The appointment of Mr. Olawale Edun, a seasoned investment banker and former commissioner of finance in Lagos State, as the Special Adviser to the President on Monetary Policy, has set off torrents of speculations on what exactly would be his job description given that monetary policy is statutorily an exclusive responsibility of central banks all over the world. In a rare unanimity, many economists I have spoken to agree that the appointment is an aberration that could erode the hard-worn independence of the CBN, and create some conflict between the Presidency and the monetary authority. Monetary policy is a set of tools used by a nation’s central bank to control the overall money supply, interest rates and bank reserve requirements in order to tame inflation and promote economic growth. In other words, monetary policy seeks to achieve price stability in the economy. It is a function specifically assigned to one of the four deputy governors of CBN. It’s the core job of all central banks.

To effectively perform this function, the CBN has since 2005 constituted a Monetary Policy Committee (MPC), which is the highest policy making committee of the Bank with a mandate to meet regularly and review economic and financial conditions in the economy and determine appropriate action plans in the short to medium term. It also regularly reviews the CBN Monetary Policy framework and adopt changes when necessary. MPC is chaired by the Governor, and is made up of the four deputy governors and a few other distinguished economists and eminent persons with strong financial backgrounds. In Nigeria, the MPC meets every two months and its decisions are communicated to the public. over time, the membership of MPC has been expanded to include the Head of the African Development Bank (ADB) Office in Abuja; Securities & Exchange Commission (SEC) and Permanent Secretary, Federal Ministry of Finance. The Presidency is also represented in MPC. Under Buhari, it was Mohammed Salisu, SSA to the President on Development Policy who represented the Presidency on MPC. Edun will now take his place in this very important Committee.

But a membership of MPC that meets six times in a year could not be the only duty of a cabinet-level official. What else would be Edun’s specific duties in the area of monetary policy? Some economists are puzzled by the designation and they think that implies a possible encroachment on the independence of the CBN. ‘’I do not understand the significance of the appointment, and I’m worried that the new administration might be straying into unfamiliar territory’’, says Horgan Akpan Ekpo, a professor of economics, who had once served as a member of the Board of Directors of the CBN and a member of its MPC (Monetary Policy Committee) during the tenure of Prof. Charles Soludo as CBN Governor. Speaking to this writer exclusively, Ekpo notes that although Mr. Godwin Emefiele might have made some mistakes in the manner he ran the Bank, it is not enough reason for the government to seek to interfere in its core functions. ‘’The CBN Act confers enormous independence on the Bank for good reasons. It is a big progress from the days when the Bank was a parastatal of the Ministry of Finance; so, it would be a serious retrogression for us to do anything that would take us backwards’’, Ekpo, a former vice chancellor of University of Uyo, said. Ekpo had also been the chief executive of West African Institute for Financial and Economic Management (WAIFEM), a training institution co-owned by the Central banks of the Anglophone West African countries.

While the CBN handles the monetary policy, the Ministry of Finance is responsible for fiscal policy which basically entails taxation and spending. Both sides are independent of one another but they work in harmony for the good of economy. Which explains why people are trying to figure out what Edun’s job entails. ‘’I suspect that his responsibility would be essentially to watch over the CBN Governor on behalf of the President, and to ensure that the Bank takes orders from the Villa,’’ says a financial consultant who has had a long career spanning banking and insurance, is close to the new power brokers but does not want his name mentioned in this article. He believes that the President will like to have a total control of what happens in the economy, and so he wants a trusted ally to watch over the new CBN governor that will replace Emefiele. He says: ‘’Emefiele was very close to President Buhari. He could walk into the Villa at any time and see President Buhari at a short notice. But in this era, Tinubu may not need a direct interaction with the governor, and so, it is Edun that would be an intermediary between the Villa and the CBN’’. But since there is National Economic Council (NEC) and the President may appoint an Economic Adviser and/or Economic Management Team, this anonymous consultant believes that Edun’s role as Monetary Policy Adviser appears suspect, or at best otiose.

