News

News

The Central Bank of Nigeria, CBN, has ordered four fintech companies to stop onboarding of new customers pending further notice.

The affected fintechs- OPay, Palmpay, Kuda Bank, and Moniepoint have been reportedly linked to allegations of accounts being used for illicit foreign exchange transactions.

Representatives from two affected firms confirmed the development to DAILY POST on Monday.


“I can that confirm that 90 per cent of the accounts implicated in the illicit forex transactions are with commercial banks, and only 10 per cent are with fintechs.

“Why then has the CBN not extended this directive to the commercial banks? We face a widespread issue here, and targeting fintechs seems like an unfair focus on the more vulnerable targets,” one source who preferred anonymity explained.

Meanwhile, as of the time of filing the report, none of the four firms have responded to the development.

The development comes amid clamped down on currency speculators in the foreign exchange market.

Recently, the Court granted the Economic Financial Crimes Commission’s request to freeze 1,146 bank accounts.

After a halt of more than five weeks, members of the Senate and House of Representatives are set to resume plenary in their renovated chambers on Tuesday, April 30.

The legislators, who had embarked on Easter and Eid el-Fitr holidays on March 20, were initially scheduled to reconvene on April 16. However, the resumption was postponed.

 

Led by Tajudeen Abbas, the Speaker of the House of Representatives, and his predecessor Femi Gbajabiamila, the leadership of the House inspected the green chamber on Monday in anticipation of Tuesday’s resumption.

The renovation of the chamber, which commenced in April 2022, has been long-awaited. During this period, legislators have been using a temporary chamber located in one of the committee rooms.

The renovation project attracted considerable attention in 2019 when the National Assembly budgeted over N30bn for the overhaul of the complex, sparking widespread criticism.

 
 

Below are photos of the revamped green chamber:

L-R; Deputy Speaker of the House of Representatives, Benjamin Kalu, Chief of Staff to the President, Femi Gbajabiamila, and Tajudeen Abbas, Speaker House of Representatives at the revamped green chamber
The revamped view of the green chamber
The revamped green chamber

The Central Bank of Nigeria, CBN, has increased the exchange rate for calculating tariff and import duties collection at the Nation’s seaports and airports by N162.51 amid the Naira depreciation.

The apex bank’s data showed that customs exchange increased to N1327.35 per dollar on Monday from N1,164.84 per dollars on Sunday.

This represents a 12.2 per cent or N162.51 increment. 

This development means the Dollar remains rising in the Nation’s foreign exchange market.

FMDQ data showed that the Naira lost N79 against the Dollar in the foreign exchange market on Monday.

Nigeria’s custom exchange rate has been consistently affected by the fluctuation in the forex market.

The Centre for the Promotion of Private Enterprise’s Chief Executive Officer, Dr Muda Yusuf, advocated that the customs exchange rate should be fixed for at most N1,000 per Dollar for at least six months.

The Minister of Power, Adebayo Adelabu Monday warned that there would be total blackout in the country in the next three months if the proposed electricity tariff hike is not implemented.

The minister disclosed this yesterday in Abuja when he appeared before the Senate Committee on Power at an investigative hearing over the recent electricity tariff hike by the Nigerian Electricity Regulatory Commission (NERC).

This followed the rejection of the new tariff regime by the Senate committee, led by Senator Enyinnaya Abaribe.

Adelabu said, “The entire sector will be grounded if we don’t increase the tariff. With what we have now in the next three months, the entire country will be in darkness if we don’t increase tariffs.

“The increment will catapult us to the next level. We are also Nigerians, we are also feeling the impact.”

He said the sum of $10 billion is needed yearly for the next ten years to revive the nation’s power sector and nip in the bud the challenges bedeviling it.

“For this sector to be revived, the government needs to spend nothing less than 10 billion dollars annually in the next 10 years.

“This is because of the infrastructure requirement for the stability of the sector. But the government cannot afford that. And so we must make this sector attractive to investors and to lenders.

