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What’s heartbreaking about Africa
The International Monetary Fund (IMF) has explained why it advised Nigeria to remove fuel subsidies, adding that the subsidy regime was robbing the poor for the rich.
The Director of the African Department of the Fund, Mr. Abebe Selassie, provided insights into the organisation’s position, at the ongoing Spring Meetings of the IMF and World Bank in Washington DC. According to him, the Fund had provided robust content and how the poor could benefit from the policy in the provision of social safety nets.
His words: “Subsidies are about resource allocation internally within Nigeria. So Nigerians, the people of Nigeria pay for these subsidies.
“And what’s the reason why we counsel against such generalised subsidies is very simple. It tends to be highly regressive, meaning the benefits of such you know, fuel subsidies tend to accrue to the rich and segments to reach out to people and the poor people.
“So it’s people that are driving these large cars, with big houses are wanting to see subsidised fuel. They’re the ones benefiting relative to the poor and vulnerable in Nigeria.
“So you know, not only people paying for the subsidies Nigeria, it’s the poorest segments of society that actually are losing out and resources could instead, of course, be used to improve conditions for poorer people instead of accruing to rich people.
“That’s why subsidy reform is important. We applaud the government for the steps government took to reduce the extent of subsidies. I think as oil prices have become volatile, the level of subsidy has also moved up and down. “But I think you know, the direction of travel, I think, to remove the subsidies and use the resources to provide social protection for the most vulnerable households.”
Mr. Selassie revealed that the IMF has provided the sum of $58 billion to African countries since the outbreak of the COVID-19 pandemic and pledged it would do more.
The IMF chief cautioned African countries against commercial loans for the purposes of refinancing because of the current rate hike in most economies.
He advised that instead, countries South of the Sahara that have debt service challenges should look inward for domestic resource mobilization, which would be easier to deal with. The Director criticised the practice of discriminatory tax exemption to some companies and not extended to others.
These special favours to some companies, he observed reduce the effectiveness of governments to optimise tax revenue..
Positive developments in Africa
“Mr. Abebe said that after four challenging years and multiple shocks, Sub-Saharan Africa’s economy appears to be on the mend.
“We expect economic growth to rise to 3.8 per cent in 2024, from 3.4 per cent last year. After peaking at almost 10 per cent in late 2022, inflation has nearly halved to around 6 per cent in the early part of the year thanks to decisive action by central banks.
“This includes slower food price increases, a positive development for a region where the cost of crises has been acute in recent years. In addition, fiscal consolidation efforts are starting to pay off, with the median public debt stabilizing at around 60 per cent of GDP, halting a 10-year upward trend.
“And with global financial conditions easing, a few countries have been able to return to international markets, ending a two-year hiatus. These are encouraging signs.”
The Missing Chief said, however, “ the region is not out of the woods yet. Far too many countries still face a funding squeeze.
What’s heart breaking about Africa- IMF MD
Also, IMF Managing Director, Mr. Kristalina Georgieva, described as “heart-breaking”, the situation in which African countries spend large amounts of their revenue on debt servicing.
Her words, “African countries spend on average, 12 percent of their revenue on on debt servicing. This is more than double from the Las decade. They were at 5 percent a decade ago.
“What is heartbreaking is that in some countries, the debt payments is up to 20 per cent of revenues.
“What does that mean? It means that what could have gone to education, health, for investments in infrastructure and jobs is being sucked away by debt servicing. The ground for public capital to come in.
“We know that part of the reason is that interest rates are quite high. So what does it translate into for authorities in Sub-Sahara Africa?
“First, we see that those who have worked on public finances, to clean clean the ground for private capital to come in are doing better.
“When you have a tax/revenue of 26 per cent like Cote d-Ivoire, you can bear the debt burden. When you 12 per cent to GDP you cannot.”
The MD said that the IMF’ major peg of interaction with member countries in the region was focusing on the mobilisation of domestic resources, improving public spending and mobilising local savings with which to achieve growth prospects.
