NEWS
CBN Should Apply the Brakes, Says Uwaleke as Interest Rate Rises to 27.5%
By Tony Obiechina Abuja
The Central Bank of Nigeria (CBN) has further raised the Monetary Policy Rate (MPR) to 27.50 per cent, a decision influenced by the rising inflation in the country.The apex bank took the decision at the 295th Meeting of the Monetary Policy Committee (MPC) held in Abuja yesterday.
At the Sept. MPC meeting, the committee unanimously voted to raise the benchmark interest rate to 27. 25 per cent considering surging inflation. The new rate indicates that the MPR was raised by a 25 basic point.Speaking at the end of the meeting yesterday, CBN Governor, Yemi Cardoso said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25 per cent to 27.50 per cent.He disclosed that the Cash Reserve Ratio (CRR) was unanimously voted to be retained at 50 per cent for Deposit Money Banks (DMB) and 16 per cent for Merchant Banks.He added that the MPC retained the Liquidity Ratio (LR) at 30 percent and Asymmetric Corridor at +500/-100 basis points around the MPR.Reacting to the development, foremost professor of capital market, Uche Uwaleke believes that with this marginal increase, the CBN will now apply the brakes beginning from the first quarter of next year.In a statement made available to Daily Asset on Tuesday, Uwaleke, of the Nasarawa State University, Keffi said, “This has to happen to stem the rising cost of funds and negative impact on credit access so that small businesses in particular can breathe.”He however noted regrettably that headline inflation has remained elevated and even resumed northwards despite the aggressive tightening measures by the CBN.”The only area where one can see the benefits of the interest rate hikes has been in the Fx market where the impact of foreign portfolio inflows has helped to stabilize the exchange rate in the official window.”The weak performance of the agric and manufacturing sectors as indicated in the NBS Q3 GDP report may not be unconnected with rising interest and exchange rates.”Indeed, the current macroeconomic challenges make it imperative for a proper synergy between monetary and fiscal policies,” Uwaleke added.NEWS
Police Detain Dealer in Vandalised Electrical Items

The Anambra Police Command says its operatives have caught and detained a 40-year-old man, identified simply as Maduka, who allegedly buys off stolen electrical items and equipment.The command’s Spokesman, SP Tochukwu Ikenga, disclosed this in a statement issued in Onitsha and made available to newsmen on Sunday.
Ikenga stated that the suspect was caught on June 14 at Fegge in Onitsha, the commercial nerve centre of Anambra. According to him, police operatives attached to the Rapid Response Squad RRS, Awkuzu, acting on credible information, caught Maduka at Fegge, Onitsha, at about 4.15 pm.He added that the suspect was alleged to be dealing mainly in vandalised electrical items and equipment.He explained that the police team recovered bags of vandalised copper wires, large quantities of high tension wires, copper coil and other transformer equipment.Ikenga further stated that the operatives were expanding their investigation, following the suspect’s confession regarding where he usually sold the items in Ogun and Lagos States. (NAN)NEWS
FG Approves New Senate Building for UNIBEN

The Federal Government has approved the construction of a new Senate Building at the University of Benin (UNIBEN). This is contained in a statement issued by the Public Relations Officer of the university, Dr Benedicta Ehanire, in Benin on Sunday. Ehanire said the letter for the construction of the building, as approved by the Federal Executive Council, was received by the Vice Chancellor of the university, Prof.
Edoba Omoregie. She said that the construction of the building would commence immediately. According to Ehanire, UNIBEN is one of Africa’s leading tertiary institutions and one of the most sought after by students seeking quality higher education. (NAN)NEWS
Benue Youth Protest Killings, Block Highways in Makurdi

Hundreds of youths in Benue on Sunday took to the streets to protest the continuous attacks, killings, and displacement of people in the state.The protest followed the killing of scores at Yelwata community in Guma Local Government Area on Friday night.The protesters who converged at the Wurukum Roundabout in Makurdi called on the Federal Government to live up to its responsibility, which is to protect all the citizens within its sovereignty.
They also urged security agencies to redouble their efforts to ensure that all displaced people return to their ancestral homes and continue with their normal lives. Speaking to newsmen, Mr Brahms Ikuan said the state was under siege for a long time and there were not sufficient efforts for the government to address the menace.Ikuan regretted that even when they had useful information about the movement of the attackers and reports to authorities, nothing was still done to avert the attacks.He further accused the authorities of maintaining a conspiratorial silence on the ongoing genocide, adding that Benue may cease to exist if urgent steps are not taken to end the killings.“We cried, sent messages and opened letters, but nobody listened to us. Nobody came to our aid. At this moment we are not sure if there will be any place called Benue tomorrow.“Despite the attacks and killings in Yelwata yesterday, up till now, no word from the government or any prominent person. They have abandoned us.“We want the world to know that Benue is being wiped out on the face of the earth and nobody cares about what is happening,” he said.Also, Mr Gideon Inyom accused the government of giving the herders unfettered access into the Benue communities by relaxing the state anti-open grazing law.Inyom said all they wanted was security of lives and property, adding that such was the primary responsibility of every government worldwide.However, the State Commissioner of Police, Mr Emenari Ifeanyi, told newsmen at the scene that the Inspector General of Police (IGP), Mr Kayode Egbetokun, has taken over the security of the state.Ifeanyi said that the IGP has already deployed special forces to the state to end the attacks and killings.The CP added that security agencies were on top of the situation and urged the youths and Benue people to give the new forces a chance.“What you saw happening in Yelewata yesterday is because we have taken over Apa, Gwer West, and are moving seriously in Agatu. They just want to do something to show that they are in control while they are not and will never be.“We are feeling more pains than you. We are here to protect lives and property. We have security everywhere now; even in Yelwata there are tactical teams in the bush even before the attack.“Give the special forces and tactical teams a room to work. If you prolong your stay here, you are giving the enemies more time to plan.“We have intelligence reports of their movement, and we are blocking them, and you will see the end result,” he said.Ifeanyi further disclosed that Gov. Hyacinth Alia has given them all the logistics support needed to restore peace in Benue.Report says that a military helicopter was spotted in the sky at Wurukum Roundabout as the protest against herdsmen killings intensified. Report further says that the protesters turned down the Deputy Governor Dr Sam Ode’s request to address them. (NAN)