Five things to know to start your Saturday

CBN has introduced diaspora-focused accounts to boost remittances

The Central Bank of Nigeria (CBN) has created two new types of bank accounts for Nigerians living in other countries. These accounts are called the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account.

The CBN announced this in an official document dated January 10, 2025. In their words: “The Central Bank of Nigeria is pleased to inform the general public of the introduction of the Non-Resident Nigerian Ordinary Account and Non-Resident Nigerian Investment Account targeted at Nigerians in diaspora.”

Dr W. J. Kanya, the acting Director of Trade and Exchange, signed the announcement. The CBN created these accounts to make it easier for Nigerians abroad to send money home, encourage them to invest in Nigeria, and help them participate more in Nigeria’s financial system.

Venezuela swore in Maduro for a controversial third term

Nicolas Maduro has begun his third term as Venezuela’s president, despite significant controversy. He’s been in power since 2013, during which Venezuela has faced serious economic and social problems.

While Venezuela’s official bodies declared Maduro the winner of July’s election, they haven’t released detailed voting results to confirm his victory. Conversely, the opposition claims their candidate, Edmundo Gonzalez, actually won by a large margin, and they have “ballot box-level tallies” to prove it. Several countries, including the United States, recognise Gonzalez as the rightful president-elect and international observers have said the election wasn’t democratic.

But that’s not all. The Venezuelan government has accused the opposition of plotting against them and is offering a $100,000 reward for information leading to his capture if Gonzalez returns to Venezuela. From his location in the Dominican Republic, Gonzalez said: “Soon, very soon, whatever they do, we will manage to enter Venezuela and put an end to this tragedy.” He also asked Venezuela’s military not to follow Maduro’s “illegal orders.”

However, Maduro isn’t out of the crosshairs. The United States has increased its reward from a previous $15 million to $25 million for information leading to Maduro’s arrest on drug trafficking charges.

Trump avoided jail or punishment in his hush-money case

Donald Trump, who is set to become president again, received his sentence late Friday for his criminal conviction related to paying hush money to a porn star. The judge, Justice Juan Merchan, decided Trump won’t go to prison or face any other punishment, but made it clear that becoming president won’t erase the fact that he was found guilty.

The judge gave Trump what’s called an “unconditional discharge,” which means the conviction stays on his record but he won’t face jail time, fines, or probation. Trump will be the first person to become president while having a felony conviction.

The judge explained that he couldn’t give Trump a stricter sentence because “the U.S. Constitution shields presidents from criminal prosecution.” However, he emphasised that these presidential protections “do not reduce the seriousness of a crime or justify its commission in any way.”

Read Also: US President elect Trump is sentenced in N.Y. criminal case and will avoid jail

US Supreme Court seems inclined to uphold TikTok’s ban

On Friday, the US Supreme Court heard arguments about a law that could force TikTok to be sold or banned in the United States by January 19th. During a two-and-a-half-hour session, the justices seemed more concerned about national security risks from China than about keeping the app running.

Congress under Joe Biden’s administration signed the law and is currently defending it. The decision also had support from both political parties.

However, ByteDance, TikTok’s parent company, says the law goes against the First Amendment’s protection of free speech, but a lower court disagreed with them.

The discussion at the Supreme Court focused heavily on China’s potential ability to use TikTok for spying and influencing Americans. Chief Justice John Roberts directly asked TikTok’s lawyer: “Are we supposed to ignore the fact that the ultimate parent is, in fact, subject to doing intelligence work for the Chinese government?”

The California fires will likely continue this weekend

Weather experts say strong, dry winds are expected to return to Los Angeles by the end of the weekend. These winds could make the current wildfire situation even worse. Already, the fires have destroyed 10,000 buildings and claimed 11 lives.

The US National Weather Service (NWS) issued “red flag” warnings – their most serious alert for fire danger. They said moderate to strong winds and dry conditions will continue on Friday morning, while five separate fires burned across the city.

Barbara Bruderlin from the Malibu Pacific Palisades Chamber of Commerce described the destruction in stark terms: “There are areas where everything is gone. There isn’t even a stick of wood left. It’s just dirt.” She called it “total devastation and loss.”