The Central Bank of Nigeria (CBN) has reduced the Loan-to-deposit ratio (LDR) of banks to 50 per cent from 65 per cent.

The apex bank made this known in a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the Real Sector of the Nigerian Economy”.

The circular was signed by the Acting Director of the Banking Supervision Department, CBN, Adetona Adedeji.

In a bid to increase lending to the economy especially Small and Medium Enterprises, SMEs, retail mortgage and consumer loans, the CBN on July 3, 2019, increased Banks’ LDR to 60 per cent from 57 per cent.

The LDR was further raised to 65 per cent in January 20020.

The reduction in the LDR according to analysts at Afrinvest Securities is to allow banks to comply with the Cash Reserve Ratio, CRR of 45 per cent.

They said, “Today, the CBN in a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the Real Sector of the Nigerian Economy” announced a scale down of the Loans to Deposits Rate (LDR) by 15.0ppts to 50.0% – reversing previous threshold set by the past CBN administration in January 2020.

“In our view, this downward review of LDR allows banks to comply with the 45.0% CRR directive, and eases off pressure on the lenders considering the restrictive nature of other CBN directives including the Net Open Position (NOP) ceiling of 20.0% short and 0.0% long. Thus, we believe this policy would enhance the ability of banks to sweat out assets without creating unnecessary risks.”

The CEO of Rainoil Limited, Gabriel Ogbechie, disclosed that the Nigerian government has resumed the controversial payment of fuel subsidies, now estimated at about N600 billion monthly, due to the recent devaluation of the Naira.

This statement was made during the Stanbic IBTC Energy and Infrastructure Breakfast Session in Lagos, stirring significant discussions on the nation’s economic and energy policies.

Return of the Subsidy

Mr Ogbechie detailed the resurgence of the fuel subsidy following the adjustment in foreign exchange rates. “When Mr. President came in May last year, one of the things he said is that subsidy is gone. And truly, the subsidy was gone because immediately, the price of fuel moved from 200 to 500 per litre. But a few weeks later, the government devalued the exchange rate, and the Dollar moved to about N750. At that point, the subsidy was beginning to come back,” Ogbechie explained.

He further highlighted that with the official closure of the dual exchange rate markets and the consolidation to about N1,300 per dollar, the subsidy on petrol was unmistakably reinstated. “The moment the two markets officially closed, officially the market went to about N1,300. At that point, that conversation was out of the window. Subsidy was fully back on petrol,” he emphasized.

Subsidy Calculations and Implications

Ogbechie broke down the current subsidy figures, stating, “If you look at our daily consumption, say 40 million liters, and we’re spending N500 per liter, that is about N20 billion every day, N600 billion every month, and 7.2 trillion yearly depending on how we look at it. So, subsidy is definitely back on petrol.” These numbers not only highlight the financial magnitude of the subsidy but also underscore the economic pressures faced by the Nigerian government in maintaining fuel price stability.

Government and Public Perspectives

The reimplementation of the fuel subsidy has sparked debates across various sectors. The former governor of Kaduna State, Nasir El Rufai, echoed concerns by stating that the federal government is spending more on petrol subsidy than before. Meanwhile, Mrs. Olu Verheijen, Special Adviser to the President on Energy, elucidated the government’s stance, “The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.”

She added, “If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently, and that does not negate the fact that subsidy has been removed.”

NNPC’s Position

Contrarily, the Nigerian National Petroleum Corporation (NNPC) has maintained that no subsidy is paid to its account from the federal government. Mele Kyari, GCEO of NNPC, stated in August 2023, “I told you there’s no subsidy whatsoever, we are recovering our full cost from the products that we import. We sell to the market, we understand why the marketers are unable to import. We hope that they do this very quickly, and these are some of the interventions the government is doing. There is no subsidy.”

…assures of safety of lives, property, peaceful conduct of primaries

Police detectives in Ondo state, have arrested two members of the All Progressive Congress, for printing fake membership cards ahead of the Saturday’s governorship primary election.

A statement by the state police commands spokesperson, Funmi Odunlami, in Akure, gave the name of one of the suspect as Ariyo Ajiroba.

The statement read that “On Wednesday, 17th April, 2024, the Police received an intel that one Mr Ariyo, a transporter in Ondo town was registering APC Party members at his residence ahead of the party primaries slated for 20th of April, 2024.