She added that African countries must keep their eyes on inflation because that problem remains unsolved.
Ms. Georgieva noted that Africa was blessed with huge potential, with huge a youth population that was earger to work and that its leaders should allow Africa’s resources to work for Africans.
The Economic and Financial Crimes Commission (EFCC) must choose its fights sensibly. An Ijele doesn’t go about dancing at babies’ birthday parties just to be noticed. The EFCC must leave some jobs for local Police DPOs. So, it can focus on serious financial crimes. This gbegboro attitude inhibits specialisation. More importantly, the EFCC must never forget that it wrestles against principalities and powers against whom it needs the confidence of the masses. Seeking to clean cobwebs while elephants freely defecate in the room is self-deceit.
The EFCC has recently set up a task force to prevent the abuse of the Nigerian currency, the naira. The focus of this task force has been on preventing celebrities and, perhaps, the public from spraying the naira at social events, as the EFCC sees this as a form of irreparable damage to the currency. Although the law is in place to preserve currency notes and save reprinting costs, the EFCC has taken it to be a serious financial crime. If lawmakers had trained their focus on stopping the display of exhibitionism or money worship in order to prevent the spread of lasciviousness and reset societal values rather than mere naira abuse, the people would have been happy. However, enforcing laws against harmless cultural practices portrays law enforcement as bereft of a critical sense of priorities.
In the United States, celebrities spray money on strippers. So, spraying cash on people isn’t such a universal crime as the EFCC’s preoccupation with it suggests. In Igbo land, if a grandma dances, she has to be sprayed cash. Putting the money in her bag or pocket drains the ritual of the ceremony. If that damages the naira, then the quality of the notes needs improvement to meet significant cultural uses. Money is more than a sterile medium of exchange. We used to have pseudo-plastic notes in the past. But this new meddlesome law also forbids the throwing of coins. So, the primary motivation for the prohibition can’t even be mutilation because it’s so non-discriminating. Now, the EFCC wastes its time and scarce resources pursuing young men and women spraying their hard-earned naira on their friends and relatives while indicted criminal suspects occupy ministerial positions at the nation’s capital
An institution with limited resources ought to define its priorities soberly. While the EFCC was running around Borisky, Yahaya Bello, who likes to call his narcissistic self White Lion, was still at large. If the EFCC was thinking of the Broken Windows Theory, then it should have focused on the obscene display of wealth, not the spraying of naira, which almost all poor and decent people in Nigeria do anyway. Now, Bobrisky is in prison after pleading guilty as a first offender, but Yahaya Bello can’t be arrested.
He wasn’t arrested a couple of days ago because after the EFCC laid a siege on the house where he refuged, the policemen protecting the man at large shut out the EFCC violently. That wasn’t the peak of the absurdity. While the EFCC agents were languishing in helplessness under the angry sun, a governor stormed the cordoned area with thugs and gained easy entrance into the house. The humiliated EFCC men watched like schoolboys. Such life-sucking impotence. All these happened a stone’s throw from the seat of power. The godson shoved the EFCC aside and whisked away his godfather from the trembling hands of the timid law. Sheer movie stuff. Blockbuster gangsterism.
After the EFCC chickened away in peace, it issued a press release. In that gutless release, it couldn’t dare to be specific let alone name names. In that statement that reeked of abject impotence, it found the verve to warn the public that in future, it would deal decisively with people who employed thugs to disrupt or obstruct its operations. A governor might have immunity, but does his immunity permit him to handcuff EFCC agents or commit criminal offences while law enforcement agents watch?
His immunity doesn’t confer anything on all the aides and security agents who may choose to assist him in committing the crime before newsmen.The next day was court sitting. Yahaya bello was still at large. The EFCC said they could be forced to invite the military to assist them. What more do they want to suffer? However, that statement was a naked indictment of the police and DSS. Granted, both can’t often handle bandits, but should a chicken-hearted white lion hiding in the Government House in Lokoja require military intervention too?