Another economist and banker, Marcel Okeke says the appointment is an aberration as Edun may be working in conflict with the law establishing the CBN. ‘’Mr. Edun is an accomplished banker and a thoroughbred professional, but he cannot take over the duty of the CBN. By the CBN Act 2007, monetary policy matters are the sole responsibility of the CBN’’, Okeke, who was also one of the influential finance journalists in the 1980s, said. He notes that even the judgement of the Supreme Court on the issuance of the new Naira notes by the CBN last year was an anomaly since ‘’monetary matters should not be decided by the Supreme Court but by the CBN’’. This is the same line of thought that Johnson Chukwu, Group Chief Executive Cowry Asset Management Group expressed in an interview on Arise News the other night. He said Edun’s job title is a misnomer since ‘’monetary policy is an exclusivity of the CBN’’.

Former Deputy Governor of the CBN, Prof Kingsley Moghalu, refused to make a comment when I contacted him. I was surprised at his reticence because Moghalu is naturally vocal matters of public policy and public interest. However, in a statement he issued last September on the need to maintain the independence of the CBN, Moghalu had argued against a proposed bill presented at the National Assembly that sought to abridge the Bank’s independence. ‘’Such amendment to the CBN Act of 2007 would finally destroy the institution by disrobing it completely of its institutional independence as enshrined in the Act. It would make the Bank, a statutory corporation under the law, to become a ministry or a mere agency or department of government; and it would render the bank an open playground for politicians who are the custodians of our dysfunctional governance’’, he wrote.

 I had initially thought that Edun would be the new finance minister. He fits the bill by all standards. I was therefore equally surprised at his designation as Adviser on Monetary policy. First of all, it is not the job of the President to fix interest rates or manage money supply (M1 and M2). That is the duty of the CBN; and the CBN Governor is also the chief adviser to the government on such matters. However, the President has the right to seek a second opinion in addition to that of the CBN. The position could also be a subtle hint that Edun is being prepped to take over as the new CBN Governor. Afterall, Prof Soludo was first made chief economic adviser to the President before he was appointed Governor some 20 years ago.

…says Dokubo-Asari enemy of govt

Apex Igbo socio-cultural organisation, Ohanaeze Ndigbo Youth Council Worldwide has expressed outrage over the attack on Mazi Nnamdi Kanu, leader of the Indigenous People of Biafra, by ex-militant leader, Mujahid Dokubo-Asari.

The Igbo group called on President Bola Tinubu to ignore the likes of Dokubo and invite Kanu for a round table discussion.

Dokubo had while speaking to journalists after a meeting with President Tinubu branded the IPOB leader a criminal, calling on Tinubu not to release him.

His statement has continued to draw the anger of Ndigbo, with many accusing him of reaching beyond his bounds.

The President of Ohanaeze Ndigbo Youth Council Worldwide, Mazi Okwu Nnabuike, in a statement in Abuja on Sunday accused Dokubo-Asari of being sponsored by those who want to destabilise President Tinubu’s government.

According to him, it was unthinkable that at a time many patriotic citizens of the country were thinking of ways to unite the country, the ex-militant who postures as a ‘son of the President’ was busy throwing up ideas that would further polarise the country.

“We have always known Dokubo-Asari as a rabble-rouser who is not interested in the progress and prosperity of this nation.

“This is a man who had been in the creeks for years sabotaging the country’s economy. We all know what it is to sabotage the economy of a country- what other crime could be more than this?

“But curiously, the same man who claims to have repented, even when his boys are still in the creeks, has the temerity to brand Nnamdi Kanu a criminal.

“When did Asari Dokubo become a court of competent jurisdiction to decide who is a criminal? He has only taken his hatred for Ndigbo too far,” Okwu said.

The Igbo group urged President Tinubu to ignore Dokubo and his ilks “who are not in any way interested in the positive future of the country but their selfish gains.

“Mr President made it clear that he is ready to unite the fragmented country he inherited from the past administration and he has been so much applauded for this.

“We urge Mr President to go ahead and not allow his administration to be derailed by hypocrites like Asari Dokubo who want to feed fat from any form of crisis in the country. Mr President should be wary of him and his sponsors who are enemies of the government.

“The Federal Government should do well to invite and engage Nnamdi Kanu and other agitators. They are fighting for justice and marginalisation. If the government could engage members of Boko Haram who have killed and maimed millions of people, it should not find it hard to engage the agitators.