“Police personnel from Yaba Divisional Headquarters led by an Assistant Superintendent of Police visited the house and recovered the following items from the scene, APC party’s registration booklets, list of names of purported party members of ward 7 Ondo, 53 passport photographs of different individuals, jotter containing with names, two exercise books with names and phone numbers of people and two slips of a registered form.

“Two suspects have been arrested and are assisting the Police with necessary information to apprehend others involved in this cynicism.

“The Commissioner of police, Abayomi Oladipo, admonishes all political aspirants to caution their supporters whose acts can stir the hornet’s nest in the state.

Odunlami added that “The CP also ordered total clamp down on incendiaries no matter whose ox is gored, as the Command has spread its tentacles to all nooks and crannies of the State to ensure safety of lives and property and peaceful conduct of the party primaries in the State.”

Recall that that seven of the governorship aspirants have raised the alarm over the printing of fake membership cards.

APC primaries: All eyes on Tinubu's anointed candidate in Ondo as contesters slug it out
The governorship aspirants include Olusola Oke, Wale Akinterinwa, Diran Iyantan, Dayo Faduyile, Gbenga Edema, Jimi Odimayo and Senator Jimoh Ibrahim.

They warned that “the development might hamper the outcome of the shadow election on April 20.”

In a petition letter addressed to the national chairman of the party, Umar Ganduje, the aspirants said “despite paying N300 million into the coffers of the party to cover the annual dues of all party members, the exercise was not transparent to our satisfaction, as most of the genuine party members could not revalidate their membership cards.

Their letter reads, “We, the undersigned, are aspirants from the South senatorial district of Ondo State who have collected forms to participate in the forthcoming Ondo State gubernatorial primary election slated for April 20, 2024.

“We have noticed some issues of concern in respect of the said primary election, which, if not resolved quickly, may hinder the smooth running of the primary and may be detrimental to a free, fair, credible, and acceptable election.

“One of the issues is the revalidation of the membership register to be used for the primary election.

“While we commend the position of the party to revalidate the existing membership register, which is the certified true copies, as certified by INEC, and based on this directive of the party, as aspirants, we have paid over N300 million to the coffers of the party to cover the annual dues of all party members whose names appear on the register.

“Unfortunately, the exercise was shrouded in so much secrecy that a lot of our party members, especially our numerous supporters, could not have their membership cards revalidated before the committee that came from the headquarters left Ondo State for Abuja.

“We have been inundated by reports that a particular aspirant has gone ahead with massive printing of fake party slips, which he has distributed to a lot of people who are not even our party members.

“The intention of this aspirant is to corrupt the integrity of the membership register on the day of the primary by making the accreditation of party members impossible as non-party members have already been recruited to flood the venues of the primary election that day.

“This massive and pervasive production of the membership cards will certainly precipitate a situation where everyone holding membership cards, notwithstanding that their names are not on the register, will be allowed to vote without accreditation. Voting without accreditation remains illegal and unacceptable.

“Mr. Chairman should note that Section 77(2)(3) of the Electoral Act, 2022, makes it mandatory for all political parties to have a credible membership register, which must be submitted to the Independent National Electoral Commission, INEC, and certified by it, not later than 30 days before the Congress.

“To avoid any legal or constitutional conundrum, we advise that the party make accreditation of party members mandatory at the election venue and that every member of the party whose name appears on the membership register already certified by INEC should be allowed to vote once he or she is able to present his or her membership slip for accreditation.

“It is therefore our prayer that the leadership of the party make available to us the membership register already validly certified by the Independent National Electoral Commission, INEC, as the only lawful register to be used by the party for the conduct of the primary election slated for April 20, 2024. No other register can lawfully be used for the said election.”

Popular businessman and socialite, Emeka Okonkwo, aka E-Money, has pledged to take care of the children of late Nollywood actor, Junior Pope.

Recall that Junior Pope and three others lost their lives after their boat capsized on the Anam River in Anambra State while returning from a movie location.

Mourning the late actor, E-Money revealed that Junior Pope’s last words were about his commitment to train his three sons.

He promised to fulfil the late actor’s wish by taking over the responsibility for his kids.

On his Instagram page, E-money wrote: “It has been one week since you departed from this world, leaving behind a profound sense of loss that reverberates not only among us but also across Africa and beyond.

“Your presence, as both a friend and a brother, is deeply missed, JP. The weight of your absence bears heavily upon our hearts, yet we draw comfort from the belief that God will grant us the resilience to carry forward and uphold the legacy you’ve entrusted to us.

