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Economy

News Alert!  Naira redesigning policy: We don’t need to consult anyone- Emefiele slams Minister of Finance 

CBN Governor, Godwin Emefiele
 The Eyewitness reporter
Barely a few hours after her criticism of the Central Bank of Nigeria(CBN) policy of Naira redesigning, Mr. Godwin Emefiele, the Governor of the Central Bank, has slammed the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, saying the apex bank does not need to consult anyone over its decision to redesign the nation’s currency notes.
Mrs. Ahmed had discredited the policy, which is meant to redesign some of the Naira currencies from N100 to N 1000, saying her Ministry as the fiscal authority, was not consulted by the CBN before the decision was made.
While speaking at the National Assembly Friday during the defence of the 2023 budget, Mrs. Ahmed had warned of the dire consequences of the policy on the economy when implemented.
In a swift reaction, Emefiele said that having sought and obtained the approval of President Mohammed Buhari in writing and also backed by the CBN Act, the Apex bank does not need the approval of anyone else.
” In line with Sections 19, subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.
”That is the position of the law. With this, we don’t need to consult anyone else” Emefiele fired back.
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Economy

Dangote Refinery reduces ex- depot price of petrol from N950 to N890

Funso OLOJO
The Dangote Petroleum Refinery has an announced a marginal reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.
According to the official statement from the company, the strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices.
“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.
“In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.
” This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub” the statement concluded.
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Economy

CBN fines Fidelity bank, Zenith Bank, First bank, UBA, five others  N1.35b for hoarding cash at Xmas

Funso OLOJO
The Central Bank of Nigeria(CBN) has wielded the big stick over nine Deposit Money Banks(DMB) who failed to dispense cash from their Automated Teller Machines(ATM) during the Christmas and new year period in 2024.
According to the  press statement released on Tuesday and signed by the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, the affected nine Banks were fined N150millon each, totalling N1.35 billion.
The sanctioned banks include  Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.
The apex bank said it sanctioned the banks following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines and after after repeated warnings.
The fines will be directly debited from the banks’ accounts with the CBN.The CBN, in the statement, emphasised the regulator’s commitment to ensuring seamless cash availability.

The statement read, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.

“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches.

” The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.
“The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.”
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Economy

EFCC under fire over failure to disclose identity of ex- government official owner of forfeited Abuja estate 

Funso OLOJO

Enraged Nigerians have taken a swipe at the Economic and Financial Crimes Commission (EFCC) for keeping silent on the identity of a “former government official” who owns 753 units of duplexes on a 150, 500 square metres in Abuja which the commission said was from proceeds of corruption and forfeited to the Federal Government.

However, in a statement on Monday December 2nd, 2024, the anti- graft agency announced with glee the final forfeiture of the estate to the federal government.

According to the EFCC, the forfeiture order was made by Justice Jude Onwuegbuzie, on Monday, December 2, 2024 when he gave a ruling on the EFCC application that the gigantic estate be forfeited to government.

The  estate is in Abuja measuring 150,500 square metres and containing 753 Units of duplexes and other apartments.

“This is the single largest asset recovery by the EFCC, since its inception in 2003.

” The Estate rests on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja” the statement declared.

The  commission said the forfeiture of the property to the federal government by the owner who was simply described as “a former top brass of the government” was pursuant to EFCC’s mandate and policy directive of ensuring that the corrupt and fraudulent do not enjoy the proceeds of their unlawful activities.

In this instance, the Commission relied on Section 17 of the Advance Fee Fraud And Other Fraud Related Offences Act No 14, 2006 and Section 44 (2) B of the Constitution of the 199 Constitution of the Federal Republic of Nigeria to push its case.

Ruling on the Commission’s application for the final forfeiture of the property, Justice Onwuegbuzie held that the respondent have not shown cause as to why he should not lose the property, “which has been reasonably suspected to have been acquired with proceeds of unlawful activities, the property is hereby finally forfeited to the federal government.”

The road to the final forfeiture of the property was paved by an interim forfeiture order, secured before the same Judge on November 1, 2024.

The government official which fraudulently built the estate is being investigated by the EFCC.

The forfeiture of the asset is an important modality of depriving the suspect of the proceeds of the crime.

The justification for the forfeiture is derived from Part 2, Section 7 of  the EFCC Establishment Act, which stipulates that the EFCC “has power to cause investigations to be conducted as to whether any person, corporate body or organization has committed any offence under this Act or other law relating to economic and financial crimes and cause investigations to be conducted into the properties of any person if it appears to the Commission that the person’s lifestyle and extent of the properties are not justified by his source of income.”

However, the action of the anti graft agency has attracted scathing remarks from members of the public who were enraged by the failure of the commission to name and shame the owner of the forfeited property.

Nigerians, who took to their X handle, lambasted the EFCC, describing the non disclosure of the owner of the estate as inimical to the fight against corruption.

They disclosed that naming and shaming the owner would have sent a strong signal to all corrupt individuals, both in government and out of government of the genuine intentions of the EFCC to fight corruption.

The enraged respondents inquired that if the EFCC could quickly name and display the pictures of Internet fraudsters otherwise known as “Yahoo boys” publicly, they saw no justification for covering the identity of this ” ex government official”

Nevertheless,the Commission’s Executive Chairman, Mr. Ola Olukoyede, has repeatedly described asset recovery as pivotal in the fight against corruption, economic and financial crimes and a major disincentive against the corrupt and the fraudulent.

Addressing members of the House of Representatives Committee on Anti-corruption recently, he said, “If you understand the intricacies involved in financial crimes investigation and prosecution you will discover that to recover one billion naira is war.

“So, I told my people that the moment we start investigation we must also start asset tracing because asset recovery is pivotal in the anti-corruption fight; and one of the potent instruments that you can deploy as an anti-corruption agency for an effective fight is asset tracing and recovery.

“If you allow the corrupt or those that you are investigating to have access to the proceeds of their crime, they will fight you with it.

” So one of the ways to weaken them is to deprive them of the proceeds of their crime. So, our modus operandi has changed simultaneously.

“The moment we begin investigation, we begin asset tracing. That was what helped us to make our recoveries.”

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