“Mr President is one of those who vehemently fought in favour of democracy and justice in the past; he should give a listening ear to Nnamdi Kanu,” Okwu said.

Ohanaeze, however, warned Dokubo “to desist from any further attempt to use Nnamdi Kanu’s ordeal to promote his interests.

“Enough is enough, we warn him to henceforth stop using Ndigbo as an avenue to promote his ego. Everyone knows he has personal issues with Nnamdi Kanu.”

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission has denied declaring the immediate past governor of Zamfara state, Bello Mattawale wanted.

In a statement released on Sunday and signed by the commission’s Head, Media & Publicity, Wilson Uwujaren, the commission said it never asked the Department of State Service to arrest the former governor reiterating it will only follow the standard procedure in the case with the former governor.

“The attention of the Economic and Financial Crimes Commission, EFCC, has been drawn to a report, entitled, Alleged N70b Fraud: EFCC Declares Ex-Zamfara Gov, Matawalle Wanted, which appeared in the Sunday Tribune of June 18, 2023, and purports that the Commission had declared a former Zamafara State governor, Bello Matawalle wanted and requested the Department of State Service, DSS, to arrest him, anywhere he is seen”.

“Without prejudice to the case involving the former governor, the report is incorrect as the Commission has yet to declare Matawalle wanted or solicit the assistance of any Agency, including the DSS, to effect his arrest.”

The Commission noted that it has a standard procedure for declaring persons wanted and communicating the same to the public, not through faceless “security sources.”

This development is a twist in the ongoing rift between the anti-graft agency and the former governor.

The PUNCH had earlier reported that the EFCC said it was investigating Matawalle over allegations of corruption, award of phantom contracts, and diversion of over N70 billion.

This came after Matawalle had accused the now-suspended EFCC chairman, Abdulrasheed Bawa, of demanding a $2m bribe from him, an allegation that the anti-graft agency denied

Matawalle had said, “It is not just to always blame governors. It is not only governors who have treasury, the federal government also has. What does the EFCC boss do to them? As he is claiming he has evidence on governors, let him show the world evidence of those at the federal level.

“If he exits office, people will surely know he is not an honest person. I have evidence against him. Let him vacate the office, I am telling you within 10 seconds probably more than 200 people will bring evidence of bribes he collected from them. He knows what he requested from me but I declined.”

The former Minister of Interior, Rauf Aregbesola, says he will forever be grateful to former President Muhammadu Buhari and President Bola Tinubu for the successes he achieved in his political career.

Aregbesola stated this during a civic reception organised in his honour by Concerned Muslim Scholars and Clerics in South Western Nigeria on Sunday in Oyo town.

He said the Buhari and Tinubu made the achievements that facilitated the grand reception in which people were praising him for today possible.

Aregbesola said that Tinubu mentored him in Lagos State and facilitated his emergence as Governor of Osun State.

He said that the establishment of Nigeria Immigration Service Passport office, Fire fighting office and Agro Ranger Office in Oyo town, which people praised him for, was done by Buhari and executed through him as the Minister of Interior.

“If any appreciation and gratitude could be given to me, I want to believe greater appreciation should be given to the two people I mentioned.

“Without their support, it would be pretty difficult for me to single-handedly achieve the height I am now and be able to render the service to good people of Oyo,” Aregbesola said.

He said that he was extremely grateful and honoured by the reception organised for him by the people of Oyo town and appreciated them for the reception.

Earlier, the host of the programme, Imam Daud Tijani, said the willingness to celebrate Aregbesola’s indelible achievements as public office holder was due to his exemplified personality in all ramifications.

Tijani said that Aregbesola has remained loyal to the cause of humanity, infrastructure development and maximally using societal resources for the development of the people. 

” He is vastly in Knowledge and has a way of relating with people inoffensively and this has earned him the loyalty and admiration of the masses and entire Yorubaland and the nation at large.

” He never compromised his integrity and faith in what he believes to be right.

“Aregbesola is so dear to the Muslims not only because he is a practising Muslim but because he consistently present himself as a good ambassador of Islam through good deeds in and outside governance.