“We tenderly remember your final words on the boat, ‘Na only me dem born, I get 3 children na me go raise them,’ and we solemnly commit to honoring that vow.

“Your children now find solace in the embrace of the Okonkwo family, and we, as members of that family, pledge to nurture them as you would have wished. Your absence leaves a palpable void, JP, and your memory will forever be held dear. Rest peacefully, knowing that you are deeply cherished, and may God’s blessings encompass your soul, your family, and all who hold you in their hearts.”

A few days after the commemoration of the 10-year anniversary, another Chibok girl, Lydia Simon, has been rescued by troops of Operation Desert Sanity III, North East Operation Hadin Kai.

She was rescued with her three children by the troops of 82 Division Task Force Battalion in Ngoza LGA of Borno State, yesterday.

Sources told Vanguard that, Lydia, who was on serial number 68 among the abducted missing girls, escaped from the camp of Ali Ngulde in Mandara Mountain, where she was held in captivity for several years.

She surrendered to troops of 82 Division Task Force Battalion at Ngoshe in Gwoza LGA. The rescued Chibok girl was five months pregnant and claimed she was from Pemi Town in Chibok.

The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves.

He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex), fueling speculations that the apex bank pumped forex into the market to dwarf demand pressure and shore up the value of the local currency.

Speaking at the on-going Spring Meetings of the IMF the World Bank, Cardoso said that his team at the apex bank is determined to nurse a foreign exchange market ruled by the principle of willing buyers-willing seller.

He also said that Ways and Means (federal government borrowings from CBN) is no longer an issue, particularly after the fiscal authorities securitised the outstanding.

His words, “Defending the Naira, from every indication is an elephant in some rooms. I will make this as clear as possible. It is not our intention to defend the Naira. Much as I have read in the recent few days some opinions about what has happened in terms of our reserves being drawn down, the CBN Defending the Naira, if you take your mind to our philosophy and policy, you will see it will be counter intuitive. We want the Naira to perform independently as long as we have a vibrant forex market.

“Initially we needed to keep the BDCs going. So it is important for people to get forex for school fees, travels and the like.

Why reserves shifted

“The shift you see in our reserve is not to defend the Naira but for things like settling obligations that fell due. Mind you, that is the reason for keeping foreign reserves, in the first place.”

Cardoso also said that his team is cooperating with the fiscal authorities and that, “Ways and Means is no longer an issue.

He said, “Let me be upfront in saying that the monetary policy is only one side. It is very clear to us that we need to have a very good handshake with the fiscal authorities.

“For instance, food inflation is not within the purview of the CBN. Ways and Means is now less an issue.”

The CBN boss said he decided to go the orthodox central banking route in order to build confidence in the Nigerian currency.

He also said that he had no choice than to raise monetary policy rate, recording 600 basis points hike within a short period of time.

He promised to communicate more with Nigerians and other stakeholders in order to moderate their expectations.

“We want Nigerians to be realistic in their expectations. We have used the MPC to explain why we took the measures that we have taken.

“We will strengthen the communication framework using different platforms to communicate.”

The governor expressed satisfaction that he took hard decisions but added that they are yielding desired outcomes.

He said within two months of his administration , the Naira was adjudged the worst performing currency, but within six months it moved to the best performing currency, globally.

“Ultimately the objective is to ensure that we moderate inflation’’, he stated.

Key take-away lessons for him, he said, was that he could not over-emphasise the importance of trust, stating, “Irrespective of boldness to do certain things if the trust is not the there, you will sub-optimise.

“It is a bit of a surprise that one had expected a greater understanding of a lot of the issues, expectations of the people on the CBN is often misplaced.”

President Bola Tinubu, on Wednesday, promised harsh consequences for persons who pit themselves against Nigeria’s sovereignty and security.

He also said his administration had made considerable gains against banditry and kidnapping through intensified campaigns buoyed by intelligence gathering.

“Those who think they can threaten the sovereignty of Nigeria will have themselves to blame. They have a price to pay. And we are not going to relent,” Tinubu said when he received leaders of the Yoruba socio-political Organisation, Afenifere, at the State House in Abuja on Wednesday.

The delegation was led by the leader of Afenifere, Pa Reuben Fasoranti, Oba Olu Falae, and other eminent citizens.

The President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed the details of Wednesday’s talks in a statement titled, ‘President Tinubu receives leaders of Afenifere, says the administration is resolute in achieving economic security in a fair and equitable system for all Nigerians.’