 

 

“So, for us to attract investors and investment, we must make the sector attractive, and the only way it can be made attractive is that there must be commercial pricing.

“If the value is still at N66 and the government is not paying subsidy, the investors will not come. But now that we have increased the tariff for A Band, there are interests being shown by investors,” he said.

Adelabu said the inability of the government to pay outstanding N2.9 trillion subsidy was due to limited resources, hence the need to evolve measures to sustain the sector.

He appealed to the lawmakers to support the process of paying the debt owed operators across the value chain of generation, transmission and distribution.

But the Senate Committee on Power, led by Senator Enyinnaya Abaribe, expressed concerns over the suffering of Nigerians, and asked the minister and other key players in the sector to explore other options.

Senators Simon Lalong (Plateau South) and Adamu Aliero (Kebbi Central), said consultations were not made before the tariff increase, stressing palliative would have been provided in the process.

Abaribe, who is Chairman of the Committee said, “What Nigerians wanted was a solution to the issues and ways to ensure liquidity in the sector.”

He also decried the nonappearance of a company “ZIGLAKS” over the failed agreement to provide prepaid meters for Nigerians, alleging that the company had received N32 billion in 20 years to meter Nigerian electricity consumers.

 Other stakeholders who made presentations at the investigative hearing were the Nigerian Electricity Regulatory Commission (NERC), Manufacturers Association of Nigeria (NAN), Association of Power Generation (Gencos), Electricity Distribution Companies (DisCos) among others.

[DailyTrust]

 

A former Director of Information Technology of the Central Bank of Nigeria, CBN, John Ayoh, has explained how he collected $600,000 allegedly for contract gratification for the embattled ex-apex bank governor, Godwin Emefiele.

Ayoh, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN), on Monday, told an Ikeja Special Offences Court that he spent eight years in the apex bank.

He told the court that he received a letter from the agency concerning two transactions he facilitated through Emefiele.

Ayoh, Head of Procurement and Support Services, PSS Department, told the court that the first envelope containing $400,000 was brought to his house in Lekki.

In contrast, he received the second envelope containing $200,000 at the Tinubu Head Office of the CBN.

Ayoh said he was vested with powers to receive applications for the award of contracts to select successful bidders.

According to him, the first leg of the transaction was at his residence in Lekki Phase One, while the second envelope money he received occurred at the Tinubu Head Office of the CBN.

“The man to deliver the second transaction came to our office in Lagos, and I informed the governor, but he said he did not want to see a third party and that I should bring the envelope myself.

“I complied with the instruction and delivered it to his office. Mr John Adeola was the one I sent my address to, and he came to my house. He is the governor’s assistant, and the total money I received on his behalf was $400,000 and $200,000,” he alleged.

The witness informed the court that the vendors who allegedly brought the envelopes with money were in charge of implementing Netapp Storage Architectural and Infrastructural Services.

While under cross-examination by the first defence counsel, Mr Olalekan Ojo (SAN), he told the court that his schedule of duties did not include running errands for Emefiele, but he directly worked under him.

Ayoh confirmed to the court that Emefiele was not a member of the PSS but a member of the Major Contract Tender Committee (MCTC).

He added that he had never facilitated the commission of any crime.

Ojo asked if the witness wrote in his statement that he was forced to aid or abet the commission of accepting gratification.

“I do not remember the exact word that I used, and I did not write in my statement that I opened the two envelopes on the two occasions to check the total sum of money.

“I wrote a statement, which implied that the money in the envelopes was given to me to influence the contract award. I did not take part in the decision of the MCTC, but I recommended that the prize be given, and I was not bribed.

“The EFCC invited me on February 17. I was not arrested, but I returned home on administrative bail”, the witness said.

The witness told the court that he operated under duress while he received the two envelopes from the contractors.

“On your honour, did you indicate in your statement that you were acting under duress while running errands for the first defendant,” the learned silk asked.

The prosecution, however, objected to the question and argued that the witness’s statement was not before the court.

