Controversial Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was on Friday, suspended by President Bola Tinubu.

Following his suspension, Emefiele has been directed to hand over the affairs of the CBN to the Deputy Governor (Operations Directorate), Mr Folashodun Adebisi Shonubi, who will act as the apex bank Governor.

Here are nine things you should know about Shonubi:

  1. Shonubi holds double Master’s Degrees in Business Administration and Mechanical Engineering from the University of Lagos.
  2. He is a resourceful Information Technology-driven banker with over 22 years professional experience.
  3. He was Executive Director, Information Technology, and Operations at Union Bank of Nigeria Plc, a member of the Board of Union Homes.
  4. He was the Managing Director/CEO in the Nigeria Inter-Bank Settlement System Plc (NIBSS) from 2012 – 2018.
  5. Between 1999 and 2007, he worked in MBC International as Deputy General Manager and supervised their IT operational platforms.
  6. He was a one-time Director, Information Technology and Corporate Services in Renaissance Securities Nigeria limited.
  7. He also had a stint with Citibank Nigeria Limited as its Head, Treasury Operations (1990-1993).
  8. He served in First City Monument Bank Limited (FCMB) as Vice President and in Ecobank Nigeria Limited as Executive Director.
  9. He has served on a number of sub-committees of the Bankers’ Committee, including the Ethics and Professionalism Sub-Committee.

President Bola Ahmed Tinubu has assented to the Electricity Act 2023 which was initially passed by lawmakers in July 2022.

The Electricity Act will replace the Electricity and Power Sector Reform Act of 2005.

 

It provides a framework to guide the post-privatization phase of the Nigerian Electricity Supply Industry (NESI) as well as encourage private sector investments in the sector.

Highlighted below are some of the functions the Electricity Act seeks to guide-

The Law ensurres de-monopolization of Nigeria’s electricity generation, transmission, and distribution of electricity at the National level empowers states, companies, and individuals to generate, transmit and distribute electricity.

 

Under the act, states can issue licenses to private investors who can operate mini-grids and power plants within the state. However, the act precludes interstate and transnational electricity distribution.

Under the Electricity Act 2023, the Nigerian Electricity Regulatory Commission (NERC) will be able to regulate the electricity sector within Nigeria without prejudice to the powers of the states to make laws and create electricity markets within those states and to regulate those markets.

The act mandates how NERC can transition regulatory responsibilities from itself to state regulators when they are established.

Until a state has passed its electricity market laws, NERC will continue to regulate electricity business exclusively carried out in those states.

For now, Lagos, Edo and Kaduna States already have electricity market laws and can start regulating their market.

But for other states without such laws, NERC will regulate. NERC will still carry out cross-border regulations – generation, and transmission across states will still be regulated by NERC.

The act grants lawmakers the power to carry out oversight responsibilities and function over the NESI through its respective Committees on Power in the Senate and House of Representatives.

This is to be carried out notwithstanding the supervisory powers of any government ministry over government-owned enterprises or other entities operating in the Nigerian electricity supply industry.

Electricity generation licensees are obligated to meet renewable generation obligations as may be prescribed by NERC.

Under the act, electricity generating companies will be mandated to either generate power from renewable energy sources, purchase power generated from renewable energy or procure any instrument representing renewable energy generation.

The Electricity Act also mandates the imposition of renewable purchase obligations on distribution or supply licensees.

The act also states that anyone may construct, own or operate an undertaking for generating electricity not exceeding 1 megawatt (MW) in aggregate at a site or an undertaking for distribution of electricity with a capacity not exceeding 100 kilowatts (KW) in aggregate at a site, or such other capacity as NERC may determine from time to time, without a license.

[hallmarknews]

 

- Bank Seeks Court Order To Freeze Affected Accounts And Reverse Monies Fraudulently Transferred

 

Globus bank Limited has filed an application before a Lagos high court seeking an order for recovery of a total sum of N962,019,843.35 fraudulently transferred electronically from its vault into accounts domiciled in eight commercial banks.


The N962m is part of the total N1,755,376,156.34 transferred from the bank between Monday 6th and Saturday 11th of June 2022. The bank has already recovered the sum of N817,998,969.85 from the accounts of the fraudsters.