Speaking on security, the President declared that those who threatened the sovereignty of Nigeria would pay a heavy price.

The declaration by Tinubu came days after Yoruba Nation agitators, dressed in military camouflage and armed with guns, stormed the Oyo State Government Secretariat, attempting to hoist the Yoruba Nation flag on the premises of the Oyo State House of Assembly.

The Yoruba Nation promoters are seeking the breakaway of the Yoruba people from the Federal Republic of Nigeria.

They contended that the interest of the Yoruba people had not been adequately protected in Nigeria, saying their welfare would be better taken care of under a separate sovereign entity to be known as Yoruba Nation.

But Tinubu speaking on Wednesday, vowed to keep Nigeria as one.

The President said, “I am irrevocably committed to the unity of Nigeria and constitutional democracy. Constitutional democracy has been reflected greatly here since we assumed office. What we face now is the challenge of terrorism.

“Security of life and property is necessary for development. I can tell you we are achieving success. We have degraded terrorism to a level that it can no longer threaten Nigeria’s sovereignty.

“Banditry and kidnapping will be defeated. And there is no payment of ransom whatsoever. We are taking the battle to them. We are getting results more rapidly than before. We are working hard on intelligence gathering.”

The President said his administration was re-engineering Nigeria’s finances and seeking to boost citizens’ purchasing power and spread prosperity by instituting a credit system where the element of cash does not impede a significantly enhanced standard of living for all citizens.

He argued that Nigeria must first secure itself economically before achieving its more sophisticated objectives.

“We are committed to our country’s economic survival. To re-engineer our country’s finances, we must start in earnest,” he explained.

According to Tinubu, this will require first retooling, revamping the economic opportunities available, and continuing to take the necessary firm, steady baby steps.

“Education is a strong weapon against poverty. To empower the people, we must invest in the future of our youths.

“We have seen the problems parents face in training their children in school; it is why we established the National Student Loan Programme, which is taking off well,” he explained.

He assured the Yoruba leaders that his administration would emphasise the Consumer Credit Scheme and provide allowances for the unemployed to reduce the high unemployment rate.

“We must help vulnerable people by providing social security.

“We are looking at how to provide allowances for the unemployed, and we are developing ways to boost the purchasing power of citizens with the Consumer Credit Scheme.

“If we remove the cash upfront element to buy a car or a house, we will reduce the propensity for fraud and corruption across the land,” President Tinubu said.

He thanked the delegation for their prayers and support and assured them he would not relent in his resolve to advance Nigeria.

“God bless Nigeria. God bless our unity; our diversity must bring prosperity for all for the sake of Nigeria,” Tinubu concluded.

Earlier in his remarks, Oba Olu Falae commended the President for his courageous decisions, the rehabilitation of the Third Mainland Bridge in Lagos, and other critical ongoing projects.

Oba Falae urged the President not to relent in ensuring fairness and equity for all Nigerians while noting the importance of a constitutional amendment to devolve more powers to the states.

He said, “We are delighted about what you are doing for our country, and we assure you of our continued support.

“We thank you for visiting Akure in February 2024 and believe it is proper to reciprocate your kind gesture.

“We appreciate this relationship, and we need to make it work in the interest of Nigeria.”

Describing President Tinubu as the most important political figure in Africa, the monarch conveyed the elders’ expectations of him to lead the country with knowledge, courage and integrity.

“We have no doubt that your tenure will mark a turning point in our country’s history. Under your leadership, Nigeria will be repositioned,” he said.

The Afenifere Chief also promised firm support for the President, saying, “We will stand by you as you make all efforts to improve the Nigeria story. Be assured that Afenifere will not abandon you in fair or foul weather. As long as you remain faithful to the principles of fairness, integrity, and courage expected of you as the leader of Nigeria, we will stand by you.”

Cameroonian professors in some Nigerian universities and other professionals working in the country, who were arrested and detained in Cameroon have filed a petition before the House of Representatives to intervene on their behalf and free them from detention.

The petitioners, ten in number, are registered refugees in Nigeria, who also called on the Federal Government under President Bola Tinubu, to deploy other means to secure their release from detention by the Cameroonian authorities.

Their petition was presented to the House Committee on Public Petitions by a legal firm, FRULAW CHAMBERS.

The professors and professionals were arrested at Nera Hotel in Abuja on January 5, 2018, by security agents and later repatriated to Cameroon, tried by a military tribunal and sentenced to life imprisonment at the Kondengui Maximum security detention facility.

