Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama, Abuja, on Thursday, adjourned till November 27, 2024, the arraignment of the immediate-past governor of Kogi State, Yahaya Bello.

He is facing trial in the fresh 16 charges preferred against him by the Economic and Financial Crimes Commission.

Bello, and two others – Shuabu Oricha and Abdulsalami Hudu, are facing prosecution bordering on criminal breach of trust, and conspiracy to commit an offence to the tune of N110.4bn.

EFCC counsel, Jamiu Agoro, at the resumed hearing, asked the court for an adjournment to enable Bello to be present in court for his arraignment, since the order of the court given on October 3 had not elapsed.

According to the prosecution, the 30-day window issued by the court was still running for the summons earlier issued.

Recall that the court had issued a public summon for Bello to appear before it to answer the 16 new charges pending against him.

Justice Anenih issued the summons after the EFCC filed an application claiming inability to serve Bello with the charge filed on September 24.

Justice Anenih, in a ruling, ordered the EFCC to publish the public summons in a widely circulating newspaper.

She also ordered the EFCC to paste copies of the public summons on Bello’s last known address and in conspicuous places on the court premises.

While Agoro prayed to the court for an extension of time for Bello to appear in court for his scheduled arraignment, he also craved the indulgence of the court to grant an order to paste a hearing notice at his residence.

Agoro said “I will humbly pray to your lordship for the extension of time for the first defendant who is supposed to appear before your lordship to be in court.

“We feel it will not be appropriate for us to take proceedings while the 30 days is still running.

“My Lord, I also want to pray that in the event that your lordship is magnanimous to grant this request the court approves the same to paste a hearing order at the last known address of the first defendant.

“The last known address of the first defendant is No 9, Benghazi Street, Wuse Zone 4. My Lord, that is our humble application.”

Meanwhile, Bello’s co-defendants (Oricha and Hudu) were granted administrative bail by the anti-graft agency.

Counsel for the second defendant, Aliyu Saiki (SAN), who confirmed that his client had been granted administrative bail by the prosecution, said he had no objection to the application for adjournment.

The third defendant’s counsel, Z. E. Abass, was in compliance with Saiki’s submission.

They also prayed the court to continue to allow their clients to enjoy the administrative bail granted them.

The prosecution counsel afterwards, prayed the court for an adjournment.

He informed the court that a discussion had been had with the defence team and they had agreed to come back on the 27th day of November 2024.

He also said the 20th of November date earlier given was not convenient for him.

After listening to all the parties, the judge granted EFCC’s application for adjournment.

She also granted the request to paste the hearing notice at his residence.

The trial judge adjourned the case to November 27 for arraignment.

She said “I have considered the application for adjournment by the complainant and issuance of hearing notice and the submission by the second and third defendants. The application is granted.”

MultiChoice Group Limited has written off $21m deposited in Nigeria’s Heritage Bank following the financial institution’s liquidation earlier this year.

This disclosure was contained in the company’s interim financial statements for the half-year ending September 30, 2024.

The sum was classified as irrecoverable after the Central Bank of Nigeria revoked Heritage Bank’s operating licence, effectively shutting down the institution.

The financial statement document read, “Following the revocation of Heritage Bank’s banking licence by the Central Bank of Nigeria on 3 June 2024 and its subsequent liquidation, the group wrote-off its receivable relating to the cash held with the bank.”

MultiChoice’s decision to write off the funds underlines the difficulties faced by businesses navigating Nigeria’s financial sector, particularly amidst an unstable economic climate.

Nigeria remains a challenging terrain for MultiChoice, with the group grappling with soaring inflation, and a continuously depreciating naira.

The company also reported lower cash remittances from Nigeria, extracting only $65m during the period under review, compared to $91m in the same period last year.

Exchange rate losses further compounded the financial strain on the group’s operations in its largest African market.