“The people of Oyoland will continue to show gratitude to Aregbesola for moving Oyoland to status of a town to a city with the establishment of significant federal establishments,” he said.

In his lecture, An Associate Prof., Abass Alade, described Aregbesola as a privileged and fortunate person based on various political positions he had occupied.

Alade urged Aregbesola to continue to be humble, be grateful to Allah, his parents and humanity.

He advised him to continue to be closer to Allah, identify with the masses and not relent in assisting the people.

In his contribution, the Chaiŕman of the occassion, Sen. Mudasiru Husain, said Aregbesola wa as a diligent, compassionate and an exemplary leader whose style must be emulated by all and sundry.

The Chairman of Oyo State Muslim Community, Alhaji Kunle Sanni, said Aregbesola was a brave person who never got afraid of speaking the truth while in position of authority.

Sanni said that Aregbesola contributed his quota to the progress of Islam and humanity when he was Osun State Governor and Minister of Interior.

He called on Muslims, willing to go into politics to emulate the good character of Aregbesola.

The Bashorun of Oyoland, Chief Yusuf Akinade, applauded Aregbesola for his contribution to Yorubaland and the people of Oyo town, saying he left a blueprint which would forever be remembered.

Other speakers at the occasion, including Prof. Sarafadeen Kareem, lecturer, Federal University of Agriculture Abeokuta, and Dr Mahmud Musa, Lecturer, Department of Arabic, University of Ilorin, commended Aregbesola for his contributions to the society.

The Oyomesesi in Council (King makers), representatives of clerics from Oyo, Osun, Ekiti, Kwara, Ondo and Lagos states attended the event

Super Eagles striker Victor Osimhen has revealed that popular Nigerian rapper Olamide is his favourite artiste.

The 2022/23 Serie A winner made this known in an interview with Pooja Media.

According to Osimhen, listening to past hits from the YBNL boss before matches always inspires him.

“First of all like during my spare time after lunch we are relaxing for like two, three hours before the final meeting to get to the stadium, I listen to Olamide’s rap he’s done in recent years that is inspirational to me. Olamide is my best musician actually in Nigeria, I use to listen to him I have his playlist.

“Then after before I go for the team meeting I say my prayers and when we are in the bus I use to listen to Nas and Damian Marley’s ‘Only The Strong Survive’.

“When I listen to these songs I always put it in my head that I’m going for war everytime, when I’m playing I’m going for war. It’s not like I’m going there to die or someone is going to die but I feel like only the strong means I want to win I don’t want to lose.

“These are the songs that I actually listen to that really psych me up.“

Osimhen guided Napoli to their first Serie A title since 1990.

The 24-year-old won the golden boot award after scoring 26 goals in the Italian topflight.

Sometime in April 2021, Africa’s most rated airline, Ethiopian Airlines approached Air Peace to enter a deal that would allow it merge its operations with the local airline and pay millions of dollars monthly in royalty to its owner.

The negotiation took Allen Onyema, the Chairman and Chief Executive Officer of Air Peace and his team to Addis Ababa to sign a Memorandum of Understanding. At the point, Onyema and his team did not have full understanding of the conditions of the contract.

Onyema told the story in a bid to link Ethiopian Airlines successful possession of 49 per cent of Nigerian Air without monetary contribution.

“What Ethiopia Airlines is doing now with the national carrier, they wanted to do it with me but for the love of country, I turned it down. April 10, 2019, in a letter, they came to me that they wanted Air Peace to corporate with them,” he said in an interview on Arise TV.

Onyema who is seemingly very proud of the successes of the Ethiopian Airlines, admitted that he wanted the deal when he was first approached.

Part of the deal according to the Air Peace boss was for Ethiopian Airlines to use his aircrafts to fly domestic routes.

He narrated, “They took us to Addis Ababa and we signed MOU and they said in the MOU that we need to push out gulf carriers and I said no problem. Mind you, I am very proud of what Ethiopia has achieved as an airline- as the pride of Africa. I like what they have achieved no doubt.

“We tried to collaborate, then when we got to the nitty-gritty of the meeting, what they wanted was to come into this place do local flights then use Air Peace to fly the whole world about 150 BASA and pay me royalty.”

