 Million Barrels per day respectively for the corresponding periods in the agreement. This is in addition to condensate production of between 360-460 KBOPD of which are exempt from OPEC curtailment.”

Kidnappers in Bachi state have killed the 15-year-old son of a medical doctor, Rilwanu Sadiq, after reportedly collecting N4.5million ransom.

Abubakar who attends a Secondary school in Bauchi, was abducted in front of his father’s house along Gombe road in Ningi local government area of the state on April 1st, THE Nation reports.

Dr Sadiq, who works at the Abubakar Tafawa University Teaching Hospital, Bauchi, said he was at work when he got the news of his son’s abduction. He immediately reported the matter to the neighbourhood security outfit as well as the state police.

Sadiq said his son’s abductors contacted him and initially demanded for N3 million ransom which he paid. Afterwards they demanded for another N1.5 million. He said he had to pay so he could get reunited with his son.

“We were giving them at intervals. They got 2 million hand-to-hand from me. The balance of 2.5 was paid into about five bank accounts. But they kept asking for more. That was when I said I can’t bear it anymore, not knowing that they will even kill my son.” Dr Sadiq said

The corpse of his son was exhumed from a shallow ditch inside an uncompleted building not far from their home on Sunday April 12. The distraught Father said he believes that his son’s killers, based on his kidnap and where his body was buried, are well acquainted with his family.

Commenting on the incident, the spokesperson of the state police command, Kamal Datti, said two persons have been arrested in connection with the death.

“Two suspects have been arrested in relation to the death, and investigation is on” Datti said

Controversial prophet who said the world would end while he would resurrect like Jesus Christ on April 4th has said he begged God to change his mind hence the reason nothing happened.

The self -proclaimed pastor from Kenya prophet Owuor has allegedly said he begged God to postpone the end of the world, which he had predicted to end on April 12th.

Recall that the prophet had last week made a public prophecy that the world was Going to end on the 12 of April by midnight. And since the prophecy, people in his native country Kenya and the rest of the world had been on the alert for the rapture.

The Kenyan prophet also shared with his congregation his claims that he would be assassinated in the City of Jerusalem but would be taken up to heaven by God. In his claims, the prophet said after his assassination, his body would be abandoned and denied burial.

Owuor, popularly referred to as the “Mightiest Prophet of the Lord” by his congregants said he would exit the scene just like Jesus Christ did but that his will be after he completes his witnessing assignment on earth.

It however came as a shock to many that nothing happened at the exact time the cleric predicted and many began to call him fake.

Owuor was however alleged to have stated before the due time that he had begged God for forgiveness on behalf of sinners in the world and then asked Him to postpone the coming of the Christ.

A police officer, Taloju Martins has been arrested after extorting N40,000 from a motorist in Lagos state.

Recall that the officer was captured in a video posted on Twitter on Saturday counting the money after extorting it from the motorist.

The police spokesperson in Lagos State, Bala Elkana, said in a statement on Sunday that the money was handed to the man by the Commissioner of Police, Lagos State, Hakeem Odumosu, on Sunday.

The police posted a photo on Twitter showing the man receiving the money.

It was gathered that the officer, Taloju Martins, alongside other police officers ‘arrested’ the unidentified victim and confiscated his car on Friday along Ago Palace Road, Okota, apparently for violating the Lagos State government stay-at-home order to halt the spread of the novel coronavirus.

He was allegedly forced to pay N40,000 before he could get back his car.

The inspector, said to be the station officer at the Ago police station, Okota, is seen in the video collecting wads of naira notes in N1,000 denomination, and counting them to confirm how much the money was.

The officer was arrested by the police on Saturday. He is to face an orderly room trial.

Kindly avail this unit more information via our DM, thank you for contacting NPF-CRU https://t.co/WqV2cqMGyB

— POLICE COMPLAINT (@PoliceNG_CRU) April 11, 2020

“The Commissioner of Police Lagos State, Hakeem Odumosu has ordered the Deputy Commissioner of Police in Charge of Criminal Investigation to carry out an in-depth investigation into the activities of Ago Police Station as a whole,” said Mr Elkana, a deputy superintendent of police.