In their petition, the asylum seekers in Nigeria pleaded with House to, among others, cause the government of Nigeria to institute an urgent action to secure the implementation of communication 59/2022 of October 14, 2022, of the UN-HRC-WGAD calling for their release.

Addressing journalists on the petition, a lawyer at FRULAW CHAMBERS and a former member of the House of Representatives, Abdul Shaibu Oroh, reiterated the call on President Tinubu-led federal government to employ diplomatic and political measures to ensure the release of detainees.

He said: “What we are asking the parliament to do, we realise that these people were not detained under the administration of Bola Tinubu who is a human rights person.

”He was a former exile, a former refugee in another country who was running away from tyranny. He fought tyranny and defeated tyranny.

“Now, there is hope renewed, so we want that hope that is renewed to engage our neighbours, to touch the lives of our neighbours, especially these my clients. We want him to intervene with the Cameronian authorities to release them.

”Even the UN Special Commission on Arbitrary Arrests made this appeal to the Buhari administration but you people know that the Buhari administration didn’t respect human rights, they didn’t listen to anybody.

“So we are appealing to him, we are appealing to our parliament elected by our people, by sovereign will of the Nigerian people to intervene with the Cameroonian authorities to release these people.

”May be they can go into a conversation to negotiate peace because these people are interested in peace so that their refugees can return home, so that their people can have peace.

“You know, you cannot negotiate with somebody who is not free. These people, one of them, former deputy registrar of Ahmadu Bello University, ABU, Zaria, was 65 years old and according to the law of Cameroon, you cannot sentence a man who is 65 years old to life imprisonment.”

In apparent response to the rising economic hardship in the country, the number of disengaged workers that withdrew money from their pension savings for sustenance increased by 33.9 per cent in the fourth quarter of 2023, Q4’23.

According to the Q4’23 report released by the National Pension Commission, PenCom, 10,299 Retirement Savings Account, RSA, holders that lost their jobs, withdrew from their pension savings in Q4’23, up 33.9 percent from 7,688 of such withdrawals the previous quarter, in Q3’23.

In Q4’23, the 10,299 RSA holders withdrew N6.5 billion from their pension savings against 7,688 RSA holders that withdrew N8.6 billion in Q3’23.

The Pension Reform Act permits disengaged workers to withdraw 25 per cent of their pension savings four months after losing their jobs.

The report stated: “In Q4’23, a total of 10,307 RSA holders requested to access 25% of their RSA balances due to temporary loss of employment. Out of that, 10,299 RSA holders’ requests were approved, while eight were rejected because their ages were above 50 years.

“Out of the 10,299 applicants whose benefits were approved, 9,819 were from the private sector, while the remaining 480 were from the public sector. The sum of N6,504.96 million was approved for the 10,299 RSA holders under the age of 50 years.”

The report further states that: “In Q3’23, a total of 7,697 RSA holders requested to access 25% of their RSA balances due to temporary loss of employment. Out of this figure, 7,688 RSA holders’ requests were approved, while nine were rejected because their ages were above 50 years. From the 7,688 applicants whose benefits were approved, 7,242 worked in the private sector, while the remaining 446 worked in the public sector. The sum of N8,628.27 million was approved for the 7,688 RSA holders under the age of 50 years.”

Meanwhile, on contributions for residential mortgage, the report stated: “A total of 1,128 RSA holders requested to access up to 25% of their RSA balances towards payment of equity contributions for residential mortgage during the quarter under review. Approvals were granted to 991 requests amounting to N9,618.74 million, while 137 were rejected due to incorrect documentations. Out of the 991 applicants whose benefits were approved, 304 were from the private sector, while the remaining 687 were from the public sector.”

THE Kogi State Governor, Usman Ododo, on Wedneday, foiled an attempt by the Economic and Financial Crimes Commission to arrest the immediate-past governor of the state, Yahaya Bello, at his 9, Benghazi Street, Wuse Zone 4, Abuja residence.

The operatives of the anti-graft agency had stormed the street around 9.30 a.m. on Wednesday and laid siege to the former governor’s residence, preventing both human and vehicular movements.

The EFCC operatives were, however, resisted by armed policemen dressed in black, with the inscription ‘Special Forces.

Our correspondent, who visited the residence on Wednesday afternoon, observed the heavy presence of armed operatives of the EFCC, policemen, operatives of the Department of State Services, Counter Terrorism Unit and Yahaya Bello’s private security team.

