The Economic and Financial Crimes Commission will on Monday, April 8, 2024, arraign the embattled former Central Bank of Nigeria governor, Godwin Emefiele at the Ikeja State High Court in Lagos for alleged abuse of office over allocation of billions of United States dollars.

Emefiele alongside his co-defendant, one Henry Isioma Omole, will be arraigned on 26 counts before Justice Rahman Oshodi.

The charge, marked ID/23787c/2024, dated April 3, 2024, was filed by Mr Rotimi Oyedepo (SAN).

EFCC alleged that Emefiele committed abuse of office between 2022 and 2023, in Lagos, of abuse of office.

The commission alleged that Emefiele “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary act, to wit: allocating foreign exchange in the aggregate sum of $2,136,391,737.33 without bids, which act is prejudicial to the rights of Nigerians.”

EFCC, further alleged that Emefiele between 2020 and 2021, in Lagos, “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary, act to wit: allocating foreign exchange in the aggregate sum of $291,945,785.59, without bids, which act is prejudicial to the rights of Nigerians.

Emefiele was alleged to have, in 2021, in Lagos, “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary act, to wit: special allocation of foreign exchange in the aggregate sum of $1,769,254,793.16, which act is prejudicial to the rights of Nigerians.”

In count four, the sum involved was $370,872,893.01.

Emefiele’s co defendant Omoile was alleged to have November, 17, 2020, in Lagos, whilst acting as an agent accepted from Raja Punjab through Monday Osazuwa, the total sum of $110,000, for Godwin Ifeanyi Emefiele, gifts as reward for allocating foreign exchange by the Central Bank in favor of Raja Punjab’s employer.”

According to the charge the offences committeed contravened Section 73 of the Criminal Law of Lagos State, 2011.

Meanwhile, President Bola Tinubu, on Friday, thanked the Central Bank Investigator, Mr Jim Obazee, for his services, officially closing the months-long investigation.

“Subsequent to the conclusion of the assignment and the submission of a final comprehensive report, and with the winding up of all apparatuses used during the scope of the task which terminated on March 31, 2024, the investigation is formally closed,” a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, read Friday evening.

The statement is titled, ‘President Tinubu thanks Jim Obazee as special investigator of the CBN at conclusion of investigation.’

Tinubu noted that with the investigations closed, all appropriate law enforcement and regulatory agencies have since begun conducting follow-up action.

The President commended Mr. Obazee for the dedication and professionalism he exercised in handling the complexities of this critical national assignment.

He thanked the CBN investigator for answering the call of duty while wishing him success in his future endeavours.

On 30 July 2023, the President appointed Jim Obazee, Chief Executive Officer of the Financial Reporting Council of Nigeria, as a special investigator to probe the Central Bank of Nigeria and related entities.

The immediate past governor of Kaduna State, Mallam Nasir El-Rufai is preparing to fight President Bola Tinubu in at least two courts, according to Vanguard report.

The prospects of the battle are to be staged in the courts of the land where El-Rufai expects to clear his name of the allegation of being a security risk, and also in the court of public opinion where political actors expect him to be a major barricade to the president’s re-election in 2027.

The stage for the coming battle follows what both friends and foes of the former governor assert as his public humiliation by the Tinubu administration of being a security risk unfit for ministerial office.

In a way that has garnered public interest, Mallam as he is fondly referred to by his close associates, has excited the political class with gyrations across the North in the last two weeks.

Besides two public meetings with the Social Democratic Party, SDP chiefs, the former governor has consolidated his identity with the political opposition with a visit to the suspended lawmaker representing Bauchi Central Senatorial District, Senator Abdul Ningi.

The proclivity towards the opposition follows what friend and foe describe as the public humiliation served on the former governor.

El-Rufai according to multiple sources despite his immense contributions both strategically and financially to the emergence of Tinubu as president had pledged not to serve in the new government.

The former governor had reportedly preferred a sabbatical in academia.

He was, however, courted by the president with a plea to help revive the energy sector. Even before his ministerial announcement, El-Rufai it was gathered had started laying down plans and processes to tackle the sector. His preparation flowed from his years as director-general of the Bureau for Public Enterprises, where he was involved in the energy reform programmes of the Olusegun Obasanjo administration.

However, to the shock of all El-Rufai was dropped during the Senate ministerial screening on the claim that he failed security clearance.

The shock of the failure to get a security clearance numbed several political actors given his strategic role in moving the hands of Northern governors to back Tinubu ahead of the All Progressives Congress, APC convention. Besides, it was gathered that the former governor played key roles in facilitating the election of the president in some Southwest states not controlled by the APC.