The first defence counsel sought to admit the defendant’s statement into evidence.

After that, Justice Rahman Oshodi admitted the witness’s statement (three pages) into evidence, following the arguments and counterarguments of the counsel.

The witness told the court that the instructions from Emefiele indicated that he bent the rules.

The judge, after that, adjourned the case until May 3 for continuation of cross-examination.

Emefiele’s counsel also pleaded with the court to release the defendant to him on self-recognition because he had not met with his bail application.

The learned silk, however, prayed to the court that the defendant would meet up before May 17.

There were no objections from the second defence counsel, and the prosecution left the decision at the court’s discretion.

Recall that a dispatch rider had allegedly collected $3 million in cash for the embattled ex-CBN governor.

Emefiele has been under investigation since his removal as CBN boss last June by President Bola Ahmed Tinubu.

[DailyPost]

•Court okays freezing of accounts for unauthorised forex dealings, terror financing

The Federal High Court in Abuja has issued an interim order empowering the Economic and Financial Crimes Commission (EFCC) to freeze 1,146 bank accounts belonging to individuals and companies.
The agency claimed it was investigating them for unauthorised dealing in foreign exchange, money laundering and terrorism financing.
Justice Emeka Nwite issued the order in a ruling on an ex-parte motion by EFCC lawyer Ekele Iheanacho.
The judge ordered the commission to ensure that its investigation is concluded within 90 days.
Justice Nwite, after listening to Iheanacho, held: “It is hereby ordered as follows: that the applicant’s application is hereby granted as prayed.
“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering and terrorism financing to the extant that the investigation will be for a period of 90 days.”
He adjourned till July 23 for a report on the findings.
A copy of the enrolled order, made last Wednesday, was obtained yesterday.
The EFCC, in the motion marked FHC/ABJ/CS/543/2024 said: “The bank accounts in respect of which the reliefs are sought are subject of investigation by the EFCC in relation to money laundering and terrorism financing.

[TheNation]

The Nigerian National Petroleum Company Limited on Monday began offloading 240 million litres of Premium Motor Spirit, otherwise called petrol, as it stepped up efforts to tackle the worsening nationwide petrol scarcity.

As the NNPCL began offloading petrol, filling stations sold the product at an average price of N800 per litre in various locations.

One of our correspondents gathered that the 240 million litres of petrol imported into the country came in through five vessels, which were offloaded into five depots on Monday.

The South-West Regional Coordinator of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ayo Cardoso, confirmed this in an interview with The PUNCH on Monday.

The PUNCH reported on Monday that despite claims by the NNPC that the logistic issues causing fuel scarcity had been addressed, Nigerians in Lagos and other parts of the country still struggled to get fuel as many filling stations remained shut.

The PUNCH independently gathered that the situation might worsen in Lagos and other parts of the South-West because there was a directive by the NNPC that fuel trucks must first service the Federal Capital Territory before any other places.

According to oil sector sources, hundreds of trucks loaded were sent to Abuja on Sunday based on the NNPC directive.

Our correspondents who visited filling stations across the country on Monday observed that many outlets hiked their pump prices, selling a litre of petrol between N650 and over N1,000.

As the stations increased the pump prices of fuel, it was learnt that black marketers also used the opportunity to make brisk business, selling a litre of petrol at prices of over N1,200/litre, depending on the location and the bargaining strength of the buyer.

It was also observed that the hardship being encountered as a result of fuel scarcity worsened on Monday. The queues in filling stations became longer as work resumed across the nation for the new week.

The fuel scarcity also coincided with the resumption of public schools in some states, adding to the burden on parents, teachers and school owners.

Speaking with The PUNCH, the NMDPRA regional coordinator said the agency was doing its best to ensure Nigerians were not exploited by filling stations.

“We are doing something about the fuel crisis; very soon it will be over. Vessels are discharging as I am talking to you. What we are concentrating on is to push the NNPC, which is the supplier of last resort, to make sure they wet the entire populace.