In an affidavit sworn to by the legal officer, Kosisochukwu Ngene, Globus bank said fraudsters took advantage of system glitch in its USSD application between Monday 6th and Saturday 11th of June 2022 to process several fraudulent and unauthorized electronic transfer totalling N1,755,376,156.34 (One Billion, Seven Hundred and Fifty-Five Million, Three Hundred and Seventy-Six Thousand, One Hundred Fifty-Six Naira thirty four kobo.

The bank said 709 people who were its customers were involved in the fraudulent transfer of the funds to accounts domiciled in eight commercial banks.

It added that immediately it discovered the glitch, it instantaneously notified all the banks involved and requested that the beneficiary accounts be restricted.

This, Globus Bank said was in line with Central bank of Nigeria regulation to avoid dissipation of the funds fraudulently transferred into the accounts domiciled with the banks.

“Subsequently, Globus bank immediately approached the Magistrate Court, in the Yaba Magisterial District and obtained an order directing the banks to freeze and reverse the amount fraudulently transferred into various accounts domiciled in the banks.

“That in response to the order served on the respondents some of the respondents were able to salvage certain sum wherein the total sum of N817,998,969.85 were returned to the bank while the total sum of N962,019,843.35 is still outstanding and yet to be returned to the bank by the respondents banks.

The Excel sheet which contains the names of the respondents the total amount fraudulently transferred from Globus bank, the total amount salvaged and returned to the Globus and the total amount outstanding is analyze was also filed before the court.

Globus Bank said it still requires the order of the high court to enable the other banks to reverse and remit the salvaged funds to it.

It added that the other banks have requested an order of the high court, to enable them reverse and remit the salvaged funds.

“Consequently, Globus bank Limited is seeking the following reliefs from the court.

“An Order of the Court directing all the eight banks to immediately reverse and remit to, Globus bank Limited the total sum of N962,019,843.35 (Nine hundred and sixty two million, nineteen thousand , eight hundred and forty three naira, thirty five kobo), being the outstanding sum yet to be salvaged from the fraudulent transfer into several accounts domiciled with the eight Respondents from the Globus bank 709 customers’ accounts, less depleted sum.

“An order directing the eight commercial banks to release all account information in respect of the destination accounts and the beneficiaries of the transfer funds


“And for such further order(s) as the court may deem fit to make in the circumstances of this case.”

Zamfara State Government on Friday said that police operatives who raided the residence of the former Governor, Bello Matawalle, acted based on official directives.

The clarification was made in a statement, signed by the Senior Special Assistant on Media and Publicity to the Zamfara Governor, Suleiman Idris.

The state government noted that the operatives had obtained a court order and search warrant contrary to reports circulating on the internet.

The statement read partly: “The Zamfara State Government has cleared the air on the operation of the Nigeria Police Force that led to the recovery of vehicles looted by the former State Governor, Bello Mohammaed Matawalle.

“In the early hours of Friday, The Nigeria Police Force stormed the residence of the former Governor, where over 40 vehicles were impounded.

“The Police acted on a court order and a search warrant was obtained for the operation. Recall that the Zamfara State Government communicated officially to former Governor Bello Matawalle and his Deputy to return all the missing vehicles within five (5) working days.

“We also lodged an official complaint with the Police on overriding public interest on wasteful looting of valuables including official vehicles.

“Consequently, the Police sought a search warrant which was duly given by the court and hence raided Matawalle’s residence in Gusau, Maradun Local Government, and another unidentified hideout.

“Over 40 vehicles were recovered including Three bulletproof vehicles and eight SUVs.

“We want to reaffirm our commitment to recover all that belongs to the people. Our common resolve is to rescue and rebuild Zamfara”.

The state government called for calm assuring residents that the recovery was a part of its critical mission to recuperate all proceeds of crime and public assets.

“We want to call on the people of Zamfara to remain calm as we continue to record massive improvements in the areas of security and the lingering water scarcity in the state,” the statement read.

Meanwhile, the All Progressive Congress (APC) had accused the Governor, Dauda Lawal of witch-hunt.

The party noted that the former governor ought to be charged in court if there is any issue against him.

THE WHISTLER had earlier reported the circumstances that led to the invasion of the residence of the former governor.

The current administration had accused Matawalle of looting public assets.

The new government had giver the ex-governor five days to return all stolen government items.

In a shocking move late Friday, the Department of State Services (DSS) apprehended Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), shortly after his suspension by President Bola Tinubu.