The helpless EFCC has declared the man wanted, begging the public to help track the man. The public is supposed to find the man the EFCC had in its claws and let a baby governor snatch away? The public should find a man being protected by the state. The world is watching. The Attorney General could have struck while it was hot in Abuja. But he dilly-dallied. A firm pronouncement from the Chief Law Officer to the police and DSS would have drained courage from the lawless governor.
When the Attorney General woke up from slumber the next day, he preached that citizens must always submit themselves to law enforcement agents when needed. He called no names. He issued no public orders. Tepidly, he said the world would have no respect for the country if governors started to act like wild animals. Such preposterous lukewarmness. Tomorrow, we will attend an African Union meeting and expect respect. He should remind the president that foreign investors are watching the spectacle of the travesty of the rule of law.
This atrocious precedent took place under the presidency’s nose. Many thought that naked disruption of EFCC operations by other law enforcement agents had ended with Buhari. If it had been some Bobrisky rather than the revered Bobkogi who mobilised thugs to evade that arrest, the security agencies would have remembered they had breached presidential security. Rightly, but belatedly, the policemen attached to Yahaya Bello have been withdrawn, but when will they be prosecuted? After all, we are only a generator republic and not yet a plantain republic.
The EFCC must choose its fights wisely. Some bemused young people are now planning to switch to spraying dollars at social events. That could mean more naira chasing the dollar. Some laws only exist to be part of the general legal architecture. And there are others, that must attract attention and venom. The EFCC’s greatest existential problem is corrupt politicians. However, it appears the agency has an exceptionally elastic capacity to absorb humiliation from powerful politicians.
Often, the public looks away with disinterest not just because the EFCC likes to make up by chasing small fries, but after the EFCC went through the roof to arrest Rochas and charge him, the then Federal Attorney General hijacked the case from the EFCC. That gradual and steady emasculation of the EFCC by big politicians has been quickened by Ododo. He knows he will suffer no consequences. Last year, an ex-governor publicly ridiculed the EFCC chairman who had fingered him for corruption. That ex-governor is now a minister. The EFCC lingers on his filthy files.
How does the EFCC feel when it goes against relatively innocuous offenders while those who have embezzled the state into penury swagger about in the corridors of power and thump their noses at it? Bobrisky went to prison at the speed of light. Bobkogi is still at large. When he is eventually arraigned, he might appear in a lion-skinned attire. His lawyers will secure his bail despite his having shown that he is a flight risk. Then he will return to Kogi to a hero’s welcome, drums beating, and women dancing under the sun, all arranged by his godson, Ododo. Most of the policemen withdrawn from him will return with him to Kogi for the triumphant homecoming. They might even receive awards from the state. We live right in a circus. Aristotle said, “At his best, man is the noblest of all animals; separated from law and justice, he is the worst.”
The EFCC must reassess its priorities to prevent politicians from turn the eagle into a chicken, a scaveger for small things.
The CEO of cryptocurrency exchange, Binance, Richard Teng, yesterday said that the company is working very closely with Nigerian authorities following the detention of the company’s Head of Financial Crime Compliance.
A Nigerian court has adjourned until May 2 a case against the executive, Tigran Gambaryan, and another Binance official, who are accused of laundering more than $35 million, Economic and Financial Crimes Commission (EFCC) said on April 8.
“What I can say is we are working very closely with the Nigerian authorities to try to resolve the matter,” CEO Richard Teng said, while speaking about Gambaryan’s case at a crypto conference in Dubai.
The other executive Nadeem Anjarwalla, a British-Kenyan who is a regional manager for Africa, fled Nigeria last month.
Anjarwalla and Gambaryan flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites and were detained on arrival on February 26 by EFCC.
In addition to the case brought by the anti-graft agency, the Federal Inland Revenue Service (FIRS), Nigeria’s tax agency, has charged Binance and the executives with tax evasion, a case that will be mentioned before a court today (Friday).
