A Federal High Court, Abuja, on Tuesday, ordered Godwin Emefiele, Governor of Central Bank of Nigeria, CBN, to appear before it on July 19 over a 53 million dollar-judgment debt arising from the Pars Club refund.

Justice Inyang Ekwo, who gave the order during the hearing of a suit marked: FHC/ABJ/CS/1193/2017, insisted that the court would not hear Emefiele’s motion for stay until he appeared in court.

Justice Ekwo had, on Oct. 20, 2022, ordered the CBN governor to appear in court on Jan. 18 over his alleged refusal to obey the order of the court for the payment of the judgment debt in favour of a legal practitioner, Joe Agi, SAN.

However, on the Jan. 18, proceedings could not go on as scheduled when the matter was called, prompting the court to subsequently adjourned the case till March 20.

Mr Agi had dragged Linas International Ltd, Minister of Finance and CBN to court as 1st to 3rd judgment debtors respectively, following an application for garnishee made by him as judgment creditor in the case.

Upon resumed hearing on Tuesday, Agi’s counsel, Ayodele Arotiowa, informed that on the last adjourned date, the court made an order that Mr Emefiele should appear in court on the next date and that the order had not been obeyed.

Audu Anuga, SAN, who appeared for Emefiele and CBN, reminded that the court did not sit on the last adjourned date.

“There is an intervening circumstance which we have brought to the attention of the court by filing of affidavit of fact,” he said.

The judge then asked when the appeal was filed by Mr Anuga.

“The appeal was filed on the 28th day of October, 2022,” the lawyer responded.

He said besides the appeal, they also filed a motion for stay.

Mr Anuga, who said that the appeal had been entered, said that was why they filed affidavit of fact.

Arotiowa said though they had been served with the processes, they had also responded.

Mr Anuga told the court that they had pending application to set aside those order nisi.

Justice Ekwo then said that it was because of the order he made that Mr Emefiele should appear in court that prompted them to go on appeal “so that he does not appear in this court.”

“That is exactly what you have done. So, we, the trial court cannot do our job?

“I am not going to hear you on any application until Mr Godwin Emefiele appears in court.

“Therefore, I am going to give a date for you to report to the court in the compliance with the order of the court.

“Upon being aware that the motion for stay of execution is a live matter in this court, this court shall not hear that application unless and until Mr Godwin Emefiele who has been ordered to appear in court appears in court,” the judge declared.

He adjourned the matter until July 19 for report.

NAN reports that the dispute stemmed from an alleged $70 million judgment against Linas International Ltd for the lawyer’s (Joe Agi) assistance with the Paris Club refund.

Emefiele was said to have only released $17 million, leaving an unpaid balance of $53 million.

The court had on Jan. 23, 2020, ruled that Emefiele must appear “to be examined on oath, since the date of the said garnishee order absolute, to pay the balance of 53 million dollars now due and payable under the said garnishee order absolute and also show cause why you should not be committed to prison for default in payment of the said sum”.

In October 2022, Agi through his counsel Isaac Ekpa and Chinonso Obasi, filed another application against Linas International, Minister of Finance and the CBN.

He sought for an order directing the Inspector-General of Police to arrest Mr Emefiele and bring him to court alongside his lawyers, Damian Dodo, Audu Anuga, all Senior Advocates of Nigeria, and Ginika Ezeoke, Jessica Iyoke, Abdullahi Afolayan, and Olayemi Afolayan.”

[NAN]

The Securities and Exchange Commission filed an emergency motion in Washington, D.C. federal court Tuesday evening, asking a judge to freeze the assets of Binance’s U.S. platform and repatriate both fiat currency and crypto held by the service’s customers.

The freezing order only applies Binance’s two U.S. holding companies, not to the non-U.S. regulated international exchange. The order would apply to dozens of accounts held at Axos Bank, the defunct Silvergate Bank, Prime Trust, and other institutions.

Two foreign entities also controlled by Zhao, Sigma Chain and Merit Peak, served as conduits for billions of dollars of customer money that was improperly commingled with Binance’s funds, the SEC has alleged.

