President Bola Ahmed Tinubu has claimed Nigerians buy the cheapest fuel in West Africa.
Aguri Ngelale, the Special Adviser to the President, disclosed this on Tuesday.
The president noted that the fuel pump price will not be adjusted upward.
The presidency was reacting to claims making the rounds of an upward review of fuel pump prices following the increase in the landing cost of the commodity caused by the depreciation of the Naira against the Dollar.
Tinubu said Nigeria is the only country selling fuel below N700 per litre.
“Senegal at pump price today of N1,273 equivalent per litre, Guinea at N1,075 per litre, Côte d’ Ivore at N1,048 per litre equivalent in their currency, Mali N1,113 per litre, Central African Republic N1,414 per litre, Nigeria is presently averaging between N568 and N630 per litre.
“We are presently the cheapest, most affordable purchasing state in the West African sub-region by some distance. No country is below N700 per litre”, he said.
DAILY POST recalls that Nigerian National Petroleum Corporation Limited said there is no plan to increase fuel pump prices upward.
The Nigeria Labour Congress threatened to strike without notice if fuel pump prices were reviewed upward.
In two months, fuel pump prices were reviewed twice, now at N617 per litre after subsidy removal.
The Director General of the Manufacturers Association of Nigeria (MAN), Mr Segun Ajayi-Kadir, has said hard times await Nigeria’s manufacturers for the rest of the year.
He said this during an interview with AriseTv on the effects of the skyrocketing exchange rate and the mooted increase in PMS pump rice across the country.
When asked about the outlook for the year considering the current exchange rate of about N900/$ and high cost of fuel, and whether the country should expect more exits as in GSK and further job losses, he said: “The expectation is that we wouldn’t go that route even though everything is pointing in that direction.
“There are hard times awaiting manufacturers. We have seen the exit of GSK and the reduction in the profile of some of our members. This has dampened the confidence of manufacturers for the rest of the year.”
On the impact of the subsidy removal on the manufacturing sector, Kadir noted that the industry has seen an increase in the price of commercial activities in general, including logistics.
He advised the federal government to ensure a ramp-up of domestic production as that will mitigate the price of PMS in the country.
The dollar has crashed to between N805 to N790 at the parallel exchange market on Tuesday Daily Trust can authoritatively report.
It started a steady decline from N925 to N930 that it was exchanged in the morning till around 4:00 pm when news about a possible Central Bank of Nigeria (CBN) intervention filtered through to the Bureau De Change (BDC) operators.
Recall that the CBN announced plans to take critical decisions to reverse the slide of the naira in the next few days, thereby resulting in significant losses to the speculators.
The acting CBN governor, Folashodun Shonubi, dropped the hint on Monday while briefing State House reporters after a meeting with President Bola Ahmed Tinubu at the Presidential Villa, Abuja.
Checks by our reporters at Allen Avenue and Bagada in Lagos suggest that the BDCs are buying at N900 and selling at N910, after touching N970 to the dollar earlier in the day.
At the Wapa forex market in Kano, the BDCs are buying at N875 and selling at N905 to the dollar.
Further checks at Zone 4 BDCs market in Abuja revealed how the money speculators in the area were taken unawares by the development.
However, at the Investors and Exporters window, the dollar opened at N789/$, got to a high of N799/$ and a low of N740/$ and eventually closed at N774/4, N10 higher than the N764/$ it closed the previous day.
Reacting to the development, one of the money exchange operators who spoke to our reporter said, the dollar may crash further adding that many people will lose money because they purchased the dollar at a higher rate than what it is being exchanged for.
A customer who spoke to Daily Trust said, he asked about the exchange rate in the morning and was told it is being exchanged at N930 to a dollar.
He however said on coming to exchange it in the evening he was told that it has crashed adding that, the first price he was told was N850, but in less than 30 minutes, it crashed to N790 and when he was left without a choice, he has to exchange it at N790.
One of the BDC operators at Zone 4, Ibrahim Muhammad informed Daily Trust on the telephone, that the crash has caused a sudden turn of events that will cause a huge loss to many people in the parallel exchange market.
“They have just sent the BDCs bidding eligibility list to us. Nobody can predict what will happen next.