“So, we have about five vessels already discharging the product, about 240 million litres are being discharged as I am talking to you right now. We are working round the clock.

“But then, once you have a problem, it takes like one or two weeks to (normalise), but people will keep on panicking, which is not supposed to be. All these kinds of things disrupt the normal way of operations. But with 240 million litres coming in from five vessels discharging to five depots already today, things will get back to normal,” Cardoso assured Nigerians.

Scarcity spreads

Our correspondents noted that the few filling stations dispensing fuel on Monday were crowded by private and commercial drivers, motorcyclists as well as individuals with jerry cans.

The queues were seen in Abuja as well as Lagos, Ogun, Niger, Nasarawa, Gombe and other states.

The Heyden filling station in Iperu Remo, Ogun State sold petrol at N650 per litre on Monday amid fights among buyers who thronged the station from places like Isara, Ode, Ilishan and others.

A motorist, who spoke to one of our correspondents, said he had been in the queue since 5am, yet he was unable to buy petrol as at noon.

 

“Look at me, I have been here since 5am, yet I couldn’t get fuel up till noon. I came here from Isara. There is no fuel in other places. This station belongs to the governor, maybe that’s why it is selling at the rate of N650 per litre. A few others around us sell petrol for N800 or more,” the motorist, who identified himself as Ismail, told The PUNCH.

A young man dressed in TotalEnergies uniform was sighted at the Heyden filling stations with two jerry cans filled with PMS.

The man, who did not reveal his name, stated, “I came here to buy fuel because we don’t have fuel in our station. I spent hours in the queue despite being an attendant myself. We don’t know why there is no fuel, but we heard that everybody is waiting for May 1 to know if the president would say something about fuel price reduction or not”.

At WB One Oil & Gas in Ogere, the crowd was not much as a result of the price differential between it and Heyden. The filling station sold a litre of petrol at N900 as of Monday morning.

“I can’t buy at WB One. N900 is too much for a litre. That is why the people there are not many. I would rather join the queue instead of paying N900 for a litre,” Adamu, an okada rider said.

The NNPC retail outlet along the Sagamu-Interchange axis was occupied by buyers who wanted to get the product at N580/litre.

Selling at N670, the As-Sallam filling station near the NNPC also had a long queue. The NIPCO and AP stations near the RCCG Bus Stop did not open for business.

Commuters heading to work, schools, and various destinations in Abeokuta, the Ogun State capital on Monday found themselves stranded due to the effect of the lingering fuel scarcity.

Many bus stops were filled with passengers trying to board vehicles to schools and places of work.

Our correspondents learned that some filling stations around Rounda and Lafenwa were selling the product for N1,000/litre.

A cab driver, Mr Banji Alaba, said “The fuel problem has continued to worsen, some filling stations in Rounda and Lafenwa area are selling a litre for N1,000. Though we have a few selling for between N750 to N800 the queue is killing. The NNPC filling stations are selling for N580 but my friend who has been at one of the stations since 9 am is yet to buy fuel as of 4 pm when I called him.

“The queue is so much and overwhelming. The cabs outside are few because many drivers are at the filling stations and some who don’t have the strength to spend hours at filling stations have parked their cars. How do we feed our families?

“The schools have just resumed and a lot of us want to pay our children’s school fees, how do we do that if we don’t work? It is really frustrating and sad.”

Some students were also sighted trekking home because they could not get cabs on time while those who offered to carry them increased the fare by 70 per cent.

The Total filling station at Toll Gate, along the Lagos-Ibadan Expressway, in Ogere sold petrol for N1,200/litre on Monday.

Also, Danco filling station and NNPC at Magboro, Ogun State, sold for N610 and N580 respectively. While others like TAS, Mobil, Osadol, Heyden, Amuf oil, Rainoil, and NIPCO among others were under lock and key.

Black marketers took advantage of the situation to sell the product at exorbitant prices ranging from N1,300 to N1,800/litre.

Our correspondents, who went around major cities, saw miscreants threatening to burn down some filling stations perceived to be hoarding the product.