He revealed that if he went ahead with the deal, he would have earned millions of dollars regularly as royalty.

According to him, he would not have to spend money to buy new aircrafts to keep benefiting from the deal.

“I would have been getting millions of dollars and one of them joked ‘Allen you don’t need to be buying planes again.’ And I asked, where does this leave my country?” Onyema said.

Onyema said he exited the deal because it would ruin the future of domestic airlines as well as make Ethiopian Airlines dominate the Nigerian Aviation industry.

He said, “In the letter I wrote to them, I asked where does this leave my nation Nigeria? It will destroy the jobs in Nigeria.

“It will kill the other airlines in Nigeria and Allen and Air Peace will be swimming in millions of dollars. So, we rejected it in a documented letter. It is in court today.”

FG To Dissolve Boards Of Federal Agencies, Parastatals

Civil servants across ministries, departments and agencies (MDAs) have lamented the slow pace of activities and other schedules in the discharge of their responsibilities due to the non-availability of fund following the freezing order on their accounts by the Central Bank of Nigeria (CBN), According to Daily Trust reports.

Senior government and low cadre officers told Daily Trust on Sunday that the non-availability of funds was hampering the operation and expectation of the workers.

It was reported that the federal government had placed embargo on further payments to the MDAs of the federal government till further notice.

Officials, however, told our reporter that it was the administration of the immediate past President Muhammadu Buhari that gave the order days before he handed over to President Bola Ahmed Tinubu to prevent the looting of government treasury or other untoward last minute and frivolous spending.

“I can tell you that it was the administration of former President Buhari that actually gave the directive to the CBN, and this has nothing to do with the suspended governor of the apex bank, Godwin Emefiele,” a senior government official, who pleaded anonymity, said.

It was observed that workers in the Office of the Secretary to the Government of the Federation (OSGF) were lamenting the cash crunch, with two of them saying that it was one of the reasons for the low key June 12 celebration and the hosting of new 21st SGF, Senator George Akume, who resumed office on June 7.

Also, senior officials in the Office of the Head of the Civil Service of the Federation (OHoCSF), told Daily Trust on Sunday that they were caught unawares as they were expecting the Tinubu administration to place the freezing order, and were shocked that it was the Buhari administration that did that for reasons they did not understand.

“We first get the information from our colleagues from the SGF, who asked us if we had such experience on non-disbursement of fund. I even told one of them that there were still mandates and schedules to be met, until two of our memos were returned with minutes on the freezing of the accounts,” another official said.

Reports have it that apart from the payment of salaries to federal workers, which is being done directly from the Office of the Accountant-General of the Federation, every other payment or financial mandates cannot be honoured due to the embargo.

Meanwhile, there is anxiety over reports that President Tinubu has given a directive to the SGF to dissolve the management and boards of federal agencies and parastatals.

Senior government officials told newsmen on Sunday in confidence that the dissolution would be announced soon, as expected.

One of the officials said the area of concern for them as civil servants was the ‘umbrella mode’ to be adopted in the dissolution, including those whose tenure are guaranteed by the enabling acts of their establishment.

Senior government officials said the dissolution would cut across all the ministries, departments and agencies and affect all political appointments by the Buhari administration.

This is coming on the heels of the June 14 indefinite suspension of AbdulRasheed Bawa as the chairman of the Economic and Financial Crimes Commission (EFCC) to allow for proper investigation into his conduct while in office.

The development was also coming less than two weeks after the suspension of Emefiele on June 9.

When contacted, Mr Willie Bassey, the Director of Information, Office of the Secretary to the Government of the Federation, said he was not aware of the development.

He said there were official channels of communication on such matters and he was not aware of such developments.

The Central Bank of Nigeria (CBN) has announced the introduction of its digital currency known as the eNaira as a payment option to recipients of diaspora remittance.

The apex bank said the move was in furtherance of efforts to liberalise the payout of diaspora remittance.

The new policy was contained in the bank’s circular titled: “Operational Framework for eNaira Payment Option to Recipients of Diaspora Remittances,” and dated June 15, 2023.

The circular, which was obtained by THISDAY, was addressed to the International Money Transfer Operators (IMTOs) and the public.