The stalemate continued as the EFCC operatives were prevented by the policemen and other armed men guarding the former governor from entering the house.

At exactly 2.30 p.m., the convoy of the Kogi State governor, Ododo, arrived at the residence, alongside several security operatives and youth supporters.

Governor Ododo was ushered into the residence by his security details and around 4:20 p.m., the convoy left the residence with Bello inside the governor’s car.

About 10 minutes after the governor and the former governor had left, the EFCC operatives laying siege to the residence were seen retreating to Benghazi Street, Wuse Zone 4, Abuja, while the DSS operatives and other security agents guarding the house also drove off shortly after.

Confirming the development to our correspondent, a source who preferred anonymity because of the sensitive nature of the case, said, “The former governor has left. He left with Governor Ododo, who just drove out now with his security guards.”

A source at the EFCC, who also preferred anonymity, said, “Yahaya Bello has escaped with the Kogi State Governor, Ododo. Our operatives could not stop the governor.”

Efforts to confirm the reason behind the siege on Bello’s residence failed as the spokesperson for the EFCC, Dele Oyewale, did not respond to inquiries concerning the development.

The EFCC had been having a running battle with the former governor over allegation of corruption.

The anti-graft agency had arraigned the ex-governor’s nephew, Ali Bello, in a charge that featured the ex-governor’s name.

The EFCC, in the charges, alleged N84bn fraud.

One of the counts read: “That you, Ali Bello, Dauda Suleiman, Yahaya Adoza Bello (still at large), and Abdulsalam Hudu (still at large), sometime in September 2015 in Abuja, within the jurisdiction of this honourable court, conspired amongst yourselves to convert the total sum of N80,246,470,089.88, which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity to wit: criminal breach of trust and you thereby committed an offence contrary to Section 18(b) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 as amended,”

However, the Kogi State government faulted the charge, describing it as ‘ridiculous and laughable,’ saying the state had no missing funds.

EFCC condemns obstruction

In a statement on Wednesday by its spokesman, Oyewale, the EFCC warned Nigerians against obstructing its operatives during their duties.

“The EFCC wishes to warn members of the public that it is a criminal offence to obstruct officers of the commission from carrying out their lawful duties.

“This warning becomes necessary against the background of the increasing tendency by persons and groups under investigation by the commission to take the laws into their hands by recruiting thugs to obstruct lawful operations of the EFCC,” Oyewale said.

Bello, on his part, described the seige on his home by the EFCC as an illegality, calling on President Bola Tinubu to rein in the anti-graft agency.

In a statement released by his media office, Bello said the move by the EFCC to arrest in was in violation of a February 9, 2024 of a Kogi State High Court in Lokoja, which restrained the EFCC from “harassing, arresting, detaining, or prosecuting” him pending the determination of the fundamental rights suit filed by the ex-governor against the EFCC.

The media team said: “It is a surprise that an agency led by a lawyer could flagrantly disobey a subsisting court order, by taking actions contrary to the reliefs granted.

“We are aware of the total commitment of President Bola Tinubu’s current administration to the rule of law and can say categorically that the EFCC leadership might have offered the agency on a silver platter to desperate politicians to convert it to their score-settling tool, without minding the effect on its integrity and the image of Nigeria as regards the rule of law.”

Courts makes counter orders

Meanwhile, the Federal High Court in Abuja, on Wednesday, issued a warrant for the EFCC to arrest Bello.

Justice Emeka Nwite issued the order following an ex parte motion filed by the EFCC on Wednesday.

However, in a counter ruling, a Kogi State High Court in Lokoja restrained the EFCC from detaining and prosecuting Bello.

Justice Nwite made “an order directing and/or issuing an arrest warrant for the immediate arrest of the defendant for the purpose of bringing him before this honourable court for arraignment.”

But in a countermanding order, Justice I. A. Jami of the Kogi State High Court restrained the EFCC from arresting the former governor.

The EFCC had dragged Yahaya Bello, his nephew, Ali, one Dauda Sulaiman, and Abdulsalam Hudu before Justice James Omotosho of the Federal High Court, Abuja, in an amended charge in March 2024, over an alleged N84bn money laundering.

The anti-graft agency, in the 17-count amended charge, accused Yahaya Bello of money laundering, breach of trust, and misappropriation of funds to the tune of N84,062,406,089.88.

The EFCC had claimed in the amended charge that the former governor was at large.