“If this happens after the meeting, what will happen after the CBN comes up with a new intervention policy to shore up the Naira can just be imagined. So, for now, we are waiting to see what happens tomorrow. It may appreciate a little, but it may also crash further. It is still being exchanged between N800 and N790 as we speak”.
Deposit Money Banks are battling dollar shortage after the Central Bank of Nigeria slashed their foreign exchange allocations, The PUNCH has learnt.
Multiple bank officials told one of our correspondents they have been unable to meet their customers’ forex demand for school fees, Personal Travel Allowance, among others.
The gap between demand and supply has become worsened. We only the CBN will intervene and supply more forex soon, “ a top official of a tier-1 bank told The PUNCH.
“For some weeks now, we have not got allocation. Sometimes they delay in giving” another bank official said.
Other sources from banks also confirmed to The PUNCH that the CBN has drastically reduced their forex allocations.
The CBN on Monday said it would introduce measures to curb the naira slide.
However, the naira gained at the parallel market on Tuesday, after the central bank said it would intervene in the continued depreciation of the local currency.
On Monday, while speaking after briefing President Bola Tinubu on what the bank was doing to halt the naira slide, the Acting Governor, CBN, Folashodun Shonubi, said the fluctuation in the parallel market was not solely driven by economic factors, but also speculative demand.
However, some Bureau de Change Operators who spoke to The PUNCH, said the naira which was earlier exchanged to the dollar at 956/$ on Monday, exchanged at 925/$ on Tuesday.
A BDC operator, Alh Alli Kareem, said, “Today, we bought and sold the naira at 915/$ and 925/$. They are saying they will pump more dollars into the economy but, we are still waiting.”
On the Investors & Exporters window, trading of the naira commenced at 785.89/$ and reached a high of 799.90/$ before closing at 774.77/$ on Tuesday; it closed at 764.68/$ on Monday.
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said, the intervention announced by the CBN might be a short-term one, adding that might not be sustainable.
He said, “People don’t have confidence in naira again; when people have money, they go to the BDCs and buy the dollar and keep. The best intervention they can do is to see how they can get the economy to be productive, but now, we are importing a lot.
“If they are saying intervention, is it the dollar you have or the one you don’t have? I don’t worry that the CBN floated the naira, but it cannot defend it.”
It would be recalled that in July 2021, the CBN discontinued dollar allocation to the BDCs, but continued through the Deposit Money Banks.
Meanwhile, the Federal Government may in the coming weeks clamp down on Bureau De Change operators, The PUNCH has gathered.
Sources close to the matter, hinted to our correspondent that the operatives of the Economic and Financial Crimes Commission might go after currency speculators whose activities have been putting pressure on the local currency.
“The Federal Government is planning to clamp down on operators of Bureau De Change across the country. Although they are businessmen, they are also part of the problem due to the rate at which they greedily hike rates to make profits. The current rates are not market driven but speculative, and that is why the government said they would intervene,” the source said.
EFCC could not verify the plan as of press time.
There was a casualty on Tuesday (today) when an oil rig belonging to Seplat Energy Plc collapsed in Delta State.
The affected oil rig is located near Ovhor in Delta State, Naija News understands.
Confirming the incident, the oil company, in a statement via its official Twitter page, said 92 of the 96-member crew were accounted for and safe.
The company, however, noted that one person died in the incident while three of its crew members are still missing as of reporting time.
“Seplat Energy regrets to announce a serious incident on the Depthwise swamp drilling rig “Majestic” early this morning. Seplat, the operator of the SEPLAT/NNPCL joint venture, contracted the rig.
“It was in transit to its planned drilling location at Ovhor in Delta State when it capsized.
“92 of the 96-member crew are accounted for and safe. However, tragically one fatality occurred during the incident, while three other rig personnel are still missing”, the company wrote on Twitter.
Adams Oshiomhole, lawmaker representing Edo-North Senatorial District, has said “nothing can be worse” as the nation’s economy inherited by President Bola Tinubu from Muhammadu Buhari, his predecessor.
Oshiomhole said the Tinubu-led administration took over an economy in which the nation’s national revenue was barely enough to service the debt burden, spending 96 percent of the income.
This is even as the former Edo governor stressed the need for painful decisions by Tinubu, comparing it to undergoing surgery to address a serious ailment.