It noted, “The further depreciation of the naira against the US dollar has resulted in further foreign exchange losses on non-quasi equity loans (on the USD-denominated intergroup loan from MultiChoice Africa Holdings B.V. to MultiChoice Nigeria Limited), contributing to the ZAR2.1bn (1H FY24: ZAR2.4bn) recognised in the condensed consolidated income statement.

“The group extracted USD65m from Nigeria in the period (1H FY24: USD91m) at an average rate of NGN1,516:USD (1H FY24: NGN794:USD), incurring extraction losses of USD1m or ZAR20m (1H FY24: USD28m or ZAR518m) in the process.

“The group held USD11m in cash in Nigeria at period-end, down from USD39m at end FY24, a consequence of consistent focus on remitting cash, the impact of translating the balance at the weaker naira and the write-off of the USD21m receivable relating to the cash held with Heritage Bank before its license was revoked and the bank was liquidated.”

The firm also noted that Nigeria accounted for 63 per cent of the MultiChoice Group’s subscriber losses in its Rest of Africa segment since FY23.

The decline, largely driven by severe economic pressures including inflation and the weakening naira, highlights Nigeria’s substantial contribution to the overall reduction in the subscriber base.

From FY23 to 1H FY25, active subscribers in the Rest of Africa dropped significantly, with Nigeria showing a net loss of 1.1 million.

Multichoice Group, owners of DSTV, had earlier said that it had an account balance of N31.6bn with Heritage Bank, before the bank’s liquidation.

The PUNCH recently reported that the Nigeria Deposit Insurance Corporation announced plans to sell off properties and assets belonging to the defunct Heritage Bank in a bid to recover funds for uninsured depositors.

This move, which the NDIC describes as crucial, is part of its statutory mandate as the liquidator of failed banks under Section 62(1)(d) of the NDIC Act, 2023.

The exercise, scheduled to begin on December 4, 2024 will involve competitive bidding for the bank’s landed properties and chattels located at 36 sites nationwide.

Nollywood movie marketer, Kazim Adeoti, has spoken about criticism surrounding his marriage to actress Mercy Aigbe.

Naija News recalls that in January 2022, Mercy unveiled Adeoti as her husband, after which the first wife to the filmmaker, Funsho Adeoti, accused Mercy of snatching her husband.

However, Kazim defended his decision to marry a second wife, citing his Muslim faith.

Speaking on the controversies surrounding his marriage, Kazim, in an interview with journalists at the National Film and Video Censors Board’s (NFVCB) 4th Peace Ayiam Osigwe (PAO) Nigeria Digital Content Regulation Conference on Thursday in Lagos, said as a public figure, he cannot control others’ opinions or narratives about his marriage.

Kazim added that he stays focused on his work, believing the end justifies the means.

He said, “When you find yourself in the public domain, you cannot really control a whole lot of opinions or narratives. What is most important is for you to be focused and at the end of the day, the end justifies the means.” 

Kazim also discussed the challenges facing the Yoruba movie industry, highlighting funding as a significant obstacle.

According to the movie producer, collaboration and adequate funding are essential to producing high-quality movies that showcase original storylines and talented actors.

He added, “I think it is more of a collaboration issue because we have what it takes to shoot good movies. When it comes to the storyline, the originality, telling our real stories and fantastic actors, we have it all.

“But in most cases, what we are lacking is the funding and that is what limits our bringing those stories into reality. This is because we know if we do it this way, this is how it should be done but when we do not have the adequate funding, it limits the job.”

The First Lady of Nigeria, Senator Oluremi Tinubu has charged youths in the country not to push aside the admonition and advice from parents and the elders.

Naija News reports that the former Senator stated this while speaking on Thursday at the One Day workshop for women and youth on corruption prevention organized by the Independent Corrupt Practices and other Related Offences Commission, ICPC, in Abuja.

The First Lady pointed out that the fight against corruption must begin in the homes where mothers must be at the forefront of the battle.

She said: “We must move beyond the desire to have our voices heard and step into roles where our actions are impactful. Let us take a moment to reflect on the words of our elders: ‘it takes a village to raise a child’. In the same vein, it takes the collective will of the entire nation to defeat corruption”.