“This was a one-off. It’s never happened to us before,” Binance’s Head of Regional Markets, Vishal Sacheendran told Reuters on the sidelines of the Dubai conference when asked about the detentions.
Sacheendran declined to comment on the charges against the company.
A money laundering case to the tune of N300m against former Attorney General of the Federation and Minister of Justice, Mohammed Adoke has ended after seven years.
The presiding judge, Justice Inyang Ekwo of a Federal High Court in Abuja dismissed the trial on Friday.
Ekwo upheld Adoke’s “no-case” submission against the money laundering charges against him because the prosecution, the Economic and Financial Crimes Commission (EFCC) failed to establish a prima facie case against him.
In 2017, the EFCC had prosecuted Adoke and a property developer, Abubakar Aliyu, alleging money laundering.
charges before Justice Abubakar Kutigi of the FCT High Court, even though the case did not mention the Oil Prospecting Licence (OPL) 245 transaction.
Although the EFCC admitted before Ekwo that it was a mortgage that Adoke took from Unity Bank, it alleged before Kutigi that the money was a bribe from the sale of the oil block by Malabu Oil & Gas Ltd. in 2011.
However, on March 28, Kutigi identified the paradox, and subsequently dismissed the charges against Adoke and other defendants, chiding the EFCC for wasting the court’s time for four years.
Ekwo further upheld the no-case submission, and consequently discharged and acquitted Adoke.
The Commissioner of Police, FCT, CP Benneth Igweh, has expressed heartfelt gratitude on behalf of the management and personnel of the FCT Police Command for the kind gesture of the minister, FCT, Chief Barr. Nyesom Ezenwo Wike, for fulfilling his promise to the Command.
The minister had directed the FCT Command to hunt down and arrest or neutralize two wanted bandit/kidnapping kingpins who had been terrorizing Abuja particularly the Bwari, Dutse Alhaji and Kubwa axis.
He backed the decisive action/directive by placing a bounty of twenty million naira (₦20million) on two notorious and most wanted kidnappers on February 14, 2024, and has matched his words with action following the arrest of the two wanted kidnappers.
A statement by FCT Command said, “The implementation of such measures reflects the minister’s leadership and responsiveness to the security and safety of residents.
“The Command is therefore highly honored and grateful for his unflinching and continuous support in combating crime and ensuring the well-being of the residents.
“The CP ensured that the fund was distributed amongst the tactical teams and the divisional police officers of the command to ensure better service delivery.
“He also reassures the Minister and the residents of FCT that the command under his leadership will leave no stone unturned in the fight against crime and criminality and will continue to work assiduously to ensure the safety of residents.
“He urges residents to be vigilant and take advantage of the police emergency lines to report suspicious activities through: 08032003913, 08028940883, 08061581938, and 07057337653 PCB:
09022222352, CRU: 08107314192″
The Nigerian Senate has postponed the resumption of plenary from the 23rd of April 2024 to the 30th.
The postponement was contained in a notice issued by the Clerk to Senate, Chinedu Akubueze which was released on Thursday in Abuja.
Part of the notice read: “Distinguished Senators are hereby, respectfully informed that resumption of plenary, which was earlier postponed to Tuesday 23rd April 2024, has further been postponed to *Tuesday 30th April 2024 at 11 am.
“Kindly note that the plenary sitting will be held at the main Chamber of the Senate.
“All inconveniences this postponement may cause Distinguished Senators are highly regretted, please.”
DAILY POST reports that the latest postponement is the second since Lawmakers in the upper and lower legislative Chambers went on Easter and Sallah recess.
Umar Damagum, acting national chair of the Peoples Democratic Party (PDP), has survived attempts to remove him from office — at least for now.
Briefing journalists after the PDP national caucus meeting early Thursday morning, Debo Ologunagba, the party’s spokesperson, said the issue of whether Damagum should remain or be removed from office has been deferred.
He said Damagum will continue as acting national chair of the party till the next national executive committee (NEC) meeting.