The former National Chairman of the All Progressives Congress (APC) spoke to State House Correspondents after meeting with Vice President Kashim Shettima, at the State House, Abuja.
Oshiomhole, who was also a former president of the Nigeria Labour Congress (NLC), said: “The issues of the economy is work in progress. There is no quick fix. The government inherited a terrible economic situation. The government inherited an economy in which our total national revenue was barely enough to service our debt burden, spending 96%, which is to say every N100k Nigerian earn, 96k is going to repay debts, to service debt. So, you have only 4k left to pay all the salaries. So, nothing can be worse.
“But they came determined that they will have to do business unusual; to arrest the drift; stabilize the economy and then begin to move forward. Some painful decisions are necessary.
“Already, the executive—the president and vice president—they’ve shown courage in terms of the decisions they have taken, a radical movement away from one in which if you are well connected you could make billions without adding value to one in which if you want to make money, you have to work. We move away from a situation where CBN can favour you and you become a billionaire; of which they can pauperize you and your business collapses.
“Yes, it has created its own challenges, but I don’t know of any drug without side effect. Doctors will always tell you that every drug might cure your ailment but it will have a side effect. So, in taking it you have to do cost and benefit analysis.
“On the whole, I believe that the broad economic, specific macro economic policies that have been put in place so far both in terms of monetary policies and in terms of fiscal policies is the best way to start.
“You remember just recently a Minister of Finance distanced herself from the monetary policies of a CBN Governor and they were not talking. If the hand and the leg are not walking in harmony, then there is no way you can get to your destination. So, I think we are in a better situation now.
”But my plea to Nigerians is, when I say I will bail you out, I will fix a complicated system that is malfunctioning, I believe everyone knows that the more terrible the situation is, the more time I will require to take the right decision.
“Given the paucity of data and all the other basic infrastructure you need to take some quick decisions that are not pleasant but decision has to be taken.
“When I was a governor I did the same thing. I said, let me use my first six months to take the false decisions. I might lose few friends in the process but when those decisions begin to manifest and translate to benefits I will regain, not just the friends I have lost, I will definitely win more friends. That’s what happened in Edo and by the time I was running for my second term, I got more votes than I got in my first term because some of the difficult decisions I took in my first term came to fruition.
“So, there is no quick fix and there is no miracle in the life of nation states. As they say, leaders and statesmen think of tomorrow, the short-sighted politicians think of what is politically convenient. I’m convinced that Nigeria is safe hands.”
The Federal Government has been advised to discard the idea of Nigeria Air as a national carrier for the country, saying that only Ethiopian Airlines would benefit from the project.
Aircraft pilot, Capt. Benson Ikponmwosa, in an open letter sent to President Bola Tinubu, sighted on August 15, 2023, by Naitrametrics, warned that nothing good would come out of Nigeria Air, rather the country was going to be trapped into another regime of sovereign debt.
According to him, nowhere in the world that foreigners are part of a national airline as proposed by the former Minister of Aviation, Sen. Hadi Sirika, stressing that the idea of foreigners owning majority shares in any national airline negated the very principle of the character and identity of the national carrier.
He, however, clarified that foreigners may be part of any private airline designated as a flag carrier, mentioning Asky Airlines in Lome, Togo as an example.
He maintained that Nigeria Air as presently conceptualised did not meet the standard of a national carrier.
Ikponmwosa claimed that already, a businessman from Ethiopia, Mr. Zenedeneh Negatu had promised the airline $250 million even before the commencement of operations, wondering how the airline intended to offset the bill when the Nigerian Government owned just a 5% stake in the airline, which is not paid for.
He also explained that no one knows the value of the 46 per cent shares of the Nigerian investors, while the 49 per cent of Ethiopian was in the aircraft the East African carrier planned to supply for the project.
- He said: “It is not owned by Nigeria, in any shape or form, and it is only to serve a negative purpose. While their shareholding structure shows that the Nigerian Government owns 5% shares, Nigerian local investors have 46 per cent shares and almighty Ethiopian Airlines has 49% shares, the majority shareholder and the controller of the enterprise (Ethiopian Airlines) is being carefully disguised.
- “This is how; we are told that the 5% given to the Nigerian Government is free, gratis, never to be paid for, and coming from the hearts of the investors. I expect that somewhere, it is written, that the 5% government shares is not a board voting block of shares.