“Commissioner of Police has reaffirmed his stance against corrupt practices and impunity. Members of the public will be updated on the outcome of the investigation.”

12th April, 2020.

Press Release

Police Inspector in viral video arrested and tried for extortion

Attention of Lagos State Police Command is drawn to a video on social media in which an Inspector was captured counting #40,000 he extorted from the owner pic.twitter.com/q59VoU80gU

— Nigeria Police Force (@PoliceNG) April 12, 2020

Over the weekend, a married man and father of four kids was reportedly found dead inside an empty container, which served as shop and an apartment for him and his lover at Whitesand area of Orile Iganmu, Lagos.

The deceased, identified simply as Akin, was an agent with a betting company, and had two staking centres at Adunni Plaza and at Badia Industrial Scheme, Ijora.

He was said to have slumped during sex with his lover, later discovered to be a pregnant married woman. The woman was immediately rushed to an undisclosed private hospital, as she was said to be gasping for breath when the container was forced open.

AK, as he was fondly called, was also a merchant in fruits at Orile Iganmu Fruits Market.
The Coordinator of Oodua Peoples Congress, OPC, in the area, who identified himself as Mr. Orebintin, explained that a sales boy, who resumed work, discovered that the container was locked from within.
Orebitin said, “We are still in shock. Nobody knows how it happened. This is not the first time they were sleeping inside the container”.
“One of the sales boys drew our attention to the tragedy. He came to open for the day’s sales, but discovered that the door was locked from inside. After several attempts to open it failed, we assisted him to force the cardboard attached to the roof of the container open. On entering through the roof, we found Akin stone dead while the woman was gasping for breath. We had to alert the Police at Orile Division, who rushed the woman to a private hospital for treatment.”

Meanwhile, when the man’s wife was contacted on phone to rush down to the hospital where her husband was, she was said to have initially refused, accusing him of abandoning her and their children for three weeks.She eventually arrived the hospital only to discover that her husband was dead.

Police sources at Orile Division said that during inspection of the crime scene, a power generating set was discovered. It was said to have been on while the lovers were inside. It was concluded that the lovers may have died after inhaling fumes from the power generating set. It was later learnt that the corpse had been released to his family for burial at the deceased’s Sango-Ota residence.

The leader of a cult gang, which has been terrorizing some parts of Ibadan, the Oyo State capital, Moshood Oladokun, popularly known as Ekugbemi is dead.

DAILY POST gathered that Oladokun, who reportedly died and resurrected a few hours after being taken to his father’s shrine, finally died Saturday night on his way to hospital.

It could be recalled that no fewer than fifteen (15) residents of Ibadan sustained various degrees of injuries when two factions of cult groups led by Oladokun and Ebila Biola engaged each other over collection of land royalty.

Oladokun was attacked at his hideout in Olomi-Olunde area of Ibadan by a rival group led by one notorious gang leader called Biola, the leader of “One million boys”.

A source who asked not to be named said Oladokun died but got resurrected after being taken to his father’s shrine.

The source, however, said that Oladokun finally died late Saturday night as a result of losing much blood from the gunshot, matchet cut and other dangerous weapon used in attacking him.

According to the source, “We were all indoors when the news got to us that Oladokun has been murdered. His wife called him that she has been held captive by some hoodlums around the Olomi-Olunde area. He got to the venue and seized two motorcycles brought by those hoodlums which he planned to take to the police station.

“On his way to the police station, he was attacked with a gun, axes and cutlass by Biola-led ‘One Million Boys gang’. There, he was confirmed dead in a pool of blood.

“Before he was taken to his father’s shrine, we all confirmed his death. At the shrine, one of his father’s friends came with a hen and started some incarnations. He dropped the hen and Moshood sneezed, while the hen died immediately. Later in the night, he gave up the ghost, having lost so much blood.”