Motorists described the situation as pathetic, calling on the government for an urgent intervention to avoid possible implosion.

The PUNCH reports that a motorist at a Mobil fuel station in Ikotun, Lagos, who gave his name as Mr Valentine, said, “Though none of the fuel stations have started selling, I heard they sold for N1,050 per litre earlier”.

A resident at Egbeda, Lagos, who simply gave her name as Peace Adeola, said commercial vehicle operators started raising their fares on Sunday.

According to the resident, moving from Ikotun to Egbeda on Sunday went for N600 as against N300 before now.

“The bus drivers and conductors were complaining, saying they bought the fuel at an expensive rate of N900. We trekked home from Egbeda,” Adeola recounted.

Also speaking, another resident of Egbeda, Ignatius Uzonna, told one of our correspondents on Monday that the government-owned BRT buses now recorded a high number of passengers due to the scarcity of private commercial buses.

Our correspondents observed that a litre of fuel at the black market was sold for N900/litre in Apapa, while an outlet belonging to Saddeh at Egbe Bus Stop along Ikotun-Ejigbo road, sold for N1,000/litre.

The God’s Decision outlet along Governor’s Road in Ikotun Lagos also sold petrol for N900/litre on Monday.

In Gombe State, residents frowned at the incessant increment in petroleum prices as fuel sold across the state at N900/litre in a few operating filling stations, and N1,400 at the black market.

An okada rider, Mohammed, said, “We are suffering and it’s unfortunate we buy fuel at N1,400 because we can’t stay in long queues at the filling station.”

In Makurdi, the Benue State capital, one of our correspondents reports that the few filling stations that opened for business sold petrol between N750 and N850/litre on Monday. Though, there were no long queues at the filling stations.

It was a similar development in Otukpo and Gboko, the two major urban centres in the state, where the cost of transportation had gone up.

The petrol scarcity in Ondo State affected business activities across the state with commercial drivers slightly increasing their fares by 50 per cent. Commuters who could not afford the fares were observed to be trekking a long distance to their various destinations.

While some stations sold petrol for N750/litre, others sold at N650.

It was gathered that the fuel stations in Akwa Ibom State dispensed fuel between N700 and N740/litre across the state as of Monday.

One of our correspondents who monitored the NNPC and Fonnex filling stations in Uyo reports that, though there was no scarcity of the product, stations hiked prices.

A petrol attendant in one of the filling stations, who spoke on the condition of anonymity because he was not authorised to speak on the issue said, “There is no fuel scarcity anywhere in the state as you can see, but we are still selling at N700.”

In Ilorin, the Kwara State capital, few petrol stations with long queues of vehicles dispensed fuel for as high as N1,000/litre on Monday, while the black marketers sold a litre for as high as N1,500. The stations included Shafa, NNPC, NIPCO, and Rainoil.

However, commuters decided to trek to their destinations as okada riders charged between N500 and N2,000, depending on the distance.

Similarly, in Ekiti State, the fuel crisis bit harder on Monday as many car owners resorted to parking their vehicles at home and patronised either commercial cars or bikes.

The queue was long at the NNPC filling station along Iworoko Road which dispensed petrol at N580/litre.

A driver, simply identified as Wale, said, “It took me over two hours before I could get to the pump at NNPC along Iworoko Road. But I was disappointed the attendants were rationing the fuel and did not dispense above N10,000 worth of fuel for any vehicle.”

A car wash operator along Ado Federal Polytechnic Road said he bought five litres for N8,000.

Tunde Olomu, an okada rider, lamented, “The black-market operators are cruel. They sell at N1,000 per litre at Nova Junction and N1,200 per litre at Atikankan”.

Olomu, who said the present situation had occasioned an increase in transport fares, said, “We now charge about N400 for distances that used to be N200, and N300 for those that used to be N100 and N150. I can tell you that taxi fares have been raised as well”.

The Ekiti State Council of Nigeria Union of Journalists, at their monthly congress, called on the state government to urgently intervene.