- “Therefore, the government would not be expected to use their 5% unpaid for shares to vote alongside the Nigerian investors in order to override Ethiopian Airlines who have 49%.
- “Let it be known here that the so-called experts collaborating with Ethiopian Airlines are committing treason in their attempt to see this Nigeria Air through as it is.
- “They should stop now and retrace their steps if ignorance of certain steps taken by them is going to be used for their defence.
- “Even in Addis Ababa, no Ethiopian citizen will do what they (Nigerians) are doing against their country in Ethiopia.”
He alleged that Ethiopian Airlines had been obsessed with getting the Nigerian airline market in the past 25 years – passenger and cargo, pointing out that the airline remained the only carrier operating out of four or more out of the country’s airports.
He queried the Nigerian Bilateral Air Services Agreement (BASA) arrangement with Ethiopia, noting that if Nigeria Air was birthed, it could not fly to Addis Ababa as the route was not profitable.
Just last week, Ethiopian Airlines reiterated its plan to commence Nigeria Air operations in October this year.
Mesfin Tasew, the CEO of Ethiopian Airlines, in an interview with Bloomberg TV, said the firm was eager to see Nigeria Air start flying local and international routes.
According to Tasew, the airline would begin operations with two wide-bodied planes and six narrow-bodied aircraft.
- He said, “We are eager to see the airline start flying and connecting the local market to the international market”
He also added that Ethiopian Airlines using its proven model, had an objective to enable Nigeria to have a flag carrier.
Tasew also commented on the difficult business environment in Nigeria but expressed optimism based on the size of the Nigerian economy and the potential inherent in it.
The Federal Government may sell stakes in about 20 state-run companies to raise funds and improve governance in the entities.
This is according to a Bloomberg report. The Nigerian National Petroleum Corporation is among the firms the government may sell a stake in, according to the chief executive officer at the Ministry of Finance Incorporated, Armstrong Takang.
He stated that the agency is considering options including strategic sales and initial public offerings and aims to implement the plan within 18 months.
He noted that some of the entities need the private sector to take controlling shares and the major consideration for the government is to create value rather than retain control.
He said, “It is better for us to own 49 per cent of a high-performing entity than 90% of an entity that is underperforming.”
These sales may coincide with President Bola Tinubu’s plan to reform the country’s economy. Takang stated that the agency is in the process of appointing consultants including valuers, financial advisers, lawyers, bankers, and others to handle different aspects of the transactions.
In October 2022, sources at the Ministry of Finance, Budget and National Planning exclusively told The PUNCH that the government was considering selling or concessioning about 27 national assets.
The assets included Tafawa Balewa Square in Lagos, the National Integrated Power Projects in Olorunsogo, Calabar II, Benin (located at Ihorbor), Omotosho II, Geregu II plants, all the hydropower plants across the country, including Oyan, Lower Usuma, Katsina-Ala, and Giri plants.
The sources noted that more than 25 of such projects will be turned into active assets that will generate money in some ways to the Federal Government.
Since 2016, the Federal Government has mulled the idea of selling some national assets to boost its revenue.
The suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and his associates are set to be arraigned by the Federal Government for N6.9 billion procurement fraud.
Naija News understands that Emefiele will be arraigned on Thursday at the Federal Capital Territory High Court, Maitama, Abuja.
The case is for arraignment and mention.
Emefiele will be arraigned alongside a female CBN employee, Sa’adatu Yaro and her company, April 1616 Investment Limited on 20 charges of procurement fraud, conspiracy and conferring corrupt advantages on his associates.
The embattled CBN governor had been in detention since his suspension from office on June 9 by President Bola Tinubu.
He was accused of conferring corrupt advantages on Yaro, a director in April 1616 Investment Ltd.
The offence is contrary to section 19 of the Corrupt Practices and Other Related Offences Act 2000.
If convicted, Emefiele may be sentenced to five years imprisonment without an option of a fine.
The section read, “Any public officer who uses his office or position to gratify or confer any corrupt or unfair advantage upon himself or any relation or associate of the public officer or any other public officer shall be guilty of an offence and shall on conviction be liable to imprisonment for five years without an option of fine.”
