Hajj Fare Expected To Reach N10 Million As NAHCON Announces End Of Subsidy
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The National Hajj Commission of Nigeria (NAHCON) has stated that the federal government will not subsidise hajj payment for pilgrims in 2025.
Daily Trust reports that government subsidy is mostly in the form of concessionary rate which allows pilgrims to access dollars at a reduced rate from the Central Bank of Nigeria (CBN).
A statement by the spokesperson of the commission, Fatima Sanda Usara, said for the 2025 Hajj, “There will be no concessionary exchange rate from the government for Hajj fare payment for pilgrims whether under state or private Hajj operators.” This means that if the naira maintains its current rate of N1,650 to a dollar, each intending pilgrim will pay almost N10million for hajj fare as pilgrims pay at least $6,000.
While NAHCON is yet to announce the hajj fare for the 2025 hajj, States Pilgrims Welfare Board have begun asking intending pilgrims to pay N8.5m as initial deposit pending the announcement of the hajj fare. The statement also announced the refund of 64,682 (150 Saudi Riyal) to every Nigerian pilgrim that participated in the 2023 hajj.
The statement added that the revelations were made during an interactive meeting between NAHCON and members of Private Tour Operators in Nigeria (PTOs). “The meeting held today, 7th October 2024 was to update members on resolutions reached after resumption of office on Wednesday, 2nd October 2024 by Acting Chairman of the Commission, Prof Abdullahi Saleh Usman who had been absent briefly on a trip.
NAHCON’s Commissioner of Operations, Prince Anofi Olanrewaju Elegushi, chaired the virtual meeting with the PTO’s where he relayed new developments from both Saudi Arabia’s Ministry of Hajj and Umrah (MoHU) and NAHCON’s decisions resulting from the second EXCO meeting with the new head of the Commission.”
Elegushi also stated that Saudi Arabia had further reduced the number of PTO to 10 from 20 that was initially announced and each company must register a minimum of 2,000 pilgrims to be considered for Hajj visa approval. He said for the 2022 refund, the commission is still awaiting further details but refund details have emerged only for PTOs that camped on Field Office 18 in 2022 and they are to collectively receive SR62, 602 (N26,993,224) as refund for poor feeding in the Masha’ir.
“Similarly, the Commissioner Operations informed the PTO members that the NAHCON’s EXCO has approved the option of honouring bank guarantee as payment of N40 million caution deposit for the 2025 Hajj. In view of the above, any operator who wishes to make the payment through bank guarantee but has already made a cash deposit is invited to request for collection of the earlier deposit in order to present the bank guarantee.”
He also clarified that contrary to claims that NAHCON owes PTOs N17 billion from the 2024 Hajj caution deposit of N25million, it only received N2billion, N750million from 110 companies that registered for the 2024 Hajj. “The amount included a roll-over of Nibillion, 250million from the previous year. From the amount, 30 compris The belted stil in the custody of to mom siich has accruing to undecided PTOs is N750m.”
CBN Assures Public On Financial System Stability, Safety Of Funds
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CBN assures public on financial system stability, safety of funds
The Central Bank of Nigeria, CBN yesterday assured the public of its commitment to the stability of the financial system and safety of depositors’ funds.
Meanwhile, the Chartered Institute of Banking of Nigeria, CIBN and Body of Banks Chief Executive Officers, have expressed concern over the persistent social media criticisms targeted at Nigerian banks, stressing that such attacks not only undermines the hard-earned reputation of these institutions but also seeks to unfairly manipulate targeted banks.
Expressing the position of the CBN in a statement titled, “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds, Director, Corporate Communication Department, Hakama Sidi Ali said: “The Central Bank of Nigeria (CBN) wishes to reassure the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system. The CBN recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure. “The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system.
Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient. In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.
The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector. Furthermore, the CBN has established Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located.
This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.”
Also, the CIBN and Body of Banks Chief Executive Officers, in a statement expressing concern over spate of social media attacks on banks, said: “It is essential to highlight the significance and contributions of the banking sector, which remains one of the most regulated and integral parts of Nigeria’s economy. The Nigerian banking industry is governed by rigorous regulations issued by the Central Bank of Nigeria (CBN), its primary regulator, and other direct and indirect regulatory bodies. A large number of these banks are publicly listed and adhere to the highest standards of transparency and compliance, as required by domestic and international investors and regulatory agencies.
“If any individual or group has concerns or grievances regarding the operations of any bank, they are encouraged to direct such issues to the appropriate regulatory authorities. These bodies are equipped to address concerns impartially and professionally, ensuring that all matters are resolved through the proper channels.
“Resorting to social media attacks, blackmail, or smear campaigns not only undermines the hard-earned reputation of these institutions but also seeks to unfairly manipulate targeted banks. We urge individuals engaged in such actions to desist and consider the facts before making accusations.