The party’s constitution mandates that NEC meeting be convened once in three months.
“The caucus did not deliberate on this matter because there are numerous complexities regarding leadership at this time,” he said when asked about the caucus decision on Damagum.
“Therefore, this matter was deferred to the upcoming NEC meeting. The issues presented by the NWC were discussed by the caucus. Umar Damagum will remain the acting national chairman of the party until the subsequent NEC meeting following tomorrow’s (today’s) session.
“The party has recognised the importance of conducting further consultations on that matter. Our priority is maintaining party unity, as we navigate through these issues without causing division.
“We are committed to following our constitution and any succession plan that aligns with our current circumstances, including ongoing court processes. Our aim is to take actions that promote unity and are by our constitution.”
The resolution of the national caucus is subject to the ratification of NEC.
The NEC meeting is scheduled to hold today.
The PDP national caucus is a vital organ of the party. Members usually meet a day before the NEC meeting.
Majority of decisions made at the NEC meeting are typically deliberated upon during the national caucus gathering.
There have been calls from different quarters for Damagum to step down as the PDP acting chairman.
Damagum became acting chairman following the suspension of Iyorchia Ayu in March 2023.
Those demanding Damagum’s resignation based their argument on the need for someone from the north-central to take over and complete Ayu’s tenure.
Ayu hails from Benue state.
On Tuesday, the national working committee (NWC) of the PDP passed a vote of confidence in Damagum, amid calls for him to step aside.
WHAT NATIONAL CAUCUS DISCUSSED
The PDP spokesperson said the caucus discussed several issues, including the unity of the party.
“At the meeting, the national caucus deliberated on the forthcoming local government, ward, and state congresses, scheduled for between June and August 2024,” he said.
“The caucus endorsed the NWC’s reconstitution of the party’s disciplinary and reconciliation committees. These are standing committees tasked with addressing internal party matters.
“Fourthly, the caucus extended the tenure of the party’s Constitution Review Committee to incorporate new suggestions for amending the party’s constitution.
“Additionally, the caucus also discussed various methods of fundraising for the party, including membership drives, investment initiatives, and other matters that the NWC will address and subsequently present to the NEC for approval.”
[TheCable]
[PRESS RELEASE] Sanwo-Olu, Fashola, Others Chart New Course for Youths at First Lagos Leadership Summit
AdminThe first Lagos Leadership Summit, held Wednesday, ignited new passion and zeal towards charting a new course of action for the country’s future. The event, organised by Lateef Jakande Leadership Academy (LJLA), presented an opportunity for inclusive interaction between old and new generations.
Debates, speeches and panels delved into topics that challenged the mental, emotional and physical preparation of the youth to take up leadership roles. Discussants evaluated how young people currently in leadership positions had inspired impactful changes.
The event, with the theme: “Leadership and Nigeria's Future”, held at Konga Place in Lekki, was graced by a large physical and virtual audience, indicating the interest of the youth in the conversation.
Governor Babajide Sanwo-Olu shared his personal leadership engagement story with the participants, recalling how, at 37, he was appointed into Lagos State cabinet as Special Adviser with only private sector experience.
The Governor said his appointment into public service offered him the opportunity to learn multidimensional leadership and build problem-solving capacity, which, he added, prepared him for bigger tasks in the course of his public career.
Sanwo-Olu said the summit was initiated with the objective to create an engaging platform for young people to channel their energy, knowledge and creativity to actions that would project their leadership skills.
He said: “We believe young people are leaders not only for tomorrow, but today. This idea gave birth to Lateef Jakande Leadership Academy through which we provide opportunities for young leaders to learn, innovate and develop skills that will enable them hone their leadership skills.
“For us, it is not about the contemporary challenges that we face; it is about the innovative ideas and solutions that we will bring about in solving the problems. That is why we all gather here to make you think out of the box, innovate and unleash your leadership potential.