The CBN said the guidelines in the circular signed by CBN Director, Trade and Exchange Department, Dr. Ozoemena Nnaji, would facilitate the payment of proceeds of diaspora remittances to recipients who choose eNaira as a payment alternative.

Under the guidelines, the IMTOs are required to apply for a one-time “No-Objection” to pay out in eNaira from the Central Bank of Nigeria (CBN).

The bank shall also provide account details where foreign currency from IMTOs shall be received.

The CBN however, stressed that the receipt of proceeds of diaspora remittance in eNaira remained optional, adding that the option of the digital currency payout shall run concurrently with the dollar payout.

According to the framework, IMTOs are required to open merchant wallets through the CBN and pre-fund the CBN account with foreign currency.

The central bank will consequently fund the IMTO merchant wallet with eNaira equivalent of the foreign currency earlier pre-funded by the latter.

The CBN further explained that the payment procedure shall involve a sender initiating a diaspora transfer with an IMTO of choice overseas providing details of the beneficiary’s wallet.

The IMTO then logs into the eNaira web wallet portal, debits its eNaira merchant wallet, and credits the beneficiary with the eNaira equivalent of the foreign currency sent at the origin at the I&E window rate.
Alternatively, the apex bank noted that IMTO could integrate with the eNaira portal from its platform via API provided by CBN and initiate the transfer of eNaira equivalent of the foreign currency sent at the origin at the I&E window rate.

An initiative of the central bank, eNaira was unveiled on October 25, 2021, by former President Muhammadu Buhari to drive a more cashless, inclusive, and digital economy as well as complement the gains of previous monetary policy measures and fast-growing payments platforms.

The digital innovation is expected to support a resilient payment system ecosystem, encouraging rapid financial inclusion, reducing the cost of processing cash, enabling direct and transparent welfare intervention to citizens, and increasing revenue and tax collection.

Essentially, the eNaira would also facilitate diaspora remittances, reducing the cost of financial transactions, and improving the efficiency of payments.

According to the apex bank, the eNaira remains the country’s digital equivalent of the physical Naira.

“The eNaira – like the physical Naira – is a legal tender in Nigeria and a liability of the CBN. The eNaira and Naira will have the same value and will always be exchanged at 1 naira to 1 eNaira,” the bank reportedly noted.

On Wednesday, President Bola Tinubu removed Abulrasheed Bawa as the chairman of the Economic and Financial Crimes Commission (EFCC).

The president, who assumed office on May 29 with the highest corruption perception index of any Nigerian leader, said he suspended Mr Bawa to allow a detailed investigation into multiple petitions assailing the anti-graft chief’s conduct in office.

Mr Bawa was subsequently held by the State Security Service (SSS), where he lingered under interrogation without access to a legal representative as of this publication.

While Mr Tinubu’s supporters have praised his action as indicative of his resolve to promptly address complaints against public servants in his administration — in contrast with Muhammadu Buhari’s manifest laziness in handling similar transgressions — anti-corruption activists are sceptical about the timing and circumstances preceding his wrath towards Mr Bawa, who is among the first cadet of the EFCC in 2003 and became the youngest officer to lead the agency following his confirmation to the position by the Nigerian Senate in 2021.

For one, Mr Tinubu’s action was seen as action as retaliation because Mr Bawa, 42, had launched an investigation into Mr Tinubu’s alleged fraud and racketeering while he was in charge of the EFCC’s Lagos zonal office in 2020.

“We all saw that Bawa was investigating Tinubu just before he became the EFCC chairman and moved to the headquarters in Abuja,” anti-corruption analyst Sola Olubanjo said. “The president being so prompt in removing a man that investigated him strikes me as too convenient.”

Mr Tinubu’s action also appeared more aimed at giving a respite to his political allies in Mr Bawa’s crosshairs, some of whom initiated the purported petitions used to oust Mr Bawa, Mr Olubanjo said.

“We should see this second part for what it is: a clear obstruction of active investigations against Senate President Godswill Akpabio and former governors like Bello Matawalle and Kayode Fayemi,” Mr Olubanjo said. “The president has immunity from criminal prosecution, so he is only helping his allies in the ruling party who don’t have such protections.”

