Controversial Lagos socialite, Balogun Eletu, better known as Sam Larry, has been arrested by the Lagos State Police Command in connection to the ongoing investigation into the circumstances leading to the death of the late singer, Ilerioluwa Aloba, aka Mohbad.
Details have emerged on how Sam Larry was apprehended. According to an unnamed police source, he was arrested at the Murtala Muhammed International Airport on Thursday evening upon his arrival from Kenya. Following his arrest, he was immediately taken to the state police headquarters for questioning.
Sam Larry’s name had been prominently featured in demands for justice regarding Mohbad’s death, which gained significant attention.
In other news, the National Economic Council (NEC) has confirmed that the $3 billion emergency loan-for-crude oil secured by the Federal Government in August will be utilized to stabilize the Nigerian naira, which has been experiencing fluctuations in the Investors & Exporters’ window and a worsening value in the parallel market, reaching N1000/$ earlier this month.
Addressing State House correspondents after the 136th NEC meeting held at the Aso Rock Presidential Villa in Abuja, Nasarawa State Governor Abdullahi Sule stated, “So, we are very confident and we still believe very strongly that with the plan that will come out and with all these items that have been listed on the improvement of revenue, the $3 billion shall be useful to us down the line.”
The Nigerian National Petroleum Company Limited had previously announced securing the emergency $3 billion crude repayment loan from Afrexim Bank to relieve pressure on the naira. This loan would enable the settlement of taxes and royalties in advance and provide the Federal Government with the necessary dollar liquidity for naira stabilization.
While the naira has seen fluctuations, it recovered slightly after President Bola Tinubu nominated Olayemi Cardoso as CBN governor, strengthening against the dollar in the black market.
Regarding the timing of the intervention and the need for a supplementary budget, Governor Sule explained that the new CBN governor was formulating plans, and it would take time to implement the naira stabilization process. He also mentioned that there was currently no immediate need for a supplementary budget, and no such requests had been presented to NEC.