The SEC filed suit against Binance and Zhao on Monday, alleging on thirteen separate counts that the exchange and Zhao had worked to defraud investors, improperly commingle funds, and operate as an unregistered broker, dealer, and clearing house.

The emergency restraining order was necessary, the regulator argued, to “prevent the dissipation of available assets for any judgment, given the Defendants’ years of violative conduct, disregard of the laws of the United States.”

The order also compels Binance’s founder, Changpeng Zhao, to “show cause why a preliminary injunction” against Zhao and his two holding companies “should not be entered.” The restraining order would also prevent all three entities from destroying evidence.

Accuses Nigeria’s Tingo Group Of Financial Discrepancies

Tingo Group Inc, a self-described “agri-fintech” company with operations in Nigeria and headquartered in the U.S. where it is listed, has come under fire following investigations that allege wide-ranging fraud and malfeasance, according to weetracker report

The company—the subject of a March 2022 report by WT highlighting spurious claims and fuzzy details around the substance of its business—is alleged to be operating an “exceptionally obvious scam with completely fabricated financials,” according to well-known short-seller Hindenburg Research which released explosive findings Tuesday while revealing it had taken short positions on the now-plummeting stock.

Tingo first went public in August 2021 on the OTC market, per the Hindenburg report, through a reverse merger with a Thai company that originally intended to acquire a third-tier crypto exchange. In December 2022, Tingo entered the Nasdaq by closing another reverse merger with a listed Chinese fintech company. The new executive setup had Darren Mercer as Group CEO; Dozy Mmobuosi as CEO of Tingo Group Holdings LLC/Founder of Tingo Mobile Limited and Tingo Foods PLC; and Hao (Kevin) Chen as Group CFO.

The company was renamed Tingo Group Inc and the ticker changed from MICT to TIO on February 27, 2023. Tingo had a recent peak market value of ~USD 3 B as of May 22, which has tanked to below USD 100 M at the time of publishing. At various periods, short-sellers who have been circling the company over several months shared with WT that they suspected Tingo to be an overvalued sham enterprise.

Tingo was founded in 2001 and is led by Mmobuosi Odogwu Banye (AKA Dozy Mmuobosi), CEO of the key holding company entity who drew significant coverage in the media earlier this year for his attempted takeover of newly-promoted English Premier League club, Sheffield United; a deal that ultimately fell through reportedly due to question marks over his finances.

The firm, which claims to have several business segments focused on providing mobile phones, payments, food processing and an online food marketplace for farmers primarily located in Nigeria, has over the last few years projected an image of progress and impact that has proved difficult to substantiate. Further findings now put forward by Hindenburg Research allege Tingo is a brazen fraud in its entirety.

Last year, WT discovered discrepancies in several claims made by members of Tingo’s leadership past and present, as attempts to verify stated achievements and milestones returned responses refuting them. The alarm bells were set off when TingoPay (part of Tingo Mobile) claimed in 2021 to have launched a partnership with Stanbic IBTC Bank, a major local bank. Two days after Tingo’s announcement, the bank put out a statement calling Tingo’s claim false and that it had “NOT concluded any agreement with Tingo International in respect of any payment system whatsoever”

Additionally, Tingo’s claims of capturing some 14 million persons via fieldwork and leasing 9 million mobile phones to farmers as of 2014, as well as talk of setting up two mobile phone assembly facilities in Lagos and Abuja in 2013 which churned out 30 minion devices, proved either bogus or extremely embellished upon investigation.

Further claims by the CEO and other executives that suggest Tingo has leased up to 30 million phones to individuals in the Nigerian agric scene over the course of its existence were rebuffed by officials who participated in a government-assisted programme that Tingo may have been piggybacking on. Named farmers cooperatives through which Tingo claims to be reaching millions of farmers via an online marketplace platform denied any knowledge of or association with Tingo when WT reached out. Field officers in Nigeria’s key agric zones also noted claims of 20,000 Tingo agents pushing its services at the grassroots to be unfounded.

New findings by Hindenburg Research highlight a raft of issues. In April 2023, Tingo’s Co-Chairman Christophe Charlier wrote a public letter to Dozy, filed with the SEC, saying he could not approve the company’s annual report and felt it “necessary to recuse myself by resigning” due to “many critical questions, comments and recommendations” that went “unanswered and unheeded”, the report says.