The NUJ, in a communiqué issued at the end of the congress, called for an investigation of the cause of the scarcity, queues and high prices “with a view to punishing those engaging in sharp practices to the detriment of the citizens.”

In the same vein, fuel stations in Niger State hiked the pump price of the product following the scarcity of fuel.

The price of fuel, PUNCH learnt, was stable and there were no queues at the filling stations until Sunday when retailers got information that the price of the product in neighbouring FCT was high and motorists could not get fuel.

The stations were said to have created an artificial scarcity and also hiked the price of petrol.

PUNCH investigation on Monday showed that most of the stations in the state were selling a litre of fuel for N900 and above.

The black marketers were also sighted hawking the product for N1,100 and above.

NMDPRA reacts

Meanwhile, the NMDPRA regional coordinator, Cardoso told one of our correspondents that the agency could no longer regulate prices, saying PMS was deregulated following the removal of subsidy by President Bola Tinubu on May 29, 2023.

“For now, the price is based on supply and demand, but we are still going out to make sure that people are not exploiting consumers.

“My people are on the field; they are going round. So, if you see any specific one you think we should handle, you can let us know. But since morning, we’ve been on the field, including myself, making sure nobody is hoarding. You know once there is enough supply, all those things will be a thing of the past.

“We don’t handle price anymore; it is deregulated since the subsidy has been removed. What we do is that there is a price bound that we are monitoring. The person who can determine the price is the person who is supplying marketers, and that is the NNPCL. Once the NNPCL says this is what they are selling, we just expect that there will be some margin around the NNPCL figure and it should not be too excessive,” Cardoso said.

He further said, “If the NNPCL is selling at N580, we don’t expect anybody to sell more than N630 or N650 at worst. If you let us know those selling at N700 or N800, we will take action. But you have to know that this is happening because there is scarcity. Outside scarcity, those things will come down. We can’t use the current prices to judge what the normal price should be.

“Any station we get to, and we see hoarding, we will ask them to start selling and they have to sell at the official NNPC price.”

‘Don’t store fuel’

Meanwhile, Nigerians have been warned to stop hoarding fuel in their houses to avoid a fire outbreak.

“We want to tell everybody that they should be patient, things will get cleared very soon. We have quite enough fuel being discharged. We want to enjoin people not to store fuel at home because of the safety issues around it.

“This is a flammable product, and you cannot guarantee how to handle it if you store it in your house. People should not store petroleum products at home. There will be enough fuel very soon,” Cardoso stated.

Also, the Commissioner for Environment in Ogun State, Ola Oresanya, warned against storing fuel at home.

Oresanya advised, “It is all about safety matters. We should not be tempted to store fuel. PMS is a very volatile material and there is no second chance when it comes to the safety of lives and properties.

“So, it is better for us to endure the pains of the discomfort at the moment. Discomfort is better than loss of lives. We just want to implore our people to make sure that they don’t store fuel in the house. We should please avoid hoarding fuel to avoid any form of domestic or industrial accident”.

Kwara task force

The Kwara State Government Task Force on Monday raided some filling stations within the Ilorin metropolis, cautioning them against hoarding of fuel.

The government said the raid was part of the government’s measures to address fuel scarcity in the state.

In a statement, the Deputy Chief Press Secretary, Government House Ilorin, Mashood Agboola, noted that the committee was set up by Governor AbdulRahman AbdulRazaq to see to the problem of fuel shortage.

“As a responsible and responsive government, we cannot be folding our hands watching. We have to see that the majority of our people enjoy the dividends of democracy,” the leader of the task force and Chief of Staff at Government House, Mahe Abdulkadir, told reporters during the exercise.

Abdulkadir called on the people of the state to be patient and avoid panic-buying.

“We want to call on the people of the state to be patient and avoid panic buying. The Federal Government is not trying to increase the prices of fuel. We will make sure our people are not shortchanged,” he added.