Senator Tinubu urged mothers to take their role as nurturers more seriously especially as corruption is a societal challenge that strikes at the heart of development.

Mrs Tinubu said: “This menace is seen in every sector, from the trader in the market, to the private sector, government agencies, the judiciary and even in places of worship to mention a few and age is no barrier. It is for all of us and for the future of our beloved country, that we must remain resolute in our efforts to combat this scourge. We cannot leave this battle to government agencies alone.

“It is time for us to take our place as mothers, grandmothers, aunties, sisters, leaders and reformers to do the needful. Women are nurturers but recently, we have left our children to raise themselves with the excuse of providing a better life for them.”

In his address the chairman of the ICPC, Dr Musa Adamu Aliyu, emphasized that the fight against corruption is one that the commission is determined to win and this is the reason for adopting the approach of involving mothers, youth and other critical stakeholders.

There were goodwill messages from representatives of the youth, Code of Conduct Bureau, JAMB and security agencies among others.

The registrar of JAMB, Prof Ishaq Oloyede in his message noted that the mothers have a crucial role to play in ensuring that corruption is not integrated or perpetuated in the upcoming generation.

On the part of the Commissioner for Youth, Kogi State, students must move from protests to participation.

Eight governorship candidates of various political parties have declared support for the Ondo State Governor, Lucky Aiyedatiwa, ahead of the state gubernatorial election.

Naija News reports that Aiyedatiwa, the candidate of the All Progressives Congress, APC, in the election, stated this on Thursday in Akure during an interactive event organised by the Special Engagement Committee of the APC National Campaign Council.

Aiyedatiwa declared that the eight governorship candidates who declared support for him showed that the people of the state were with the APC.

The Governor appealed to his supporters not to relax until he is victorious in Saturday’s governorship election.

Aiyedatiwa said that the remaining hours before the election should be used to intensify the mobilisation drive towards delivering victory for the party.

He said, “We have only one agenda ahead of us; that is to deliver the victory on Saturday because we have campaigned across the state and listened to the plights of the people.

“Let us go back to our communities and continue the work; we must not be complacent; there are still works to be done and we must be ready to finish the work for ultimate victory.

“Just this morning, eight governorship candidates have declared support for us ahead of the election and that should tell us that the people are with us.” 

The Governor added that when elected, he would deliver on his promises to the people towards the development of the state.

Victor Osimhen scored a second-half goal to secure a 1-1 draw for Nigeria against the Benin Republic in their 2025 Africa Cup of Nations (AFCON) qualification match.  

The Super Eagles had to dig deep to rescue a point against the Beninese at the Stade Felix Houphouet-Boigny, Cote d’Ivoire, on Thursday.

Nigeria qualified for the 2025 AFCON before the ball was kicked against the Benin Republic. The team’s participation at the next AFCON was confirmed after Libya defeated Rwanda 1-0 minutes before the game.

However, the Beninese, led by Gernot Rohr, former Super Eagles head coach, needed a win to ensure a place in Morocco, and they made clear to Nigeria that they wanted the game more from the first whistle blast.

Victor Osimhen started his first game for the Super Eagles since the AFCON final in Cote d’Ivoire early this year. His inclusion in the squad added more threat to the Nigerian attack in the first few minutes. He almost assisted a goal for Alex Iwobi, but the Fulham midfielder could not sort his legs out after Osimhen headed the ball down for him inside the Benin Republic goal area.

Shortly after, Kelechi Iheanacho sent Osimhen through on goal, but the Beninese goalkeeper, Danjinou, beat the Galatasaray striker to the ball. The keeper’s flailing boots also caught Osimhen, who was in pain for a few minutes.

Benin Republic leveraged the numerical advantage and grabbed the game’s first goal. A short corner led to a cross floating into the Nigerian goal area. Mohamed Tijani was unmarked, and his header sent the ball between Stanley Nwabali’s leg and into the Nigerian goal.