A senior government official from one of the Southwest states on the condition of anonymity said:

“He played a key role in funding us in my state and I can tell this because I was personally involved,” the official from one of the Southwest states said.

Besides the significant contribution as attested by the official from the Southwest State, El-Rufai in the twilight of the Muhammadu Buhari administration also shocked many with his decision to, along with others challenge the Federal Government over the naira redesign project of the federal government.

Defending why he opposed the Buhari government on the naira redesign policy, El-Rufai had claimed it was meant to instigate the polity against the APC by those around the former president who failed in their bid to stop Tinubu from getting the presidential ticket.

“They also sought to achieve any one or more of the following objectives: create a nationwide shortage of cash so that citizens are incited to vote against APC candidates across the board resulting in massive losses for the Party in all the elections.”

However, despite his stellar role in helping Tinubu to power, a source close to El-Rufai disclosed that the camp of the former governor believed that it was wrong for him to have been so publicly humiliated and to have been tagged a security risk.

One of the confidants of the former governor told Saturday Vanguard:

“You think Mallam will allow this tag to abide on him? I can assure you that he is going to clear his name in court.

El-Rufai is a man who has many contacts internationally and he is not one to allow his reputation to be smeared by the reason given by the Senate of being a security risk,” the source said in revealing the prospects of court action to enable the former governor to clear his name.

Besides the resort to the court of law, the former governor it was gathered is also mobilising to play a role against Tinubu in the court of public opinion ahead of 2027.

Whether El-Rufai would stand as a candidate or mobilise against the president in 2027 in the same way he did in supporting him in 2023 is, however, a matter that is yet to be determined.

Saturday Vanguard reports that the strategic facilitation provided by El-Rufai to Tinubu came after he had in the past lampooned Tinubu as a godfather. He had at a lecture in May 2019 averred that it was possible to defeat the godfather of Lagos.

A year later at a webinar to commemorate the 63rd birthday of Rauf Aregbesola in May 2020, El-Rufai had said that Tinubu was not his man.

While congratulating Aregbesola, El-Rufai said, “I want to congratulate my brother, Ogbeni (Aregbesola), on his birthday. You know I’m your man any day. I’m not Asiwaju’s man and you are Asiwaju’s man, but I am your man any day. Asiwaju and I have differences but you and I have no differences.”

Despite the public outcry trailing the recent 230.8 per cent rise in electricity tariff for premium power consumers nationwide, the federal government yesterday, hinted that it plans to extend a similar measure to every Nigerian who has access to on-grid electricity.

The government said it would convert the entire power sector into a single band from the current six, with cost-reflective prices being fully implemented in the next three years.

Speaking during a weekly briefing organised by the Ministry of Information in Abuja, the Minister of Power, Chief Adebayo Adelabu, said the recent development was the first step in government’s plan to completely remove subsidy payment.

Also, yesterday, the Nigerian Electricity Regulatory Commission (NERC) sanctioned the Abuja Electricity Distribution Company (AEDC) for violating its order on customer classifications.

However, the Northern Elders Forum (NEF); former Vice President and the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, Atiku Abubakar, and President of the Nigeria Labour Congress (NLC), Joe Ajaero, have faulted the recent increase in electricity tariff by the present government led by President Bola Tinubu.

In a separate document seen, the Nigerian Electricity Regulatory Commission (NERC), stressed that with the increase in tariffs for Band A customers from N68 to N225, it has succeeded in saving about N1.4 trillion from what it stated was the projected N3.2 trillion subsidy for 2024.

At the current price of N225, it argued that premium customers would be paying less than half of what they would otherwise spend if they deployed other alternatives like diesel-powered generators.

But Adelabu maintained that it no longer makes sense for the government to continue paying close to 70 per cent of electricity subsidy for Nigerians, explaining that to ensure the current economic downturn does not harshly impact the lower wrung of the society, government would embark on the gradual phase-out of underpayments for bands B-E and then lifeline.

Adelabu, said the federal government had spent about N2.9 trillion on electricity subsidy.

He said the government was still subsidising 85 per cent of electricity supply in the country despite increase in tariff for Band A customers.

He said the government remains pro-poor in its power policy because it is subsidising nothing less than 67 per cent of the cost of producing, transmitting, and distributing electricity in Nigeria.

He said the government is not ready to aggravate the sufferings by refusing to adopt 100 per cent withdrawal of subsidy on electricity

“This tariff review is in conformity with our policy thrust of maintaining a subsidised pricing regime in the short-run or the short-term with a transition plan to achieve a full cost reflective tariff for over a period of, let us say three years.

“It is because of government sensitivity to the pains of our people that will not make us migrate fully into a cost-reflective tariff or to remove subsidy 100 per cent in the power sector like it was done in oil and gas sector.