In addition, it was noted that Tingo’s food division is 7 months old, yet claimed to generate USD 577.2 M in revenue last quarter alone, representing 68 percent of total reported revenue. If accurate, its claimed 24.8 percent operating margins would exceed those of every major comparable food company, Hindenburg notes.

However, Tingo has no food processing facility of its own. Rather, it claims its explosive revenue and profitability is derived from acting as a middleman between Nigerian farmers and an unnamed third-party food processor.

In February 2023, the company held a groundbreaking ceremony for a planned USD 1.6 B Nigerian food processing facility of its own. It was found that the rendering of the planned facility, featured in Tingo’s investor materials and on a billboard at the ceremony, is actually a rendering of an oil refinery from a stock photo website.

Following its groundbreaking, Tingo reported in a May 2023 SEC filing that it made “significant progress” on the facility, including laying “the foundations of its numerous buildings”. Hindenburg says its team visited the site a week later and found zero signs of progress; it was empty except for the plaque and billboard commemorating the groundbreaking ceremony, surrounded by weeds.

Further Tingo claimed its mobile handset leasing, call and data segments generated USD 128 M in revenue last quarter (~15 percent of total), claiming these services are provided through an agreement with Airtel in Nigeria, even as the type of license they claim did not exist until June 2023. Also, WT recently obtained a statement from Airtel denying any ties to Tingo.

“Airtel Nigeria does not have any MVNO arrangement with any company called Tingo Mobile,” reads the email from an executive in charge of investor relations at Airtel Africa.

Tingo now claims its payment group has a point of sale (PoS) system and other merchant products. Hindenburg says it found that pictures of Tingo’s claimed PoS system were taken from a different PoS operator’s website, with a Tingo logo photoshopped over them. The report by Hindenburg also lists several other issues related to Dozy’s questionable background history, shoddy financial reporting, an obscure online marketplace, and purported international operational divisions.

While there has been no communication from Tingo’s leadership following the development, Block & Leviton, a law firm that previously sued Elon Musk over his Twitter stake, has announced an investigation into Tingo Group for potential securities law violations, opening its resources to anyone who purchased Tingo Group, Inc. stock and has lost money, whether or not they have sold their investment.

The National Water Resources Bill, 2023 faced a setback during Tuesday’s Senate plenary when its consideration for concurrence was postponed.

The decision to stand down the bill came after Senator Gabriel Suswam, representing Benue North East senatorial district, raised a point of order seconded by Senator James Manager, representing Delta South senatorial district.

Suswam cited order 85 of the Senate Rules, which states that senators must be provided with the details of the provisions of any bill listed for concurrence.

He argued that without access to such information, the bill could not be adequately assessed.

Manager echoed the importance of transparency and called for full disclosure of the bill’s contents. He noted that the bill, as presented, only contained a title and lacked comprehensive provisions.

In 2020, the House of Representatives passed the bill amid concerns regarding its intent and purpose.

The initial bill sought to transfer the control of water resources from the states to the Federal Government, but was rejected by governors.

Clause 2 (1) of the supposed revised legislation states that: “The right to the use, management and control of all surface water and groundwater affecting more than one State pursuant to item 64 of the Exclusive Legislative List in Part 1 of the Second Schedule to the Constitution of the Federal Republic of Nigeria, 1999 as amended, and as set out in the First Schedule to this Bill is vested in the Government of the Federation to be exercised in accordance with the provisions of this bill.”

It adds: “States may make provisions for the use, management and control of water resources occurring solely within the boundaries of the state in line with regulations and guidelines made pursuant to this Bill on policy and principles of Integrated Water Resources management.”

The summary of the bill reads: “This Act repeals the Water Resources Act, Cap W2 LFN 2004; River Basin Development Act Cap R9 LFN 2004; Nigeria Hydrological Services Agency (Establishment) Act, Cap N110A, LFN,2004; NationaI Water Resources Institute Act Cap N83 LFN 2004; and establishes the National Council on Water Resources, Nigeria Water Resources Regulatory Commission, River Basin Development Authorities, Nigeria Hydrological Services Agency, and the National Water Resources Institute.”