“The regulatory agencies are well-positioned to handle concerns with diligence and professionalism. We remain committed to delivering the highest standard of banking services, guided by the regulations that govern our industry.”
The Supreme Court Has Scheduled A Hearing For October 22 Regarding A Lawsuit From At Least 16 State Governments
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The Supreme Court has scheduled a hearing for October 22 regarding a lawsuit from at least 16 state governments that questions the legality of the laws that created the Economic and Financial Crimes Commission (EFCC) and two other entities. A panel of seven justices, headed by Justice Uwani Abba-Aji, set the date after the states were allowed to join as co-plaintiffs and permission was granted to consolidate the case, which was initially brought by the Kogi Government through its Attorney General.The states involved in the lawsuit SC/CV/178/2023 include Ondo, Edo, Oyo, Ogun, Nassarawa, Kebbi, Katsina, Sokoto, Jigawa, Enugu, Benue, Anambra, Plateau, Cross River, and Niger. These 16 states assert that the constitution is the highest law, and any legislation that contradicts it is invalid. The plaintiffs contend that the Supreme Court, in the case of Dr. Joseph Nwobike vs. Federal Republic of Nigeria, ruled that a UN Convention against corruption was incorporated into the EFCC Establishment Act. They argue that when this law was enacted in 2004, the requirements of Section 12 of the 1999 Constitution, as amended, were not adhered to. They maintain that for a convention to be integrated into Nigerian law, compliance with Section 12 is essential. According to them, this constitutional provision requires the majority of the state Houses of Assembly to agree to adopt the convention before the EFCC Act and similar laws can be passed, which they claim was not done.
In their current lawsuit, the states argue—supported by the Supreme Court's ruling in a previously referenced case—that the law in question cannot be enforced on states that did not consent to it, as per the Nigerian constitution. Therefore, they contend that any institution established under this law should be deemed illegal. When the case was heard on Tuesday, the attorneys representing the states presented their arguments. While most of them requested to be added as co-plaintiffs, two states sought a motion to consolidate the case.
Kogi AG's attorney, Abdulwahab Mohammed, SAN, informed the court that several states have expressed interest in joining the case as co-plaintiffs, while others are seeking to consolidate their claims. "It is up to this esteemed court to guide us on how to proceed, my lord. Out of approximately 15 states, around 13 wish to join as co-plaintiffs, while only two are interested in consolidation. To simplify the court's task, those wanting to be co-plaintiffs should be allowed to join and adhere to the existing processes, while those seeking consolidation should be instructed to file their requests within seven days," Mohammed stated. Following the lawyers' arguments, Justice Abba-Aji granted their requests.
She postponed the case until October 22 for a hearing. The Attorney General of Kogi State has filed a lawsuit, numbered SC/CV/178/2023, against the Attorney General of the Federation (AGF) as the sole defendant. In the initial summons submitted by a legal team led by Prof. Musa Yakubu, SAN, the state presented six questions for consideration and requested nine forms of relief. The Kogi government is seeking a declaration stating that the federal government, through the Nigerian Financial Intelligence Unit (NFIU), does not have the authority to issue any directives, guidelines, advisories, or any other instruments regarding the administration and management of state funds. Additionally, the government is requesting a declaration that the EFCC, NFIU, or any federal agency cannot investigate, request documents, summon, or arrest anyone in relation to offenses concerning the administration and management of state funds.
Why Nvidia Stock Rose Again Tuesday, Nearing Record High
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Nvidia (NVDA) stock rose on Tuesday after Foxconn, the world’s largest contract electronics manufacturer, touted strong demand for artificial intelligence servers.
Executives at Foxconn—officially named Hon Hai Precision Industry—said Tuesday at the company's annual tech day they were constructing in Mexico the world’s largest facility for assembling AI servers to house Nvidia’s GB200 chips, part of its Blackwell AI architecture.
Young Liu, chair of Foxconn, said in an interview with Bloomberg Television that the company is aiming to produce 20,000 GB200 NVL72 servers at the factory in 2025. HSBC analysts have estimated the price of one GB200 NVL72 server is about $3 million.
Demand for Nvidia’s Blackwell system is “awfully huge,” said Benjamin Ting, Foxconn’s senior vice president of cloud enterprise solutions, at the company’s tech day. Liu told Bloomberg demand was “crazy,” echoing comments from Nvidia CEO Jensen Huang last week.
Nvidia stock climbed more than 4% Tuesday, extending gains from yesterday when the company overtook Microsoft (MSFT) as America’s second-most valuable company.
The stock, which closed just under $133 on Tuesday, is approaching its record closing high of $135.57, which was set on June 18. Nvidia's all-time intraday high, set on June 20, is $140.76.
Nvidia shares have more than doubled this year after rebounding from a summer slump amid reports that a design flaw would delay the rollout of the Blackwell system. Those reports coincided with a sell-off of big tech stocks as earnings disappointed and Wall Street questioned the wisdom of massive AI spending.
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