“We are not ready to aggravate the sufferings any longer which is why we said it must be a journey rather than a destination and the journey starts from now on, that we should do a gradual migration from the subsidy regime to a full cost-reflective regime and we must start with some customers.

“This is more like a pilot (scheme) for us at the Ministry of Power and our agencies. It is like a proof of concept that those that have the infrastructure sufficient enough to deliver stable power, those enjoying 20 hours of light should be the ones to get tariff added,” he pointed out.

Adelabu, argued that anybody that goes into any business intends to first recover cost, then if possible, make some profit, explaining that the moment a business cannot cover costs, the sustainability of such business is doubtful and will be run aground.

He observed that if the federal government was to pay the about N3 trillion subsidy for this year, it would be more than 10 per cent of the national budget for 2024.

“The power sector is just a single sector out of so many sectors that government has to attend to. We have works, we have housing, we have education, we have health, we have defence and so on that are all competing for this meagre revenue from the government.

“So it will be very insensitive on our part to force or compel government to continue to subsidise at that rate of almost N3 trillion for the power sector alone. We just have to be realistic and considerate. We also must ensure that the regulators are independent and there is consequence management,” he stressed.

With a little above 12 million registered electricity customers nationwide, Adelabu said the recent increase would only affect about 1.5 million customers.

The remaining 10.5 million customers, he said, would continue to enjoy government subsidy at about almost 70 per cent, until it is gradually phased out.

He emphasised that if the Discos are able to comply with the service level agreement, which is 20 hours for Band ‘A’ at the minimum, it is still far cheaper than the alternative source of diesel and petrol generators.

“You will agree with me that the average cost of generating a kilowatt hour of power today, using diesel and petrol generator is not less than N450 to N500 because of the capital investment of purchasing the generator, the daily operational fuelling of the generator and the intermittent servicing of these generators.

“The cost is not less than N500. So, if we are putting the tariff at N225, I believe it is more than 50 per cent cheaper than running alternative power sources,” Adelabu maintained.

He stressed that for the first time in many years, government was taking a bold step to address the fundamental issues confronting the power sector, including liquidity and pricing challenges.

The minister emphasised that the sector had been deprived of the required liquidity to keep it running on a sustainable level and is therefore no longer attractive to investors.

“Even the operators don’t have enough liquidity to invest in enhancement of their infrastructure. The generator companies cannot pay the gas companies, which is the raw material that they use to generate power. The generator companies cannot service their equipment.

“It got to a level that they cannot even pay the salaries of their workers because of the accumulated debt in the sector due to lack of liquidity and commercial pricing.

“And I believe that previous administrations have shied away from addressing this. It is a tough conversation, but we must have it at a point if we are serious about stable power sector in this country,” he added.

He assured that it might be painful in the short run, but the gains will come very soon and will be permanent.

At the moment, he stated that all Nigeria’s gas pipelines are bad as a result of vandalism, leading to a lack of adequate pressure in the gas pipes.

Former Vice President Atiku Abubakar has accused the men working with President Bola Tinubu of pushing the economy into deeper crisis even as he said reforms being introduced by the administration lacked human face.

The presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election stated this in a statement criticising the recent hike in electricity tariff, saying it will impose additional hardship on already suffering Nigerians.

“The President’s men are pushing the economy into a deeper crisis. His reforms are without a human face,” Atiku said in the statement.

The former PDP presidential flagbearer also emphasized that the increment on electricity tariff will have negative impact on the manufacturing industry.

He therefore advocated the need for the government to understand the root cause of the inefficiencies in the power sector before unleashing another dose of reforms, insisting that it was time to revisit the privatisation exercise that produced the Distribution Companies (DISCOs).

Atiku also accused the government of adding another reforms without adequate notice and without sufficient post-reform plan to mitigate the associated pain on the people.

He said the upward review in electricity tariff comes at a time when Nigerians were going through excruciating difficulties occasioned by the withdrawal of subsidy on PMS and floating of the Naira.

While noting that the government has not successfully dealt with the pains associated with the implementation of those measures, Atiku said the hike in electricity tariff will create more difficulties for the citizens as inflationary pressures are elevated.

“Our manufacturing sector will similarly be impacted negatively. Not only are they paying higher interest rates on their bank loans but also paying more for diesel, paying higher wages as a result of the new minimum wage,” he noted.

He then charged the president to ensure that his reforms are introduced in sequence with measures in place to mitigate associated pains while holding the Nigerian Electricity Regulatory Commission (NERC) responsible for enhanced delivery.

“Tinubu must (a) ensure that these reforms are sequenced, (b) implement measures to mitigate the pain, and (c) hold the NERC responsible for ensuring improved service delivery,” Atiku said.