In the charges signed by the Director of Public Prosecutions, Federal Ministry of Justice, Mohammed Abubakar; Deputy Director, Public Prosecution, Mrs N Jones-Nebo and eight other ministry officials, the three accused persons were alleged to have bought a fleet of over 98 exotic vehicles and armoured buses valued at about N6.9bn.
Some of the vehicles bought between 2018 and 2020 included 84 Toyota Hilux vehicles, 10 armoured Mercedes Benz buses, three Toyota Landcruisers and one Toyota Avalon car.
Count one read, “That you, Godwin Ifeanyi Emefiele, male, adult, sometime in 2018 within the jurisdiction of this honourable court did use your position as Governor of the Central Bank of Nigeria to confer a corrupt advantage on Sa’adatu Ramallan Yaro, a staff member of the Central Bank of Nigeria by awarding a contract for the supply of 37 (Nos.) Toyota Hilux Vehicles at the cost of N854,700,000 only to April 1616 Investment Ltd, a company in which she is a director and thereby committed an offence.
“Statement of the offence: Conferring corrupt advantage contrary to section 19 of the Corrupt Practices and Other Related Offences Act 2000.”
Emefiele has been accused by the FG of conspiracy to confer corrupt advantage on the second defendant contrary to sections 26 (c) and 19 of the Corrupt Practices and Other Related Offences Act 2000 and punishable under Section 19 of the same Act.
The charge stated, “That you, Godwin Ifeanyi Emefiele, male, adult, Sa’adatu Ramallan Yaro, female, adult, and April 1616 Investment Ltd, sometime in 2019 within the jurisdiction of this Honourable Court did conspire amongst yourselves to use the office of Mr. Godwin Ifeanyi Emefiele as Governor of the Central Bank of Nigeria to confer a corrupt advantage on Sa’adatu Ramallan Yaro, a staff of the Central Bank of Nigeria by awarding a contract for the supply of 1 (No.) Toyota Landcruiser V8 at the cost of N73,800,000 only to April 1616 Investment Ltd.”
Emefiele was said to have also conferred a corrupt advantage on Yaro by awarding a contract for the supply of one Toyota Avalon at the cost of N99.9m to her company, April 1616 Investment Ltd., in 2019.
The suspended governor was also accused of awarding a contract for the supply of another Toyota Landcruiser V8 for N77.050m to the third defendant in 2018.
The ex-CBN governor was said to have conspired with Yaro to confer corrupt advantages on the CBN staffer by awarding to her a contract for the supply of two Toyota Hilux Shell specification vehicles at the cost of N44.2m sometime in 2020.
Emefiele was further alleged to have awarded another contract to Yaro and her firm for the purchase of one Toyota Landcruiser VXR valued at N96m in 2020.
Yaro was similarly accused of fraudulent acquisition of property for getting a contract from the CBN for the supply of 47 Toyota Hilux vehicles at the cost of N1,085,700,000 and thereby committed a punishable offence.
Count 10 read, “That you, Sa’adatu Rammala Yaro, female, adult, sometime in 2018 within the jurisdiction of this honourable court while being employed at the CBN knowingly held directly a private interest as a director in April 1616 Investment Ltd., in a contract awarded to the said company, for the supply of 47 Toyota Hilux vehicles at the cost of N1,085, 700,000 and thereby committed an offence.”
Count 11, “That you, Sa’adatu Rammala Yaro, female, adult, sometime in 2018 within the jurisdiction of this honourable court while being employed at the CBN knowingly held directly a private interest as a director in April 1616 Investment Ltd., in a contract awarded to the said company, emanating from the CBN where you are employed, for the supply of 10 Mercedes Benz armoured buses at the cost of N2,222, 500,00 and thereby committed an offence.”
Witnesses Against Emefiele
Listed as witnesses against the defendants were the CBN Director of Procurement, Stanley Alvan; CBN Head of Procurement, Mike Agboro, Tahir Jafar, David Usman and “any other witnesses to be supplied later in the additional proof of evidence.”
The Committee set up by Imo State Government for the recovery of land belonging to Alvan Ikoku Federal College of Education (AIFCE), yesterday, indicted former governor Rochas Okorocha for using brute force to disposses the college of its land.
Submitting its report to Governor Hope Uzodimma, the committee recommended the recovery of the Shell Camp land from Okorocha and his associates within six months and hand the same over to AIFCE.
