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Says CBN Act one of world’s best

Former Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi yesterday challenged the Nigerian National Petroleum Corporation (NNPC) to give account of the dollar inflows from its operations.

He said, “Where are the dollars? Ask NNPC.”

He spoke at the opening of the 2023 Bank Directors’ Summit with the theme: “Emerging Issues: Navigating the Complex Balance Between Regulation and Compliance”, which was organised by the Bank Directors Association of Nigeria (BDAN).

At the summit, President Bola Tinubu reiterated the commitment of his administration towards resolving all foreign exchange backlogs while promising to inject more funds into the market.

Sanusi in his remarks, also warned against any move to remove independence of CBN and subject it to political manipulations, saying this could be dangerous to the economy.

He said the CBN Act remained one of the best laws in the world, adding that the solution was not in changing the bank’s law but rather ensuring its implementation.

Speaking on the current forex liquidity challenge in the country, the 14th Emir of Kano said the question about the earning of the NNPC would continue to linger.

It would be recalled that this was the question that cost Sanusi his job during the administration of Goodluck Jonathan when he asked the NNPC to account for $20bn.

He stated that he would continue to demand answers until NNPC is properly reformed or “till I die”.

He said the current fiscal challenges resulted partly from the inability of government agencies to account for their stewardship in a transparent manner to reduce revenue leakages.

The former CBN governor particularly blamed the bank’s overdrafts to the federal government through Ways and Means for the country’s high inflation and FX woes.

Sanusi described the NNPC as the opaquest institution in the world noting that to achieve FX stability “You must follow the money as we asked in 2014”.

According to him, so much attention was being focused on the CBN that no one was demanding answers for N11 trillion subsidy payments without accountability.

He urged the CBN to always consult the banking industry in crafting its policies adding that the “Era of regulations without consultation should end”.

He said the central bank should initiate regular meetings with bank directors, adding that AMCON levy tends to be unsustainable and should be reconsidered.

The president, who was represented at the summit by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, stated that funding of liquidity in the FX market though a short-term solution remained critical for the economy at the moment.

According to him, there’s “No reason to feel that the indications that were made earlier had changed”, adding, “It just takes time”.

Tinubu said it was only a matter of time before short, medium and long-term funds are mobilised across the spectrum.

He said, “Regulator must partner with industry to promote innovations that drive financial access, and banks have a duty to embed integrity and transparency into our culture and technology systems.”

The ECOWAS Court of Justice has, on 7th December 2023, dismissed a request by the Republic of Niger for the Court to suspend sanctions imposed by the ECOWAS Authority of Heads of State and Government on Niger.

The request for interim measures is part of a broader case brought by the Republic of Niger and seven other applicants challenging the legality of sanctions imposed by ECOWAS following a military coup in the West African country in July 2023 that overthrew the government of President Mohammed Bazoum.

In the ruling delivered by Justice Edward Amoako Asante, the Court acknowledged that it has prima facie jurisdiction over the substantive application.

However, the Court ruled that it could not grant the request for interim measures since the additional requirement for the case to be prima facie admissible had not been met.

The Court explained that the Republic of Niger, as currently controlled by the military junta, lacked prima facie capacity before the Court, making the substantive application prima facie inadmissible.

The substantive application was also held to be prima facie inadmissible in respect of the rest of the Applicants within the meaning of Articles 9(2) and 10(c) of the Protocol of the Court.

At the hearing held on 21 November 2023 the Applicants represented by their lawyers Mr Moukaila Yaye and five others argued that the sanctions imposed by the Authority of Heads of State and Government of ECOWAS have had adverse effects on the Nigerien people including shortage of food, medicine and electricity, due to the closure of borders and suspension of electricity supply by Nigeria.

They asked the Court for interim orders that would compel the Authority of Heads of State and Government to immediately suspend the sanctions.

They said that ECOWAS overreacted by imposing the sanctions and that Niger was unequally and unfairly treated compared to three other ECOWAS member states (Mali, Burkina Faso and Guinea) that have experienced coup d’états in recent years.

Mr François Kanga-Penond who represented the ECOWAS Authority and other respondents in the case told the Court that the Republic of Niger is currently controlled by a military junta which seized power unconstitutionally in violation of ECOWAS legal instruments.