Osimhen had an opportunity to reply immediately, but his glancing header sailed millimetres wide.

After halftime, Eguavoen brought on Raphael Onyedika and Moses Simon as the Eagles continued to find solutions to the troublesome Beninese defence.

The answer came only after 81 minutes, with Osimhen buying himself a little space inside the box before powering a header off a brilliant cross from Moses.

The strike was Osimhen’s 23rd goal for the Super Eagles. He equals Segun Odegbami’s tally as the second on the team’s all-time goalscorers chart.

With 11 points, the Super Eagles are assured of a top-spot finish in Group D of the qualifier. They face Rwanda in their final game of the qualification campaign in Uyo on Monday.

The Securities and Exchange Commission (SEC) says the investments and securities bill (ISB) 2024 is proposing a penalty of not less than N20 million or 10 years imprisonment or both for ponzi scheme operators.

Emomotimi Agama, director-general of SEC, spoke at the public hearing of the bill on Thursday in Abuja.

Agama said the bill also prescribed stringent jail terms and other stiff sanctions for the promoters of ponzi schemes.

He said the commission introduced an express prohibition of ponzi and pyramid schemes and other illegal investment schemes to prevent illicit fund managers from fleecing unsuspecting Nigerians of their funds.

Agama also said the commission had observed areas which required review in the ISB 2007 to strengthen existing provisions, remove ambiguities, and introduce new provisions that would enhance the international competitiveness of the Nigerian capital market.

“A vital provision in the bill is the new stipulation that the Investor Protection Fund (IPF) set up by the securities exchanges would compensate investors who suffer pecuniary losses arising from the revocation or cancellation of the registration of a dealing member firm,” he said.

“In the extant law, compensation from the IPF is limited to instances of ‘bankruptcy’, ‘insolvency’ or other acts of ‘negligence’ by a dealing member firm.

 

“This bill also contains an entirely new part which provides for the regulation of Commodity Exchanges and Warehouse Receipts.

“These provisions are essential for the development of the entire Commodities ecosystem.

“There is no doubt that Nigeria needs and deserves a world-class capital market to facilitate on-going economic diversification.

“The passage and enactment of the Investments and Securities Bill will be a pivotal step in this direction.”

‘BILL WILL RESHAPE NIGERIA’S CAPITAL MARKET’

In his remarks, Senate President Godswill Akpabio, said the ISB 2024 was a beacon of hope for the nation’s economic landscape.

Akpabio, represented by Binos Yaroe, senator representing Adamawa, said the country is taking a bold step toward modernising its financial market and fostering transparency by repealing the ISB Act 2007.

He said the bill is designed to create a robust and equitable environment for investments to thrive in an increasingly competitive global economy.

On his part, Osita Izunaso, chairman of the senate committee on capital market, said a well-developed capital market which serves as the bedrock for long-term capital raising and industrial development, is imperative.

Izunaso said the capital market requires a strong legal framework that conforms to the evolving societal and global realities.

“You will all agree with me that fintech has caused a lot of disruptions in the capital market in recent years such that digital assets platforms are fast gaining ground as a critic aspect of the capital market ecosystem,” he said.

“Having operated the ISA 2007 for over 15 years, it has, therefore, become apparent that the law requires holistic review in order to strengthen its existing provisions, remove ambiguities, and introduce new provisions that will enhance the international competitiveness of the Nigerian capital market.”

Izunaso said the bill would help reposition the market strategically to fulfil its role as a critical segment of the Nigerian financial system.

The ECOWAS court of justice has dismissed a suit filed by the Socio-Economic Rights and Accountability Project (SERAP) seeking N50 million compensation from the federal government for each victim of the Abuja-Kaduna train attack. 

In March 2022, gunmen attacked an Abuja-bound Kaduna train with over 970 passengers onboard.

Many passengers were killed, several persons injured, while 61 were abducted during the attack.

All the abducted passengers were released at various intervals, with the latest batch freed after seven months.

Following the attack, SERAP filed a suit before the ECOWAS court against the federal government on behalf of some of the victims.