This came as the National Association of Nigerian Students threatened to embark on mass action if the Federal Government failed to take immediate steps to address the current fuel crisis in the country.

The students’ body also asked the Group Managing Director of the Nigerian National Petroleum Company Limited, Mr Mele Kyari, to resign if he could not take decisive actions to resolve the fuel crisis.

The association’s Senate President, Babatunde Akinteye, in a statement on Monday, lamented that the fuel scarcity has left many citizens, including students, frustrated and helpless.

The NANS senate president lamented that students are now facing unprecedented challenges as a result of the increase in petrol pump prices and the scarcity of the product.

While demanding immediate action from the NNPCL to resolve the fuel crisis and restore stability, Babatunde said the students would hit the streets in protest if the situation persisted.

[Punch]

Human rights lawyer, Femi Falana, said the Federal Government is working in the interest of the International Monetary Fund (IMF) and the World Bank following a hike in electricity tariff. 

Falana stated this in an interview on Channels Television’s Politics Today on Monday.

He said, “The Honourable Minister of Power is acting the script of the IMF and the World Bank.

“Those two agencies insisted and they continue to insist that the government of Nigeria must remove all subsidies. Fuel subsidy, electricity subsidy and what have you; all social services must be commercialised and priced beyond the reach of the majority of Nigerians.

“So, the government cannot afford to protect the interest of Nigerians where you are implementing the neoliberal policies of the Bretton Wood institutions.”

The Senior Advocate of Nigeria accused Western countries led by the United States of America of double standards.

According to Falana, they subsidize agriculture, energy, and fuel and offer grants and loans to indigent students while they advise the Nigerian government against doing the same for its citizens.

Recall that the announcement of the tariff increase by the Minister of Power, Adebayo Adelabu was greeted by public outrage.

But, Adelabu said the action would not affect everyone using electricity as only Band A customers who get about 20 hours of electricity are affected by the hike.

Falana, however, said neither the minister nor the National Electricity Regulatory Commission (NERC) has justified the tariff increase.

The senior lawyer said that Nigerian law gives no room for discrimination against customers by grading them in different bands.

According to Falana, the government cannot ask Nigerians to pay differently for the same product even when what has been consistently served to them is darkness.

Falana, however, said that nothing will come out of the probe by the Senate, adding that the matter has to be taken to court so that the minister and the Attorney General of the Federation can defend the move.

[Vanguard]

The Nigerian Electricity Regulatory Commission (NERC) has announced the deregulation of meter prices under the meter asset provider (MAP) scheme for end-user customers.

This is contained in a circular issued by the commission on Monday.

In September 2023, NERC approved an increase in the prices of single-phase electricity meters to N81,975.16 and three-phase meters was increased to N143,836.10. 

According to the circular, from May 1, all prices of meters under the MAP scheme will be determined through a competitive bidding process with customers provided with a choice of authorised vendors.

 

According to the commission, the review is based on the need for the efficient pricing of meters “to respond more quickly to changes in macroeconomic parameters, particularly exchange rates”. 

“The cost of prices of meters deployed under the MAP scheme is thereby to enable end-use customers acquire meters from MAPS of their choice based on competitive open market prices determined from transparent bidding frameworks,” NERC said. 

“All MAP permits holders are henceforth eligible to provide services and transact for the provision of meters and metering services with any Disco in the Federal Republic of Nigeria with their existing permit. 

 

“The lifting of the restriction on permitting to operate in all DisCos is subject to the mandatory requirement for MAPS to comply with the associated DisCo specific requirements/specifications.”

NERC said all electricity distribution companies (DisCos) would ensure the effective and seamless integration of smart meters deployed by MAPS with DisCo’s head-end systems and metre data management systems.

[TheCable]

The Federal High Court sitting in Abuja has issued an interim order for the freezing of about 1, 146 bank accounts that were allegedly linked to unauthorized foreign exchange transactions.

The court, in a ruling that was delivered by Justice Emeka Nwite, ordered that the identified accounts, belonging to individuals and companies, should be frozen for at least 90 days, to allow the Federal Government to conclude its investigations that they could have been used for money laundering and terrorism financing.