The proposed bodies, if established, will “provide for the regulation, equitable and sustainable development, management, use and conservation of Nigeria’s surface water and groundwater resources.”

The candidate of the Labour Party in the February 25 presidential elections, Peter Obi, has reacted to the recent removal of Petroleum Subsidy by the Bola Ahmed Tinubu administration.

Obi in a series of tweets posted on his verified Twitter page on Tuesday, said his approach to the subsidy removal would have included palliative measures to cushion the harsh economic effects that the removal of the subsidy regime would bring.

The LP candidate said he would have adopted the “tooth pain” removal analogy to provide succour to Nigerians as prices of petroleum products rise.

He reiterated his support for the removal of the subsidy regime adding that the statistical analysis he conducted shows that Nigeria is not consuming the amount of fuel it subsidizes.

Obi said, “I’ve actually been in support of the removal of subsidies right from the President Goodluck Jonathan era, when I was a member of the Economic Management team.

“If you have followed me very well right from the time I was a member of Jonathan’s economic management team, I consistently maintained that subsidy should be removed because I see it as organized crime.

“People were just stealing the resources of the country and I showed it empirically in my statistical analysis that we were not consuming the amount of fuel they claimed we consumed.

“I also gave them the “tooth pain” removal analogy that if you approach a dentist to remove a painful tooth, he will apply a local anesthetic to numb the area around the tooth so you do not feel pain. It’s not the same thing as pulling the tooth forcefully, the pain you feel will be different. For me, I will go with the approach of the dentist, while supporting the removal of the tooth because I wouldn’t want to go through the pain of a forceful removal.

Continuing further, the LP candidate drew attention to his campaign manifesto where he itemized how monies saved from the removal of the subsidy regime will be utilized.

“If you read my manifesto you will see clearly how I planned to remove subsidies. I will govern with the people and show them statistically and empirically what we are going to save, and what we are going to do using the savings to better the suffering masses.

“The problem in Nigeria is that often government tell the masses to suffer and sacrifice, for a better future; but in future things gets worse.

The Tertiary Education Trust Fund (TETFUND) has approved N130m for each polytechnic in Nigeria as a zonal intervention fund.

This was confirmed by the Director of Infrastructure of the Fund, Buhari Mika’Ilu, at the TETFund/NBTE sensitisation workshop on the 2023 Zonal Intervention on Skills for Rectors and Directors of Skills in Beneficiary Polytechnics, which was held in Abuja on Tuesday.

Mika’Ilu said that the fund is aimed at reinvigorating skills acquisition in polytechnics across the country, adding that it would integrate the efforts of the National Board for Technical Education (NBTE) in increasing the capacities of polytechnics to deliver on their mandate.

“Funds are allocated in line with the provision of the Establishment Act and guided towards addressing critical and essential needs of the beneficiary institutions for the improvement of quality and maintenance of standards in the tertiary educational institutions.

”NBTE has been at the forefront in championing the need to have skills in the educational system in Nigeria. It is in response to this that the fund has prioritised the 2023 zonal allocation to polytechnics to be geared towards reinvigorating skills acquisition in the polytechnics across the country,” he said.

He said the money would be used mainly for acquiring, installing, and testing new training equipment and materials within the institutions.

”This is to further consolidate the efforts of NBTE in increasing the capacities of polytechnics to deliver on their mandate. Therefore, the sum of N130,000,000 only allocated to each polytechnic has the main focus of procurement, installation, testing, training, and commissioning of relevant training materials,” he said.

He explained what some of the previous years’ intervention funds were used for. In 2017, funds were focused on building and upgrading toilet facilities while in 2022, funds were used in the procurement of new ICT facilities for the institutions.

“In the year 2017, the Fund focused the zonal intervention on the “Student Dignity Project”. Hence, the intervention was used to upgrade and standardise all lavatory facilities or provision of new ones where necessary in academic areas of institutions, also shuttle buses (coaches) were procured for students’ use among other projects.”

“Most recently, the 2022 intervention was used for the deployment of ICT facilities within the institutions in line with the guidelines developed by the Fund. This is essential to increase the capacities of institutions to function effectively and deliver their programmes online.