President Tinubu’s decision to suspend Emefiele did not come as a surprise to many, as the embattled CBN governor had been widely criticized for the way he has allegedly mismanaged the nation’s monetary policies.

A statement announcing his suspension said the move came amid “ongoing investigation of his office and the planned reforms in the financial sector of the economy.”

Willie Bassey, the Director of Information at the office of the Secretary to the Government of the Federation, said Emefiele’s suspension is with immediate effect.

Following the suspension, the DSS swiftly moved to arrest Emefiele, taking him into custody supposedly for questioning.

THE WHISTLER recalls that Emefiele had been accused of allegedly aiding and abetting acts of terrorism and the DSS made unsuccessful attempts to arrest him before President Tinubu took office.

Nigeria’s President, Bola Tinubu, on Friday gave an insight into a likely makeup of his foreign policy when he questioned the brotherly role Nigeria has adopted since independence in Africa as centrepieces of Nigeria’s foreign policy.

The president’s approach, which foreign policy experts have called realism in the face of numerous challenges confronting the country, most of which are from Africa, is putting Nigeria first.

Speaking while meeting with the National Council of Traditional Rulers of Nigeria, NCTRN, at Aso Rock, Tinubu frowned at pacifying other African countries especially the contiguous states which he referred to as “neighbours” against Nigeria’s national interest.

The president was speaking against the backdrop of emerging reports of citizens across neighbouring countries that questioned his removal of fuel subsidy.

Videos of some Cameroonians circulated soon after Tinubu announced subsidy removal where they criticised the new Nigerian government lamenting that the high cost of premium motor spirit in Nigeria has also made the product unaffordable to them.

In some videos seen by THE WHISTLER, some bike riders converged at a location close to the Nigerian border with Cameroon in a protest manner where they issued a statement decrying the new petroleum policy in Nigeria.

For a long time, there have been reports of deliberate sabotage by Nigerian petroleum marketers who export imported petroleum products to other African countries where the product is expensive in order to make extra profits.

The poorly manned land routes to Cameroon, Niger and Chad have reportedly been mentioned as providing the access for illegal export.

Yet despite agelong practice of putting Africa first in her foreign policy which has often been pragmatic, Tinubu’s statement on Friday attempts a complete negation of the policy.

Nigeria had during the government of former Prime Minister, Sir Abubakar Tafawa Balewa, adopted the policy during his addresses of August and October 1, 1960, where he declared Africa as the centrepiece of Nigeria’s foreign policy.

This policy thrust has remained a constant variable in the country’s diplomatic engagements over the years.

Although the country attempted to take a step backwards during the cold war when it joined other countries to form a Non-Aligned Movement, her direct involvement in the decolonisation process across Africa compromised her position.

The country has over the years pursued this Africa as its centrepiece vigorously and robustly despite both internal challenges especially from the contiguous states.

Tinubu realised this on Friday noting that, before the traditional rulers, “I am grateful that you are paying attention to what I have been doing.

“You have paid attention to the subsidy removal. Why should we in good heart and sense, feed smugglers and be Father Christmas to neighbouring countries, even though they say not everyday is Christmas?

“The elephant that was going to bring Nigeria to its knees is the subsidy. A country that cannot pay salaries and we say we have potential to encourage ourselves,” Abiodun Oladunjoye, the villa’s Director of Information, quoted the president as saying.

Tinubu added; “I think we did the right thing.”

He assured the traditional rulers that, “We are all ears. We are ready to listen at any given time. I promise you an open-door policy and that is the way I will go. That open-door policy is for you to call me and send to me at any given time any concern that you might have.

“We may not have it right 100 percent of the time but we must get it right 90 percent of the time for this country.”

President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, from office with immediate effect.

This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

Mr Emefiele according to a statement from Willie Bassey Director, Information in the Office of Secretary to the Government of the Federation has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr. Folashodun Adebisi Shonubi, who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.

The statement reads, “President Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect.

“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

“Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.”

In order to provide efficient domestic cargo needs, win back transit cargo hitherto lost to neighbouring countries and cater to the maritime requirements of landlocked neighbours, the Federal Government on Friday at the Lagos ports, inaugurated two units of Bollard Pull Tug Boats (vessels) acquired by the Nigerian Ports Authority (NPA).

The state-of-the-art vessels, a three-pronged strategy of people technology, infrastructure and equipment, are part of the fulfillment of the agency’s service charter to provide relevant marine crafts to support port security, patrol, surveillance and deliver excellent marine services.