“It is hereby ordered as follows: That the applicant’s application is hereby granted as prayed.


“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering and terrorism financing to the extant that the investigation will be for a period of 90 (Ninety) days,” the court held.

The order, dated April 24 but sighted by newsmen on Monday, followed an ex parte application that was brought before the court by the Economic and Financial Crimes Commission, EFCC.

The anti-graft agency had in the motion ex-parte marked: FHC/ABJ/CS/543/2024, maintained that the accounts it listed in a schedule it attached to the court process, were subject of its ongoing investigations.

“That preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual crypto currency exchange platforms to illegal manipulate the value of Naira and laundering proceeds of unlawful activities.

“That there is need to preserve the funds in the identified bank accounts pending the conclusion of investigation and possible prosecution,” the EFCC added in the affidavit that was filed by its lawyer, Mr. Ekele Iheanacho.

Some of the account names the EFCC listed in the attached schedule, included: Akitoye Adeyemi Ayomide with GTBank account number; 0165110025; Clyp Trading Ltd, Titan Trust Bank account number: 0000331101; Clyp Consulting Ltd, Providous account number: 9401374554; and Toyetech Platforms Ltd, Titan Trust Bank account number: 0000134962.


Others were: Winx International Platforms Ltd, Titan Trust Bank account number: 0000135055; Shutterscore Trading Platforms Ltd, Access Bank account number: 1532363954; Tradecillion Trading Ltd, Stanbic IBTC account number: 0045672922; and Nsofor Nmamdi, GTBank account number: 0449088666
They equally include Kora Payments Network Ltd-Operations, UBA account number: 1022242089; Renderstack Technologies Ltd, Zenith Bank account number: 1210355120; Korex Payments Ltd, Globus account number: 5000007837; and Awe Microfinance Bank Ltd, Providous account number: 5400760781; and Victor Asuquo, Opay Digital Services Ltd account number: 9020132068.

As well as: Akingbade Sabit Juwon, ECONANK account number: 3442053006; Nsofor Nmamdi, Union Bank account number: 0140460572; Asuquo Samuel, First Bank account number: 3153199542; Oty Ugochukwu Stanley, FCMB account number: 4039304011; Oty & Sons Global Concepts, Fidelity Bank account number: 6060410145; and Pelumi Ayandoye, Wema Bank account number: 0234852277; and David Ajala, Fidelity Bank account number: 5090680780.

Meanwhile, Justice Nwite adjourned the matter till July 23 for mention.

It will be recalled that the court had in March, ordered Binance Holdings Limited to release to the EFCC, a comprehensive detail of all persons from Nigeria that are trading on its platform.
Binance is a cryptocurrency exchange platform that lists more than 350 digital currencies that serve as alternative form of payment, created, using encryption algorithms.

FG had asked the company to disclose its top 100 users in the country, as well as all transaction history for the past six months.

The Governor of the Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso had on February 27, disclosed that about $26billion passed through Binance from unidentified sources.

In an abrupt move on March 8, the crypto firm discontinued all transactions in naira on its exchange platform, following reports that the government demanded $10bn as retribution for profiting from “its illegal transactions” in Nigeria.

However, in an ex-parte motion it filed before the court, the EFCC said it would need a detailed data of Binance users in the country to aid its ongoing investigation on issues relating to money laundering and terrorism financing.

In a supporting affidavit that was attached to the motion, deposed to by one Hamma Bello, an operative of the EFCC, he told the court that he was attached to the Special Investigation Team (SIT) of the commission domiciled in the Office of the National Security Adviser (ONSA).

Bello averred that following the inauguration of the Technical Committee on Currency Stability and Forex Manipulation by the ONSA, the SIT, “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a crypto currency exchange platform.”

According to him, “That from the information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 (twenty one billion, six hundred million dollars).”

FG had since charged both the company and two of its top officials to court for money laundering and tax evasion.

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