“The quality of output from the Academy has not only shown us that we took the right step, the feedback has been outstanding and we are prepared to create more platforms for robust youth engagement. The country is banking its future on the youth. Character is critical; young people must have the competence and vision to make the changes you want to see.”
Former Minister for Works and Housing, Mr. Babatunde Raji Fashola, during a discussion titled: “Ethical Leadership and its Impact on Nation Building”, lent his voice to the notion that young people must go through the rudimentary process of leadership before being entrusted with responsibilities.
The former Lagos Governor also said the notion that “the end justifies the means” could no longer be a standard practice in governance, stressing that the leader must do the right thing even if the consequence won’t go down well with the population.
He said: “Days of the end justifies the means can no longer be the gold standard for governance any more. The process must be as important as the result. I subscribe to enjoyment after adversity because I have had introspection on every sustainable success story we have had, not one of them had not been built on the foundation of adversity.
“Therefore, if the utilitarian value of any policy, project or programme being pursued by the government serves the greatest good to the greatest number of people, then the leadership must go for it regardless of the consequences. In years to come, many people would look back and say it was better that we did it the way it was done.”
The Deputy Governor, Dr. Obafemi Hamzat, shared perspectives on “Leadership and Community Engagement: Strengthening the social Fabric of Nigeria” during a session moderated by the Special Adviser to the Governor on Legal Matters and Public Private Partnership (PPP), Mrs. Bukola Odoe.
Dr. Hamzat noted that foundation for building a consensus in the community had been jettisoned for individualism.
This, the Deputy Governor said, had made parenting significantly deviated from its essential purposes.
He said: “The older generation inherited a robust community engagement model that pursued the agenda of the collective. Today, the foundation for engagement is weak and people have moved towards individualism, which has eroded the values of collectivism entrenched in our culture and civilisation.
“In trying to bridge the gap and create robust community engagement, technologies have given us the speed and instantaneous power to drive change within our communities today. We must continue to aggregate what is positive and use it for the best of our communities.”
Minister for Communications, Innovation and Digital Economy, Dr. Bosun Tijani, urged the participants to go with the trend of technological advancement, noting that the future leadership would be influenced by the Industrial Revolution that would be taking place in the era.
LJLA Executive Secretary, Mrs. Ayisat Agbaje-Okunade, said the summit aimed to forge
connections between the old and new generation, while understanding that the idea of leadership is beyond rhetoric.
“Our world is evolving at an unprecedented pace and the challenges we face require leaders who are not only capable but compassionate, visionary and adaptable. We believe leadership must transcend rhetoric and manifest tangible outcomes. We need leaders who inspire confidence, foster unity, and drive transformation,” she said.
Other speakers at the event included the Minister of State for Youth, Ayodele Olawande, Senior Special Assistant to the President on Citizenship and Leadership, Rinsola Abiola, Lagos Commissioner for Science and Technology, Olatunbosun Alake, Commissioner for Agriculture, Abisola Olusanya, Economic Adviser to Katsina State Governor, Khalil Nur Khalil and Founding Partner of Venture Platform, Kola Aina, among others.
SIGNED
GBOYEGA AKOSILE
SPECIAL ADVISER - MEDIA AND PUBLICITY
18 MARCH 2024
President Bola Tinubu has said his administration remains undeterred in its pursuit of comprehensive economic security for the country.
He also promised to address foundational challenges and create a fair and equitable system in which all Nigerians can thrive.
Tinubu made the promise when he received leaders of Afenifere, the respected Yoruba Socio-Cultural Organization, at the State House in Abuja, on Wednesday.
President Tinubu said his administration is re-engineering Nigeria’s finances and seeking to boost the purchasing power of citizens and spread prosperity down the line, by instituting a credit system where the element of cash is not an impediment to a significantly enhanced standard of living for all citizens.
The President said Nigeria must secure itself economically first before it can achieve any of its more sophisticated objectives.
He said: ‘’We are committed to the economic survival of our country. To re-engineer the finances of our country, we must start in earnest. So first, retool, revamp the economic opportunities available, and resolve to continue taking the firm and steady baby steps that are necessary.