This is especially so with the commencement of operations of Nigeria’s first deep seaport, the Lekki Deep Seaport, Mr Mohammed Bello Koko, NPA Managing Director/CEO, said during the inauguration of the Tugboats by the Permanent Secretary, Federal Ministry of Transportation, Dr. Magdelene Ajani.

“I am greatly delighted and honored to welcome you to this occasion, which is a demonstration of this administration’s resolve to position the Nigerian Ports Authority to respond squarely to the contemporary demands of trade facilitation.

“Imbued by our corporate aspiration of attaining hub status by more efficiently servicing domestic cargo needs, winning back transit cargo hitherto lost to our maritime neighbours and positioning to cater to the maritime requirements of our landlocked neighbours, we have deployed a three-pronged strategy driven by people technology, infrastructure and equipment such as the state-of-the-art vessels we are gathered here to commission today.

“This occasion is part of the fulfillment of our service charter to provide relevant marine crafts to support port security, patrol, surveillance and most importantly deliver excellent marine services especially with the commencement of operations of Nigeria’s first Deep Seaport, the Lekki Deep Seaport.

“Our determination to continuously enhance our operational efficiencies accounts for the purchase of these new 80 Ton Bollard Pull Tugboats christened M.T MAIKOKO and M.T DA-OPUKURO to complement our existing fleet of tugs and recently commissioned Security Patrol Boats (SPBs) and Pilot Cutters deployed to enhance channel security across all our locations”, the NPA boss said.

On the tugboats, Bello-Koko explained that “these neoteric 80ton tugboats are the first of the 2813 Azimuth Stern Drive (ASD) Model in Africa constructed by the world’s leading ship builders (Damen) and they possess exceptional Seakeeping Behavior, Superb Manoeuvrability of 360° using the Azimuth Thrusters, fire-fighting capability and Outstanding Towing Characteristics which will enhance the maneuvering of large capacity vessels of 300 Metres LOA and above presently calling at our Ports.

“In addition to positively affecting the turnaround time of large vessels, their deployment will enable stakeholders leverage the concomitant benefits of economies of scale, especially cost savings.’’

The NPA boss further pointed out that the deployment of the Lekki Deep Seaport as launch pad for transshipment remains unwavering, adding that the inauguration of the tug boats is an attestation to the NPA management’s doggedness and commitment to the noble cause.

He assured consignees, concessionaires and other stakeholders of continuous improvement in service delivery from the NPA under his leadership.

Inaugurating the two newly-acquired state-of-the-art marine crafts, the Permanent Secretary, Dr Ajani, said the acquisition of the 2813 model of Damen’s ASD neoteric 80 Tons Bollard Pull Tugboats, the first of its kind in Africa, had accentuated the determination of the Federal Ministry of Transportation to boost port operational efficiency.

“My joy derives from the fact that the acquisition of these equipment, amongst many others that are in the works, signposts Nigeria’s seriousness to optimize the opportunities inherent in the African Continental Free Trade Area (AfCFTA) Agreement to which we are signatory.

“Maximizing the comparative advantages that our maritime assets as a littoral nation confers rests heavily on how much we are able to deepen our efficiencies through the deployment of relevant technology and equipment.

“I particularly want to commend the NPA Management team for delivering on this project in good time to support the optimization of the Lekki Deep Seaport. This is the kind of efficiency that the Ministry supports its agencies to entrench in the polity and I am happy that we are making progress,’’ he said.

Ajani pledged the support of the Federal Ministry of Transportation to the audacious efforts of the NPA, agencies and parastatals of government towards inter-agency collaborations in the attainment of the overarching goal of making Nigeria a global reference point of excellence in trade facilitation.

He congratulated the NPA CEO, the management and stakeholders for the remarkable feat, expressing the hope of greater accomplishments in the maritime industry.

 

The National Agency for Food and Drug Administration and Control, NAFDAC, sealed a shop in Zuba, a suburb of the Federal Capital Territory, on Thursday for allegedly selling unapproved aphrodisiacs to Nigerians.

The News Agency of Nigeria (NAN) reports that some of the aphrodisiacs are Garin Yansun, Sabon Mai-Siket, Ruwan Jaraba, Tunkude, Fenugreek powder, and Al-Khausara herbal syrup.