He argued that since such an unconstitutional government which had been denounced by ECOWAS and the international community could not be legally deemed to represent the country, both the substantive application and request for provisional measures were inadmissible. He therefore urged the Court to decline the request for interim measures.
In the substantive application, the Applicants -the Republic of Niger, six Nigerien organisations and a Nigerien national –asked the Court to declare the measures taken by the ECOWAS Authority of Heads of State and Government of ECOWAS during its extraordinary sessions of 30 July and 10 August 2023, to restore constitutional order in the Republic of Niger illegal.

They requested the Court to nullify all decisions of these ECOWAS organs imposing sanctions, including the decision to resort to military intervention in the Republic of Niger.

Dangote refinery received the first shipment of crude oil ahead of commencement of operation.

The arrival signals a significant achievement for the country’s oil industry as the long awaited $20bn plant comes on stream.

It was learnt that OTIS (crude oil) tanker carrying a 950,000-barrel cargo of Nigeria’s Agbami crude set sail on December 6 and is en route to Lekki, the nearest land port to Dangote’s offshore crude receiving terminal.

The tanker, chartered by state-owned Nigerian National Petroleum Company (NNPC), is the first of Dangote’s initial crude supplies as the giant new plant starts to ramp up operations, a West African oil trader said.

The tanker’s estimated arrival time was yesterday December 7 by 8 pm, signaling the commencement of crude supplies for the refinery operations.

Daily Trust reports that the refinery was officially commissioned by former President Muhammadu Buhari in May amidst expectations.

Following the commissioning, expectations had been high about the commencement of operation.

But the arrival of the first ship yesterday was greeted with excitement.

The Suezmax tanker, chartered by the state-owned Nigerian National Petroleum Company (NNPC), symbolises the initial crude supply to Dangote’s state-of-the-art refinery as it gears up to initiate production.

The NNPC owns a 20% stake in the refinery as it recently entered into an agreement to supply 6 million barrels of crude oil as feedstock to the Dangote refinery in December, aiming to jumpstart operations.

Agbami, operated by Chevron, stands as one of Nigeria’s major deepwater developments, boasting a daily output of approximately 100,000 b/d in the central Niger Delta. Renowned for its light sweet crude qualities with specific gravity measuring 47.9 API and sulphur content of 0.04%, Agbami yields significant proportions of naphtha and kerosene.

Further shipments from various Nigerian offshore fields to the refinery have been chartered by NNPC, signifying the beginning of a series of scheduled crude supplies throughout this month, according to the oil trader.

Designed to process multiple crudes concurrently, the refinery aims to process three Nigerian crude grades — Escravos, Bonny Light, and Forcados.

An inside source in Dangote who spoke with our correspondent yesterday as the ship was about to arrive in the Lekki Anchorage area in Lagos said the management of the refinery has set machinery in place to receive the shipment.

It was learnt that after arriving on Lekki anchorage, the management is expected to commence barging the crude.

“Hopefully, we will barge it tomorrow (today) after going through the necessary regulatory clearance. I am sure we will finalise all the clearance today. Also, there is going to be a ceremony to receive the shipment. This is a great and exciting event and an historic moment for our country,” he said.

An oil and gas expert, Jasper Nwachukwu told our correspondent that while it is exciting that the refinery is about commencing operation, there was the need to ensure domestic supply to the refinery to make the operation sustainable and much more beneficial to Nigeria.

He said as an oil producing nation, Nigeria should be the one supplying Dangote directly.

The House of Representatives has dismissed a petition to probe the alleged plan by the EFCC and DSS to re-arrest Ex-CBN Governor, Godwin Emefiele.

The petition, submitted by Philip Agbese, on behalf of the Center for Social Justice Equity And Transparency (CESJET), called for the investigation of the allegation.

However, the petition was dismissed on Thursday by the Chairman of the House Committee on Public Petition, Micheal Etaba, because the matter is subjudice.

It would be recalled that Emefiele recently got a N300 million bail alongside other conditions in his ongoing criminal case.

According to the petition by the Centre for Social Justice Equity And Transparency (CESJET), there is an alleged plot to re-arrest Emefiele after perfecting his bail.

At the hearing, the legal representative of EFCC, Sylvanus Tahir argued that since the former CBN Governor’s case is still in court, it would be inappropriate for the House to hear the case.