The report which was signed by the Chairman,Prof Vitalis Orikeze Ajumbe and the secretary, B F Anyanwu, regretted that Okorocha,as governor, used brute force including the military and hoodlums to snatch the land from the College after which he allocated or sold same to his top associates.
Those who benefited from the bazaar and have been similarly asked to vacate the land included two of Okorocha”s in laws, Dr Uzoma Anwuka and Kingsley Uju.
Apart from Okorocha”s inlaws , a former speaker, Chief Acho Ihim, Charles Orie, Prince Charles Amadi and Ugochukwu Hillary also benefited from the illegal acquisition.
The Committee regretted that Okorocha ordered the demolition of 101 buildings belonging to staff of the college and thereafter confiscated their property.
It therefore urged the Imo State Executive Council” to direct the recovery of all the lands belonging to AIFCE, which are now illegally in the hands of individuals and institutions.”
It further asked the state government to ensure the recovery of the land within six months and thereafter issue a certificate of occupancy to the college.
“AIFCE should take full possession of the vacated land and property immediately upon recovery while the Commissioner for Lands and OCDA should recover the land within six months”, the committee recommended.
It further recommended that AIFCE should pay the agreed compensation to Orji indigenes who are the original owners of the land while the Army should vacate the shanties they erected in the land and finally move to Obinze.
Responding, Governor Uzodimma thanked the committee for doing a thorough job and promised that the state government would take all necessary steps in accord with due process to implement the committee’s recommendations.
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Russia’s President Vladimir Putin reportedly spoke on the phone on Tuesday with Mali’s military leader, Assimi Goita, to discuss the crisis in the Republic of Niger.
Goita confirmed his conversation with Putin in a post on his official Twitter page, Naija News reports.
According to him, the Russian President, during their phone conversation, stressed the importance of a peaceful resolution over the Niger Republic coup, where the military ousted the democratically elected President Mohamed Bazoum in a coup last month.
Goita said he spoke to Putin to update him about the situation in Niger. He stressed that the Russian leader is interested in a peaceful resolution of the situation for a more stable Sahel.
It was feared the military might seek to switch allegiance to Russia and close French and US bases there.
Putin has called for a return to constitutional order in Niger, while Wagner chief Yevgeny Prigozhin welcomed the coup.
The Northern Elders Forum (NEF) has advised President Bola Ahmed Tinubu to withdraw all sanctions imposed on Niger Republic as soon as possible while talks continue.
Recall that Nigeria has closed all its borders with Niger Republic, cut off electricity, among other sanctions.
Dr. Hakeem Baba Ahmed, Director of Advocacy and Public Affairs, advised in an Abuja statement, “Nigeria should remove all sanctions and other measures intended to force the government and people of Niger into acquiescence.” This will make Nigeria’s negotiations easier to conduct by utilizing all assets that both countries value.”
Furthermore, NEF advised President Tinubu that “the safety of President Bazoum and his family, as well as the restoration of constitutional order, must remain non-negotiable priorities.” Military leaders in Niger must recognize and respect the position of ECOWAS, to whose fundamental principles and goals the Niger Republic has submitted.
“President Tinubu should also look into balancing these responsibilities without jeopardizing Nigeria’s and Nigerians’ position on Niger Republic or ECOWAS unity.” According to Baba-Ahmed
The Forum also condemned using force in the troubled country, saying it would exacerbate the situation.
“The use of force against Niger must be avoided.” It is unlikely that the goals of restoring constitutional order and expanding the frontiers of democratic systems in West Africa will be met. It will exacerbate the region’s security and humanitarian crises.
“It is likely to weaken and further divide ECOWAS, as well as provide greater access for non-African interests into the lives of Africans, with negative consequences,” he added.
The Judicial Panel of Enquiry in Abia state has commenced the probing of the administration of former governor, Dr Okezie Ikpeazu.
The panel began sitting in Umuahia on Tuesday.
Recall that the state Governor Alex Otti had on June 27, inaugurated the Judicial Panel of Enquiry on the Recovery of Government Properties, Funds and Related Matters.
The Governor had also during his inaugural speech promised to recover every money and property of the state stolen by public office holders.
He mandated the panel to recover every looted property of the state from 2015 to May 2023.
