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FCTA Sets Up Task Force On C Of O Issuance

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The FCT Minister, Nyesom Wike, has inaugurated a task force on the issuance of Certificate of Occupancy (C of O) for mass housing and the recovery of land use contravention fees.

Inaugurating the task force on Tuesday, the minister said the action was to ensure that each of the houses in mass housing estates has its own C of O and pay for it.
He lamented that virtually all residential areas have been turned to commercial, adding that something must be done about it.
He said that those who contravened the Land Use Act must be recertified and pay penalties.
He explained that those given approval for residential buildings have converted to commercial structures, while those given for commercial also contravene by building residential houses.
The minister said that government agencies in charge of land administration in the FCT were part of the problem, adding that the agencies were included in the task force to solve the problem they created.
He said: “Part of the problem we are having is the agencies: development control is part of the problem; the land registry is part of the problem; Abuja Geographic Information System AGIS is part of the problem.
“That is why they are part of the task force to face the problem they have caused and solve the problem. No outsider will do it.
“So, you must be diligent. Of course, you know, I will monitor what you are doing, and this assignment will not last more than one month from today.
“Whatever fund you require, let us know, Zenith bank will provide you the fund, but I must approve the fund.
“You write to me, and I will tell Zenith Bank what I need,” the minister said.
He asked the task force to open two dedicated bank accounts for the assignment: one for non-compliance with the land use act and the other for the C of O.
He also asked the task force to include people who were given land by the Area Councils but without C of O, adding that those concerned should be asked to apply and be informed about the amount to pay.
Wike explained that Abuja depends on Internally Generated Revenue to execute projects in the FCT.
“I am not interested in who did not comply and I don’t want anybody to write to me that the task force came. All I need is results. I don’t want excuses,” he added.
 Mr Michael Chinda, Senior Special Assistant to Wike on lands, urban and regional planning will serve as the chairman of the task force, while the Executive Secretary, Federal Capital Development Authority, Mr Shehu Ahmad would serve as the secretary.
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CBN Revises Documentation Requirements For PAPSS Transactions

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The Central Bank of Nigeria (CBN) has announced a significant review of the documentation requirements for transactions conducted through the Pan-African Payment & Settlement System (PAPSS) in Nigeria.

This initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.

In a circular dated April 28, 2025, CBN introduced simplified documentation for low-value PAPSS transactions — allowing individuals and corporates to use basic KYC and AML documents for transactions up to USD 2,000 and USD 5,000 respectively. Higher-value transactions will still require full documentation as outlined in the CBN Foreign Exchange Manual.

The CBN also stated that Authorized Dealer Banks (ADBs) can now source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, without relying on the CBN. Additionally, export proceeds repatriated via PAPSS must be certified by the processing banks.

The apex bank urged all banks, exporters, importers, and individuals to familiarize themselves with the new guidelines and leverage PAPSS for seamless cross-border transactions across Africa.

Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.

By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.

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‘Love Money Too Much, Ponzi Schemes Will Love You,’ EFCC Cautions Nigerians

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The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians against the excessive desire for money.

The agency issued the advice in a terse post on its X handle on Sunday.

“Love money too much, and Ponzi schemes will love you …..as their next target….be guided, the Eagle loves you all,” the post read.

This is coming amid ongoing investigation into the alleged fraud perpetrated by a digital investment platform, CryptoBank Exchange (CBEX).

CBEX had reportedly crashed on April 14, leading to the loss of billions of naira belonging to Nigerian investors.

Several videos online had shown some Nigerians raising the alarm over the loss of their funds to the scheme.

The EFCC had on Friday declared eight persons wanted over their alleged involvement in a fraudulent scheme linked to the online trading platform.

The move came on the heels of the Federal High Court in Abuja granting the EFCC’s request to arrest and detain persons found promoting the CBEX scheme.

Justice Emeka Nwite, issued the order following submissions by the counsel for the EFCC, Fadila Yusuf, seeking the court’s approval to detain the promoters pending the conclusion of investigations into the alleged offences and their possible prosecution.

The EFCC stated that during the investigation, it found that ST Technologies, while registered with the Corporate Affairs Commission, was not authorised by the Securities and Exchange Commission to conduct investment activities.

Furthermore, it said the defendants had vacated their last known addresses in Lagos and Ogun States.

The EFCC had argued that a warrant of arrest was necessary to place the defendants on a red watch list to facilitate their capture and ensure they face charges.

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The commission said its investigation had also established a prima facie case of an investment scam and that granting the application was in the interest of justice.

During an interview on Channels Television’s breakfast programme, The Morning Brief, on April 16, the EFCC spokesperson, Dele Oyewale, advised Nigerians against investing in a business without considering the legal framework that regulates it.

Oyewale said, “We know that for every business concern, you declare your profit either quarterly, annually or bi-annually, but if somebody says, ‘Bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic; it’s just not pragmatic.

“Or if somebody says, ‘If you bring your money, we’re going to give you a 100% return on investment,’ that is not possible”.

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Air Peace Blames Turbulence For Benin-Abuja Flight Mid-Air Delay

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Nigerian carrier, Air Peace, has clarified why its Benin to Abuja flight P47171 was delayed in the air on Friday.

In a statement issued by the Head of Corporate Communications, Ejike Ndiulo, Air Peace Airline on Saturday stated that during the aircraft’s descent into Abuja, the flight encountered turbulence as a result of adverse weather conditions, including thunderstorms.

The statement further stressed that in line with global aviation safety standards, “our crew activated appropriate safety protocols and held in a holding pattern until weather conditions improved.”

Social media users complained on Saturday that the aircraft hung in the air longer than necessary before landing.

Elanza news understands that when an aircraft is held in a holding pattern, this means the plane was instructed to fly a specific course around a designated point while waiting for permission from the control tower to proceed with its planned route, approach, or landing.

This is often due to factors like traffic congestion at the given airport, weather delays, or other operational issues that could result in an incident or accident if the aircraft had landed against instructions.

In simpler terms, a holding pattern is a temporary waiting area for an aircraft in the air, allowing it to remain airborne while awaiting further instructions for landing.

The statement further stated, “We are pleased to confirm that the aircraft landed safely and the passengers disembarked normally. Air Peace is unwavering in its commitment to ensuring the highest standards of safety across all our operations.”

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