”The Fund has allocated a total of N60,290,000,000.00 for zonal intervention for the year 2023 to all the two hundred and nineteen beneficiary institutions of which, the sum of N9,230,000,000.00 is allocated to polytechnics,” he said.

He added the intervention, a post-research activity, had created an opportunity for academic staff in Science and Technology Programmes to fabricate equipment, thus promoting skills development in the Polytechnics.

Immediate past governor of Rivers State, Nyesom Wike, has warned the ruling All Progressives Congress, APC, not to bungle what he called God-given chance to correct past mistakes of governing the country.

At a media briefing on Tuesday, Wike said God gave the APC the opportunity to correct past errors that his party, the Peoples Democratic Party, PDP, failed to correct but that the APC is about to spoil that with its internal crisis.

The governor was making reference to the struggle for the principal positions of the 10th Assembly.

The announcement of the former Minister of Niger Delta, Godswill Akpabio, and Tajudeen Abbas as the party’s choices for the Senate and Speaker of the House positions is facing serious opposition in the party.

The former Rivers State Governor has intervened to ensure a smooth ride for the anointed candidates and on Monday visited President Bola Tinubu alongside Akpabio and former governor of Ebonyi State, Dave Umahi, to assure Tinubu that Akpabio was the best choice.

His visit was coming less than a week after his second visit to the president at the presidential villa.

He had earlier visited Tinubu to congratulate him on his victory.

The former Minister of State for Education had earlier endorsed Akpabio and Tajudeen in a sharp U-turn after initially endorsing deputy speaker of the House, Ahmed Idris Wase for the position of the Apes of the House.

Before endorsing Akpabio, he awarded the former minority leader of the Senate a state honour a few days to the end of his tenure.

Having taken into consideration the political developments since the conduct of the primaries of political parties in 2022, the ex-governor advised the APC to sit up.

“APC should be jubilating that God has given them an opportunity at the cost of PDP. God gave APC the opportunity to repent from the sins they committed against Nigerians.

“God gave them this opportunity now and they want to bungle it again by bringing in crisis.

“If Mr. President doesn’t have a smooth administration, at the end of the day, who suffers? Is it, not Nigerians? Let us believe that we are all one, let us give everyone a sense of belonging,” Wike said.

On the continuous question of his stay in the PDP and if he would agree to serve in the Tinubu government, he said, “First of all, I am not lobbying for an appointment, for Christ’s sake.

“And I can’t only be important because you have given me an appointment. I mean, you should look at it very well.

“Two, Mr. President has not called me. With due respect, if Mr. President calls you and says, I want you to serve. Maybe I will ask, in what capacity do you want me to serve? And he says it, I say okay, thank you, sir.

“Look I have a political team, I have a family, I won’t just sit down without talking to anybody and say oh Yes. Look, look, I am not begging for an appointment,” he said.

The Presidential Election Petition Court sitting in Abuja on Tuesday, admitted in evidence, certified true copies of ward level results (INEC Form EC8Bs) tendered by the presidential candidate of the Labour party, Peter Obi, in 17 states.

Obi is challenging the presidential election results declared in favor of President Bola Tinubu in over 17 states and over 18,000 polling units.

His petition also cites alleged overvoting in parts of the South West.

Beginning today’s proceedings, Obi’s legal team, represented by Ben Anichebe SAN told the court he would continue with tendering of duly certified true copies of documents from INEC beginning with Form EC8Bs.

INEC Form EC8Bs is the sheet for recording and collation of elections at ward level.

Anichebe proceeded to tender duly certified INEC Form EC8Bs for Adamawa (21 LGAs), Bayelsa(8LGAs), Benue (23 LGAs), Kogi (21 LGAs), Nasarawa (11 LGAs), Niger (25 LGAs), Ondo(18 LGAs), Sokoto (23 LGAs), Delta (25 LGAs), Ekiti (11 LGAs), Imo (25 LGAs), Kaduna (21 LGAs), Oyo(27 LGAs), Cross River (18 LGAs), Edo(15 LGAs), Akwa Ibom (31 LGAs), Lagos (20 LGAs).