The Police Public Relations Officer of the State Police Command, Olugbenga Fadeyi confirmed the death of the gang leader to DAILY POST on Sunday.

Fadeyi said “Yes, he has died”.

The Ebonyi State Governor, David Umahi, on Sunday, ordered the arrest of the traditional rulers of Umuogodoakpu-Ngbo and Ohankwu communities in the Ohaukwu and Ikwo local government areas of the state.

The governor gave the order over the missing of a naval officer and the killing of a 70-year-old woman in both communities.

Umahi also ordered the arrest of the coordinators of the Ohaukwu West and Ikwo East development centres, Stephen Ogenyi and Mr Ekuma Emmanuel, respectively, both in Ohaukwu and Ikwo LGAs over the two incidents.

Umahi, who stated this during his Easter broadcast, equally suspended the technical assistants, senior technical assistants, executive assistants, laison officers, management committee members and other appointees from both communities.

The naval officer got missing at Eguorie village while a 70-year-old woman was also allegedly killed by Ohankwu people of the Ikwo LGA of the state.

According to Umahi, if by Tuesday the monarchs failed to provide information on the identities of perpetrators of the incidents that led to the missing of the naval officer and killing of the woman, they would be dethroned.

Ten foreigners who broke a coronavirus lockdown in an Indian town were handed an unforgettable schoolboy-like punishment on Sunday by the police.

They were forced to atone by writing “I am so sorry” — 500 times.

The incident involving the foreigners happened in Rishikresh, a town made famous by the Beatles in 1968. The city is also a world centre for yoga.

India imposed a nationwide lockdown near the end of March.

Residents are permitted to leave their homes only for essential services such as buying groceries and medicine.

The travellers — from Israel, Mexico, Australia and Austria — were caught taking a walk.

Local police officer Vinod Sharma said they were each made to write 500 times “I did not follow the rules of lockdown so I am so sorry.”

More than 700 foreign tourists from the US, Australia, Mexico and Israel staying in the area had flouted the lockdown rules, Sharma said, adding the unusual punishment was handed out to teach them a lesson.

Police said they would direct hotels in the area to allow foreign guests to step out only if accompanied by local helpers.

Establishments that did not follow the order could face legal action, Sharma said.

Police have come up with unusual methods to encourage people to stay home to halt the spread of the deadly disease, including wearing coronavirus-shaped helmets.

But officers in some states were also seen in videos on social media beating drivers on roadsides and making people out and about during lockdown do squats and leapfrogs as punishment.

India’s Prime Minister Narendra Modi is expected to extend by two weeks the nationwide lockdown in a broadcast today.

The lockdown was originally slated to end on Tuesday. .

Some states have already extended the restrictions.

On Sunday, India had registered more than 9,240 coronavirus cases and 331 deaths from the disease.

Source: PM News

To think two of these guys actually grew up in my area and my mama could recognize them.

These boys are not even up to 18, all living with their parents.

Here i was thinking the people perpetrating this evil are the thugs

To think two of these guys actually grew up in my area and my mama could recognize them.
These boys are not even up to 18, all living with their parents.
Here i was thinking the people perpetrating this evil are the thugs#OgunUnrest#LagosUnrestpic.twitter.com/VxzDIpRmCV

— • General Zee 🎭 • (@heisTactic) April 12, 2020

If they are robbing in your area, call the Special Anti Robbery Squad and say some yahoo boys are doing party in your area, making noise and throwing money in the air. In fact you suspect they just bought new cars, You will see them in 5 minutes #LagosUnrest #OgunUnrest

— RUN O (@BADDESTDJTIMMY) April 12, 2020

In case of robbery in your area, see the DPO numbers in the images below. Check for your area. They're Lagos Police Emergency Numbers.