Bubuchiki Godiya, a member of the Federal Taskforce, Investigation, and Enforcement Directorate of NAFDAC, said that “the agency received intel that Yunusa Adamu was manufacturing unregistered herbal preparation.”

 

Godiya said that the agency sent some of its team members to investigate, and on arrival, they found that there were many unregistered herbal drugs.

According to him, even though Adamu gave the invoice for some of the products to the team, he still denied producing any drugs.

“We will investigate for more evidence; the shop has more than 15 different varieties of products. Many of them have pornographic pictures, which are not acceptable, and the agency cannot register a drug or any product with pornographic pictures.

“The drugs are all over the shop; that is why we have evacuated as much as we can, and we are still going to seal the place until we conclude our investigation. We will go with the suspect in order to record his statement and investigate more to know our next line of action,” Godiya said.

He said that the agency’s standard of procedure would be to investigate the suspect.

Samples would be taken to the laboratory for analysis, and with the result, the agency would know the way forward, he said.

On his part, Adamu told NAN that he bought the drugs from Kano and Kaduna markets and that he had been in business for a very long time, saying that “it is what people know me for.”

He said that his chairman, who was not available, would bring the necessary documents to the agency.

[DailyPost]

A coalition of civil society organisations known as Citizens Voice Against Corruption (CIVAC) has declared support for the decision of President Bola Tinubu to remove the petrol subsidy. 

In a statement on Thursday by Abdulrazaq Alkali, the group’s national coordinator, CIVAC condemned the “hypocrisy of some Nigeria’s political figures” who are against the move.

During his inaugural speech on May 29, Tinubu declared that “petrol subsidy is gone”.

The president’s pronouncement led to a resurfacing of queues at petrol stations and a hike in the pump price of the product across the country.

 

The decision has generated mixed reactions among Nigerians while the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) threatened to embark on a nationwide strike.

The labour unions demanded that the federal government revert to the old pump price of N185 per litre.

Although the unions suspended the planned mass protest and strike, the government has not reversed the pump price.

 

Speaking on the issue, CIVAC urged the labour unions to “rise up to their duties and stop playing to the gallery” and get their “acts together by putting the future and survival of Nigeria first”.

“We the members of Citizens Voice Against Corruption (CIVAC), a platform of numerous civil society organisations and professional bodies, declare our support for fuel subsidy removal and condemn in strongest terms the hypocrisy of some of Nigeria’s political figures,” the statement reads.

“For example, both major candidates in the last presidential election made promises to remove fuel subsidy if elected president, but now they are all over the place blaming President Tinubu for doing what they promised to do for Nigerians.

“We also urge Nigerians not to partake in the planned strike by the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) against the removal of fuel subsidies by the federal government.

 

“Any confrontational action in this regard can be described as misguided, unwise and self-defeating. The leaders of NLC and TUC should rise up to their duties and stop playing to the gallery.

“NLC and TUC need to get their acts together by putting the future and survival of Nigeria first.

“For most oil-producing countries, high oil prices mean high government earnings, more spending on education, health, infrastructure, poverty alleviation etc. Unfortunately, that is not the case in Nigeria, as the high-profit margin earned from high oil prices is largely swallowed by petroleum subsidy.

“If NLC and TUC leaders are not in terms with the proposed stoppage to paying petroleum subsidy despite the glaring evidence of the failure of the scheme, they can explore other avenues to prevent high petroleum prices in the country.

 

“One important option is to engage with the government to find a more suitable solution, for example, by putting pressure on the government to revamp the three national refineries (in Kaduna, Warri and Port-Harcourt), which can play a significant role in easing the pressure on our forex reserve, thus strengthening our currency.

“A strong naira and local refining capacity will make petroleum products cheap even without subsidies. In addition, if these refineries are revamped, hundreds of thousands of direct and indirect jobs will be created, thus creating a multiplier effect in the fight against poverty and the growth of our economy.

 

“In conclusion, it is very critical that NLC and TUC leadership keep in mind that in pushing the interest of Nigerians forward, they need to choose options that will not worsen our security situation, are economically sustainable, and that will open a brighter future to Nigerian’s economy and teaming populace – a  lot of which are unemployed. Also of note is that in a petroleum subsidy-free system, when oil prices go low, e.g. what happened in 2015-2017, Nigerians will equally pay for much cheaper petroleum prices than they were paying in a petroleum subsidy regime.”

[TheCable]