‘’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 the reason why we established the National Student Loan Programme, which is taking off well.
‘’We are equally examining what to do with the high degree of unemployment. 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.”
Speaking on security, the President declared that those who threaten the sovereignty of Nigeria would pay a heavy price.
“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 very necessary for development. I can tell you we are achieving success. We have degraded terrorism to a level that they cannot threaten the sovereignty of Nigeria any longer.
‘“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. 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,’’ he affirmed.
The Economic and Financial Crimes Commission (EFCC) will today (Thursday) arraign a former governor of Kogi State, Yahaya Bello, before a Federal High Court sitting in Abuja.
Naija News reports that the governor will be arraigned alongside three other suspects, Ali Bello, Dauda Suleiman, and Abdulsalam Hudu.
The EFCC is arraigning them before Justice Emeka Nwite on 19-count charges bordering on money laundering to the tune of N80, 246,470, 088.88 (Eighty Billion, Two Hundred and Forty-Six Million, Four Hundred and Seventy Thousand and Eight Nine Naira, Eighty Eight Kobo).
They will face 19 counts of alleged fraud in a charge marked FHC/ABJ/CR/98/2024 filed on March 6, 2024, by a Senior Advocate of Nigeria (SAN), Dr. Kemi Pinheiro.
Pinheiro and two other SANs – Jubrin Okutepa and Rotimi Oyedepo – will lead seven other lawyers from the EFCC against the defendants.
Count 1 of the charge reads: “That you, Yahaya Adoza Bello, Ali Bello, Dauda Suleiman, and Abdulsalam Hudu (Still at large), sometime in February 2016, in Abuja, 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 offense contrary to Section 18(a) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 as amended.”
Count 2: “That you, Yahaya Adoza Bello, sometime in 2023, in Abuja, indirectly procured one Ali Bello, Dauda Suleiman, and Abdulsalam Hudu (still at large) to use the sum of N950,000,000.00 for the acquisition a property lying, being and situate at No. 35 Danube Street, Maitama District, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18 (c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”
Count 3: “That you, Yahaya Adoza Bello, sometime in February 2021 in Abuja, indirectly procured one Ali Bello, Dauda Suleiman and Abdulsalam Hudu (still at large) to use the sum of N100,000,000.00 for the acquisition a property lying, being and situate at No. 1160, within Cadastral Zone C03, Gwarimpa II District, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”
Count 4 “That you, Yahaya Adoza Bello, sometime between 2018 to 2020, indirectly procured one Yakubu Siyaka Adegbenga, Iyadi Sadat and Abba Adaudu to use the sum of N920,000,000.00, for the acquisition a property lying, being and situate at No.2 Justice Chukwudifu Oputa Street, Asokoro, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”
Count 5: “That you, Yahaya Adoza Bello, sometime in 2022, in Abuja, within the jurisdiction of this Honorable Court, indirectly procured one Ali Bello, Dauda Suleiman, Rabiu Musa Tafada Global Ventures and Abdulsalam Hudu (still at large) to use the sum of N170,000,000.00 for the acquisition of a property lying, being and situate at block D Manzini Street, Wuse Zone 4, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”
The EFCC also accused Bello of procuring a firm to transfer the aggregate sum of US$570,330.00 to an account number in TD Bank, United States of America, “which sum you reasonably ought to have known forms part of proceeds of unlawful activity to wit: Criminal breach of trust.”
The last count accused the former Kogi State Governor of indirectly procuring E-Traders International Limited, Aleshua Solutions Services, Whales Oil and Gas, Forza Oil and Gas, Dada Grand Merchant Limited to transfer $556,265 to account number 4266644272 domiciled in TD Bank, United States of America “which sum you reasonably ought to have known forms part of proceeds of unlawful activity to wit: Criminal Misappropriation and you thereby committed an offense contrary to section15(2)(d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15(3) of the same Act.”
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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.”
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.
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.”