In her speech at the inaugural sitting of the Panel, the Chairman, Justice Florence Duruoha-Igwe (rtd), vowed that the panel would in strict adherence to its terms of reference, go after proven looters.
Noting that the job of the panel included “both investigatory and advisory”, Justice Duruoha-Igwe, said the panel would offer appropriate advice to Government after its investigations.
The Chairman also explained that the panel was not set up to hound or persecute anybody, promising to be fair to all.
“It is important to mention that this Panel of Enquiry, though quasi-judicial in nature, is not a court properly so called,” she said, adding that the panel was neither engaging in inquisition nor witch-hunt of anybody.
“Nobody is on trial, rather, we are here to find out what happened to the funds and properties(movable and immovable) of Abia State between May 2015 and May 2023.
”We shall exercise all the powers with regard to obtaining evidence and conduct of the proceedings”.
In a remark, the Attorney General and Commissioner for Justice, Ikechukwu Uwanna, decried the high level of looting during the immediate-past administration in the state.
He said that Government would punish anyone involved in the looting spree that occured during the period under investigation.
The Attorney General, urged the panel to be thorough and firm in conducting the investigation, insisting that public servants must be held accountable for their actions.
He urged members of the public to volunteer any information that could help the panel recover looted funds in the state.
“The work is for all of us,” he said, adding that the panel should stick to the deadline and complete its assignment so that the government can face other issues.
Speaking also, the Chairman of Umuahia branch of the Nigerian Bar Association(NBA), Mr Jasper Ejiomofor, condemned massive looting and grand larceny witnessed in the state in the past.
He commended Otti for the courage to investigate the activities of his predecessor but wished the probe were not limited to 2015.
The NBA boss claimed that some of the looting that put Abia on the reverse gear occurred before the last administration.
According to him, “NBA will be happy and Abia people will be happy if the period for the investigation were extended backwards”.
A high Court of the Federal Capital Territory (FCT) has restrained the State Security Service (SSS) and its agents from apprehending two siblings of the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
The court vacation judge, Justice E. Okpe, issued the restraining orders in two rulings on separate ex-parte motions filed by George Emefiele and Okanta Emefiele.
The judge held that the restraining order, made in respect of the two applicants, shall subsist pending the determination of the fundamental rights enforcement suits filed by George and Okanta.
In one of the rulings, Justice Okpe said: “An order of interim injunction, restraining the 1st respondent whether by themselves, their officers, agents, servants, privies or acting through any person or persons however from threatening, harassing, intimidating, inviting and arresting the applicant or in any other manner whatsoever, interfering with his rights to life, freedom of movement, personal liberty, and human dignity until the determination of the substantive suit.”
The judge had, after the rulings on August 4, adjourned till August 14 for hearing on the substantive suits, marked: FCT/HC/CV/7050/2023 and FCT/HC/CV/7051/2023.
When parties returned to court on Monday, the judge noted that the SSS was yet to respond to the substantive s and proceeded to reschedule the hearing for August 23.
The AGF, in a counter affidavit, faulted the claims by both applicants and denied knowledge of any plot to arrest any of them.
In an affidavit supporting the suit by George, it was stated that “as siblings, the applicant periodically visits his brother Mr. Godwin Emefiele in the custody of the 1st respondent (SSS) whenever access is granted to him or any other family member.
“Because of the applicant’s relationship with Mr. Godwin Emefiele, he reasonably believes that the 1st respondent is taking steps to infringe on his fundamental human right and that of other family members by arresting and detaining the applicant.
“The applicant has not committed any offence that will warrant any invitation to the office of the 1st respondent or detention by the 1st respondent.
“The applicant knows for a fact that it is not a crime to be associated with a suspect, who is under investigation or being investigated by the 1st respondent.
“The applicant reasonably believes that his fundamental human right is about to be infringed by the respondents in respect of the purported ongoing investigation of Mr. Godwin Emefiele.
”They want the court to, among others, issue an order of perpetual injunction restraining the SSS from inviting, intimidating, harassing, and arresting or detaining them in relation “to matters or body of matters which relates to the ongoing investigation of Mr. Godwin Emefiele and/or matters outside the constitutional and statutory mandate of the 1st respondent.”
The office of the AGF, in the counter affidavit, faulted Okanta’s claim to be Emefiele’s relative and prayed the court to dismiss both suits for lacking in merit.