Mr Matawalle, who completed his one term as Zamfara governor on May 29, has been publicly furious against Mr Bawa for initiating an expansive probe of his administration in one of the nation’s poorest states. Mr Matawalle accused Mr Bawa of seeking a $2 million bribe to ease the probe, which he purportedly rejected. The anti-graft chief denied the claim, and Mr Matawalle fled to Egypt, apparently to evade arrest.

Mr Akpabio, who became the Senate President on June 13, was for months hiding from the EFCC under the guise of a protracted illness.

Mr Fayemi, until October 2022 the governor of Ekiti, was also being probed for stealing billions from his state. He denied the allegations and stonewalled progress in his case.

Others expected to have a respite from Mr Bawa’s ouster include Governor Yahaya Bello, whom anti-graft operatives already traced millions of dollars in Kogi funds into his wife’s foreign bank accounts, as well as those of his associates. Mr Bello denied all allegations and accused Mr Bawa of victimising his administration and family in service to his political detractors.

“All these corrupt characters and their ilk will now have a respite under the Tinubu government,” Mr Olubanjo said. “It is disturbing and a reversal of any meagre progress the EFCC made under Buhari, who was just as corrupt and indifferent to corrupt aides and associates.”

Mr Tinubu has denied favouring his allies with Mr Bawa’s removal, which came barely days after the president removed Godwin Emefiele, another perceived adversary, as governor of the Central Bank of Nigeria, with his spokesman Dele Alake saying the president wanted to start his administration on a clean slate.

Still, Mr Olubanjo said Mr Tinubu, who once forfeited money to American law enforcement for drugs trafficking, should use his presidency to burnish his unsavoury image.

“He should see his presidency as an opportunity to repair his image and leave a legacy of a leader who eschewed personal political and pecuniary considerations to foster a decisive law enforcement system for the Nigerian people,” the analyst said.

Socio-Economic Rights and Accountability Project (SERAP) has asked the Senate President, Godswill Akpabio and 13 other former governors in the 10th Senate to disclose the total amount of life pensions, if any, that have been received from their states as former governors.

SERAP also urged the ex-governors to clarify if they have collected or currently collecting life pensions as former governors from their respective states, adding that if they are, they should stop collecting any such pensions, and return the pensions collected to the treasury.

There are fourteen former governors in the 10th Senate.

In a letter dated June 3, 2023 and signed by SERAP Deputy Director Kolawole Oluwadare, the organisation said that their constitutional oath of office, under the Seventh Schedule to the Constitution of Nigeria 1999 (as amended) requires them to publicly reject and return any pensions.

According to the organisation, public function’ means activities in the public interest, not against it, adding that the alleged collection by former governors of life pensions from their respective states amount to private self-interest and it is detrimental to the public interest.

The letter, read in part: “Nigerians expect you to act in the public interest including by ending the collection of any life pensions from your respective states and returning any such pensions that may have been collected to the treasury.

“Collecting life pensions as former governors while in the Senate would clearly violate constitutional provisions and amount to taking advantage of entrusted public positions.

“Ending the practice of former governors in the Senate collecting life pensions from their states would improve public confidence in the integrity and honesty of the National Assembly. It would show that the Senate can focus on serving the public interest rather than looking after themselves.

“We urge you to emulate former Senate President Dr. Bukola Saraki who stopped collecting life pension as a former governor of Kwara State and described life pensions by former governors as “immoral”, following a request by SERAP.

“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and other members of the Senate to comply with our request in the public interest.

“The country’s international legal obligations especially under the UN Convention against Corruption also impose a legal commitment on public officials including former governors in the Senate to discharge a public duty truthfully and faithfully.

“Life pensions for former governors serving as senators are entirely inconsistent and incompatible with the constitutional oath of office and the object and purpose of the UN Convention against Corruption, which implicitly prohibits large severance benefits for public officials such as former governors.

“The convention specifically in paragraph 1 of article 8 requires you to promote integrity, honesty and responsibility in the management of public resources.”

Akpabio who was elected Senate President last week, is an ex-governor of Akwa Ibom State. He was governor between 2007 and 2015.