He explained that Emefiele’s lawyer would have filed a case of contempt if the allegation were true.

“I am wondering whether it is appropriate, given the fact that it borders on a subsisting court matter, for this committee to by way of a public hearing dive into the matter. More so, Emefiele is heavily represented by very senior lawyers in this matter including Senior Advocate of Nigeria (SAN),” he said.

The representative of the Nigerian Correctional Service, Nwakeze Emmanuel, also denied the allegation.

Following the presentations, the panel dismissed the petition.

The National Youth Service Corps announced on Thursday that two more of the abducted female prospective corps members have been released, bringing the total number freed so far to four out of the eight taken hostage along with their bus driver in August.

The two women were abducted by gunmen in Zamfara while travelling from Akwa Ibom to the orientation camp in Sokoto.

According to a statement on Thursday, efforts by the Nigerian Army recently secured the release of a male and a female abductee.

The NYSC Director-General, Brig.-Gen. Yush’au Ahmed, noted that negotiations are ongoing for the safe return of the remaining captives.

“The scheme, in conjunction with security agencies, will explore every available strategy to ensure their release unhurt and reunite them with their families,” the Director of Press, Eddy Megwa stated.

The NYSC expressed appreciation for the support from the Nigerian Army so far in working towards freeing the prospective corps members as they remain resolute in their responsibility of promoting national unity and integration.

“NYSC management also wishes to appreciate the overwhelming support received from the Nigerian Army in its concerted efforts towards securing the release of the abducted prospective corps members,” Megwa added.

He reiterated the scheme’s determination to remain resolute in its statutory responsibility of fostering national unity and integration.


Hon. Eshi Auta, a personal assistant to the Deputy Governor of Nasarawa State, Dr. Emmanuel Akabe, narrowly escaped an abduction attempt. 

According to reports, the suspected kidnappers attacked Auta on his way home on Wednesday night, December 6, 2023.

The incident happened around Tudun Kauri area of Lafia, the state capital.
Auta, who sustained injury during the attack was rushed to Dalhatu Araf Specialist Hospital (DASH), Lafia where he was treated and subsequently discharged.
One Bulus Joseph, who confirmed the incident said the gunmen made away with the victim's mobile phone.
"Please Pray along with Hon. Eshi Auta P A to deputy governor as he escaped from the hand of kidnappers on his way home yesternight. Note that his smart phone was taking so do away any form of transaction or calls from His Glo And Airtel line thanks. May God grant him speedy recovery,” he wrote.

The Nigeria Labour Congress on Thursday revealed that it is the sole sponsor of its president’s trip to the United Nations Climate Change Conference COP 28 held in Dubai.

This is coming after various reports, claimed that the NLC President Joe Ajaero was compensated with the trip by the Federal Government following his assault in Imo state.

Recall that Ajaero accused the Imo state government of his assault and kidnap in Owerri, the state capital, on November 1, 2023.

In a statement signed by the NLC Head of Information and Public Affairs, Comrade Benson Upah and made available to THE WHISTLER, he said, “A falsely contrived media innuendo circulated in social media has been brought to the attention of the Nigeria Labour Congress.

“The badly cooked media propaganda tried to present the participation of the NLC President, Comrade Joe Ajaero, at the Conference of the Parties in Dubai as a gift from the government.

“The yellow light report dubbed the trip by the NLC president as compensation after he survived a barbaric assault at the hands of agents of the state in Imo State.

“Nothing can be farther from the truth. The NLC is participating in the Conference of the Parties (COP 28) held in Dubai, United Arab Emirates as part of the NLC’s commitment to defending workers’ interests concerning the impact of Climate Change on the livelihood of workers especially with regards to the Just Transition.

“The president’s trip and that of the NLC Focal Person on Climate Change, Comrade Eche Asuzu, was fully paid for by the NLC with NLC participating in the Conference of the Parties since 2009”.

Speaking further, Upah said that the congress decided to harness opportunities of COP 28 to present the research work of the NLC Climate Change Program on Just Transition, which covers Nigeria’s seven priority sectors.

The NLC president also called for the re-training, upskilling and re-skilling of workers to prepare them for the transition from fossil fuel economy to green energy pathways, while demanding adequate social protection measures for workers who may not be able to transit.