Lawyers representing the Independent National Electoral Commission, Bola Tinubu, Kashim Shettima and All Progressives Congress, APC raised objection to the admissibility of the documents, but would reveal their reasons later.

Nevertheless, the five-man panel of court led by Justice Haruna Tsammani admitted Obi’s documents in evidence and marked them as exhibits.

Recall that Obi’s team had already tendered polling unit results in the respective states they are contesting the results declared by INEC.

So far, they have presented one witness before the PEPC to testify on a US District Court judgement that had ordered the forfeiture of funds traced to Tinubu’s bank account, involving alleged drug deals.

Speaking to newsmen after the court rose, Anichebe said what was more important to the team is the “evidence” they are tendering before the court.”

According to him, when all their evidence are in, they would not need many witnesses to testify against INEC and Tinubu.

THE WHISTLER earlier reported that Obi’s lawyers told the PEPC that they had 50 witnesses to present.

The court had given them 3 weeks to do so and the time started running from May 30.

The proceedings have entered the 2nd week.

The World Bank has slashed the initial 2.8 per cent International Monetary Fund (IMF) projected 2023 global economic growth to 2.1 per cent as a result of uncertainties amid high-interest rates.

The flobal growth has slowed sharply and the risk of financial stress in Emerging Market and Developing Economies (EMDEs) is intensifying according to the World Bank’s latest Global Economic Prospects report released on June 6 2023.

“The Global growth is projected to decelerate from 3.1 per cent in 2022 to 2.1 per cent in 2023” the report read.

Also, in EMDEs other than China, growth is set to slow to 2.9 per cent in 2023 from 4.1 per cent recorded in the preceding year as growth projections for 70 percent of EMDEs and nearly all advanced economies have been downgraded.

“Most EMDEs have seen only limited harm from the recent banking stress in advanced economies, however they are now sailing in dangerous waters.

“With increasingly restrictive global credit conditions, one out of every four EMDEs has effectively lost access to international bond markets.

“The squeeze is especially acute for EMDEs with underlying vulnerabilities such as low creditworthiness. Growth projections for these economies for 2023 are less than half those from a year ago, making them highly vulnerable to additional shocks” the statement noted.

Speaking on the report, the World Bank Group President Ajay Banga revealed that the surest way to curtail poverty is through employment but it will be almost if growth rate is slow.

“The surest way to reduce poverty and spread prosperity is through employment and slower growth makes job creation a lot harder.

“It’s important to keep in mind that growth forecasts are not destiny, we have an opportunity to turn the tide but it will take us all working together” Banga said.

Also commenting the World Bank Group’s Chief Economist and Senior Vice President Indermit Gill said outside of East and South Asia, it is a long way from the dynamism needed to eliminate poverty, counter climate change, and replenish human capital.

He said, “In 2023, trade will grow at less than a third of its pace in the years before the pandemic. In emerging markets and developing economies, debt pressures are growing due to higher interest rates.”

Fiscal weaknesses have already tipped many low-income countries into debt distress. Meanwhile, the financing needs to achieve the sustainable development goals are far greater than even the most optimistic projections of private investment, Gill acknowledged.

He also stressed that the overlapping shocks of the pandemic, the Russian invasion of Ukraine, and the sharp slowdown amid tight global financial conditions have dealt an enduring setback to development.

Former Kaduna Senator, Shehu Sani has warned that the sex competition recently announced in Sweden should not be brought to Nigeria.

Vanguard reported on Sunday that Sweden officially declared sex as a sport and would have the first-ever European Sex Championship on Thursday.

The report disclosed that contestants will have daily sexual encounters that span for a maximum of one hour.

Reacting to the development via Twitter on Tuesday, Sani said the various sports approved by the International Olympics Committee are sufficient for Nigeria, thereby, the newly introduced one by Sweden should not be embraced.

“Don’t bring the newly invented Swedish Sport to Africa. We are okay with the ones approved by the International Olympics Committee,” Sani wrote.

Head, the Swedish Federation of Sex, Dragan Bratych had said he wished that sex would be universally regarded as a sport one day.

[Vanguard]