Such courageous and fine reporting from this brilliant journalist @AnetaFelix 👏🏽See how residents came out to protect their communities.
#LagosUnrest #AgbuleEgba #COVID19 #OgunUnrestMore pic.twitter.com/xFDfjHAuqT

— Miz Philz (@miz_philz) April 12, 2020

Robbery Reports are coming in from, Alagbado, Agbado, ijaiye, Abule Egba, Agege, Ogba, Akute, Ota, Sango.

The residents turned to Vigilante, to secure the area. Are we on our own now? 💔
#LagosUnrest #OgunUnrest
pic.twitter.com/XHL5ykONqp

— DANNY WALTER 👑 (@Danny_Walterr) April 12, 2020

Dear @PoliceNG. Two days ago, @iSlimfit warned that #OgunUnrest may spread to neighbouring states like Lagos. You said you were addressing the situation. How are you addressing #LagosUnrest please? https://t.co/TDvqKJBoAo

— Dr. Joe Abah (@DrJoeAbah) April 12, 2020

We are securing the area ourselves... over 100 men on standby.. thanks to Nigeria police too @PoliceNG I have seen 6 patrol van moving area the area #abuleegba #LagosUnrest .. I rep Clem Road... Agbado area pic.twitter.com/iBjYaEder6

— Tolulope Alli (@2tolu) April 12, 2020

So some Men are dragging Feminists for not coming out to Join the Vigilante with Cutlass to defend their Neighborhood against the robberies.

What do you think. Should Women join the Vigilante group? 🤔 #LagosUnrest #OgunUnrest

— DANNY WALTER 👑 (@Danny_Walterr) April 12, 2020

they’re saying “come outside, they’re already in the vicinity” “come outside don’t let them attack you in your homes” this is really serious @PoliceNG please! #LagosUnrest #OgunUnrest pic.twitter.com/flLHBX7B8x

— #onenigerianatatime (@Stee_vane) April 12, 2020

APM Boys Are Now Armed Robbers In Ogun State

How many of you have the video where Jango was sharing money for APM boys in one secondary school? Go and watch the video again & again you will see these three guys among them.#OgunUnrest #LagosUnrest pic.twitter.com/iOzO8Hy4AY

— #OgunUnrest/LagosUnrest (@_Albaseet28) April 12, 2020

Both Strong and the Weak are on the street at Ahmadiyya around Abule Egba area doing night watchman...

@PoliceNG @jidesanwoolu please come to our aid oo, we arm less and weak.

Every one gonna flee, if the sh!t turnaround.

From #OgunUnrest to #LagosUnrest pic.twitter.com/dQQ05MbFoG

— Monsoor Ahmad (@ahmad_monsoor) April 12, 2020

#LagosUnrest Abule Egba

Here are Lagos State Police EMERGENCY NUMBERS, share with others pic.twitter.com/dvoLorUxRQ

— Osas Cruz (@theOsasCruz) April 12, 2020

A former Nigerian Ambassador has tested positive for Coronavirus in Kano State, Governor Abdullahi Ganduje disclosed on Saturday.

This is the first confirmed Coronavirus case recorded in Kano.

The governor, who did not mention the name of the former Ambassador said the victim is 75-year-old.

According to the governor, the state government took the blood samples of 10 suspected cases to Abuja three days ago, with nine coming out negative while the former Ambassador’s test was positive.

The governor described the development as sad, pointing out that the state would take more drastic measures to ensure that the situation did not get out of hand.

He also ordered that tricycles in the state would henceforth be mandated to carry only one passenger as part of measures to prevent further spread of the virus.

“Indeed, it is a sad moment for us. This is an occasion that we are not happy with. I am unhappy to inform the people of Kano state that today, we got a patient who tested positive to COVID-19. He is a 75-year- old retiree and former Ambassador of the Federal Republic of Nigeria.

“He travelled to Kaduna, Lagos and Abuja, and came back to Kano on 25 March, 2020,” he said in a report by The Nation.