However, in the ruling on Thursday, the court held that SERAP’s claims were inadmissible because they failed to meet the “victim status” requirement essential for litigation under Article 10(d) of the same protocol.

Dupe Atoki, who delivered the judgement, described the case as “unsuitable as a public interest litigation” because the victims were “identifiable individuals rather than an indeterminate public group”.

 

“The court recognises its jurisdiction to hear the case as it involved potential human rights violations within a member state, in accordance with Article 9(4) of the ECOWAS Supplementary Protocol,” the court ruled.

“However, the court determines that the case does not meet the criteria for a public interest action, or actio popularis, which requires that the alleged violations affect a large, indeterminate segment of the public or the general public itself.”

The court added that the reliefs sought by the claimants, including specific monetary compensation, should have been directed at the identifiable victims of the attack, rather than the public at large.

In April, the Nigeria Police Force (NPF) announced the arrest of Ibrahim Abdullahi, the suspected mastermind of the fatal train attack.

President Bola Tinubu has appointed Daniel Bwala, the spokesperson for the Atiku Abubakar campaign in 2023, as his special adviser on public communications and media.

Bayo Onanuga, special adviser to the president on information and strategy, said in a statement on Thursday that Tinubu also appointed Olawale Olopade as the director-general (DG) of the National Sports Commission (NSC) and Abisoye Fagade as the director-general of the National Institute for Hospitality and Tourism.

The president also appointed Adebowale Adedokun as the DG of the Bureau of Public Procurement (BPP).

“Olopade, the new director-general of the National Sports Commission, is a sports administrator with many years of experience in the sector,” the statement reads.

 

“He served as commissioner of youth and sports in Ogun state and was chairman of the local organising committee of the 2024 national sports festival.

“The new director-general of the National Institute for Hospitality and Tourism, Dr. Abisoye Fagade is a marketing communication professional. He is the founder and managing director of Sodium Brand Solutions.

“Adedokun, the new helmsman of the Bureau of Public Procurement, was the director of research/training and strategic planning at the bureau before his appointment.

 

The special adviser on public communications and media, Mr. Daniel Bwala is a lawyer and notable public affairs analyst.

“The president enjoins the newly appointed officers to discharge their duties with dedication, patriotism, and excellence.”

In January, Bwala said he would appreciate it if Tinubu offered him any form of appointment.

Bwala said he was not supporting Tinubu’s administration because of an appointment.

 In the buildup to the 2023 elections, Bwala dumped the All Progressives Congress (APC) to join the Peoples Democratic Party (PDP).

The lawyer had said that he was committed to supporting Tinubu’s administration to succeed.

During a visit to the president, Bwala said if supporting the president would take him back to the APC, “so be it”.

The Nigerian National Petroleum Company (NNPC) Limited says Nigeria’s oil production has reached 1.8 million barrels per day (bpd).

According to NAN, Lawal Musa, NNPC chief production war room officer, spoke during a briefing on the national oil company’s production on Thursday.

Musa, who doubles as a senior business advisor to Mele Kyari, NNPC group chief executive officer (GCEO), said the increased oil production followed the continuous dislodgement of pipeline vandals and crude oil thieves.

He said the achievement was based on the partnership between the leadership of the company, stakeholders, and security agencies.

“We achieved this because of the clear mandate by President Bola Tinubu to ramp up crude oil production in the country,” Musa said.

On November 11, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said Nigeria’s current production level, including crude oil and condensates, has reached 1.8 million barrels per day (bpd), up from 1.54 million bpd in September.

Enorense Amadasu, executive commissioner of development and production at NUPRC, said there are plans to raise the figure to 2 million bpd by year-end.

Amadasu said the country’s crude oil and condensate output is expected to increase amid a plan to open bids for 31 onshore and offshore oil blocks.

The next day, the Organisation of Petroleum Exporting Countries (OPEC) said Nigeria’s average daily crude oil production, excluding condensates, increased marginally to 1.33 million bpd in October.