Mobile Money Operators (MM0s) and Financial Technology firms have reacted to the new directives from the Nigeria Inter-Bank Settlement System (NIBSS) for banks to remove Payment Solution Service Providers (PSSPs), Switches and Super Agents from its outward transfer list.

NIBSS in a circular with reference number, NIBSS/BD/NUP0/005/051723, directed banks to disconnect PSSPs, Switching Companies (Switches) and Super Agents from NIBSS Instant Payment (NIP) Outwards System.


NIBSS said non-deposit financial institution using the NIP were doing so in contravention of the Central Bank of Nigeria guideline.

The development led to panic from customers who deposited their monies in MMO like Piggyvest and Opay.

“Kindly note that PiggyVest is not affected by the recent NIBSS circular. Please disregard the misinformation.

“All PiggyVest virtual account numbers are provided by our licensed partners and do not fall into any of the listed categories. Your funds remain safe,” PiggyVest said while responding to panic.


“The focus is on Payment Service Solution Providers, Switches and Super Agents.

“OPay is a Mobile Money Operator (MMO) licensed by the CBN and insured by the NDIC. Your funds are safe and secure with OPay.”

Kuda Bank said it is not affected by the recent circular from NIBSS.

“The circular mentions ‘Switches, Payment Service Solution Providers and Super Agents.’ We’re a licensed microfinance bank, so we don’t belong to any of the groups mentioned. Your money remains safe with us.”

Similarly, Cowrywise said, “The changes do not affect Cowrywise in any way, and your funds are safe and accessible as always.”

President Bola Ahmed Tinubu has assured the nation that whoever is found culpable of the bombardments of Tudun Biri village that killed over 90 villagers will be punished accordingly.
The president has also assured that All the victims will be taken well care of under the Folako Initiative which will commenced by this month.

According to him, the community will be the first community to be rebuilt under the new intiative.

Represented by the Vice President Kashim Shattima made the statement on Thursday shortly after visiting the victims at Barau Dikko Teaching Hospital to condole them over the unfortunate incident.

He explained that the federal government remain committed to the fight against banditry accross the region.

“The President Bola Ahmed Tinubu sent us to commensurate with the people of Kaduna Over the tragic incident .The calibre of people that are here with me is a testimony on how deeply touched the president was by the incident .

“The President was deeply touched by what happened we will like to assure the people and government of Kaduna State that the government will take measures to protect and preserved the interest of our nation.

“The victims will be taken well care of under the Fulako Initiative which will commenced by this month and this community will be the first to be rebuilt in north west zone.

“All measured will be taken to ensure that future occurance are averted . Government will go to the root of the issue and anyone found culpable will be punished accordingly,” he said.

Yoruba Nation agitator Sunday Igboho finally broke silence on the reports that he transformed into a cat during a midnight raid conducted by the Department of State Services (DSS) on his residence in July 2021.

Igboho, in an interview with Punch, debunked the report, saying nothing like that happened during the DSS raid.

He said the DSS indiscriminately fired bullets during the raid, leading to the deaths of several cats.

The activist said the DSS mission was to either kill or arrest him and take him to an unknown destination.

He said, “It is true that some cats were killed during the attack? Because the DSS just kept firing bullets in all directions. I was rearing cats as pets, and I had many of them in my house. So, anything or movement attracted sporadic gunshots.

“Their mission was to either kill me or arrest me and take me to an unknown destination, but the Almighty God is greater than anybody in this world, including the despotic ex-President Muhammadu Buhari.

“My God and providence put Buhari to shame with the lawless invasion of my home because they all failed to achieve what they came for. I didn’t turn into a cat to escape.”

Meanwhile, Igboho said he is unaware if the DSS brought three herbalists during the raid because the bullet fired for several hours at his residence caused fear and commotion.

He said, “I wouldn’t know that because the DSS stormed my residence at midnight, causing fear and commotion in the whole of the Soka area of Ibadan and releasing a volley of bullets for several hours.

“In that atmosphere of confusion and violence, how do you expect me to be checking if they came with herbalists or pastors? There couldn’t have been time for that.”

When asked to clarify the report of stockpiling guns in his house, Igboho said, “That’s very far from the truth. How can I stockpile guns in my house?

“All those allegations are phantoms and cooked up by the DSS just to implicate me in a planned or trumped-up criminal trial.”