Tinubu to release CBN audit report soon – SGF

The federal government says it will soon unveil the audit report of the Central Bank of Nigeria probe to the public.

George Akume, the Secretary to the Government of the Federation, SGF, disclosed this on Monday at a pressing briefing for the 63rd anniversary of Nigeria.

He noted that the audit report of CBN will reveal how past governments had brought the country to its current economic predicament.

According to him, the report will enable Nigerians to know what went wrong and how the country got to its present situation.

He reiterated that President Bola Ahmed Tinubu’s administration had started well by making sound economic decisions to address the country’s challenges.

“When President Bola Tinubu came on board, he made a very sound decision at the CBN. That singular act led to a massive improvement in the capital market; as experts have told us, it has never happened in the past 15 years.

“We have a new team at the CBN, and a special investigator has been in the CBN for some time now. And his result will soon be released, and Nigerians will know what went wrong and what brought us to where we are today,” he said.

DAILY POST recalls that on July 28, President Tinubu appointed Jim Obazee, a special investigator, to probe CBN.

The President had also suspended Godwin Emefiele as governor of CBN in June.

Since then, Emefiele has been under the custody of the Department of State Services, DSS.

(Daily Post)

Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.

Dispute stalls Federal Govt, Emefiele plea bargain talks on trillion naira fraud

Hints emerged yesterday that the suspended Central Bank of Nigeria (CBN) Governor Godwin Emefiele  and other top officials  of the bank may face trial after all.

This follows the stalling of the plea bargain move between the Federal Government and the embattled apex bank boss.

It was learnt that Emefiele and the affected officials of the apex bank have “not made substantial concessions on some refunds expected from them.”

Sources said that trillions of naira were being tracked by a federal agency but only a few billions of naira was offered as refundable by some of those linked to the suspicious transactions.

Emefiele is being held by the Department of State Service (DSS).

It was gathered that some interceding forces and Emefiele have not made progress on the plea bargain terms.

Despite Emefiele’s offer to step aside in August, the other aspects of plea bargain process were “not substantially met.”

It has also been confirmed that the four deputy governors were dropped because of their alleged complacency when Emefiele was in the saddle at the apex bank.

The  Presidency was shocked by the “massive scale of fraud and flagrant violations of the CBN Act,” it was learnt.

It was also  learnt that following interventions, the government’s investigation, initially coordinated by a security agency, had recommended plea bargain option with Emefiele, who wanted it.

Apart from Emefiele offering to step aside, other terms were the withdrawal of court cases against the government and the refund of substantial cash allegedly linked to him and others.

But there were strong indications that the plea bargain option may have suffered a setback.

The source said: “Where trillions were being queried, some of those affected have offered to refund about N32 billion only.

“The engagement of the Special Investigator has also uncovered more mismanagement of resources and questionable expenditures in CBN than what some security agencies dug up.

“The findings of the Special Investigator have uncovered a massive rot.”

A source within the Presidency, said the CBN was stinking. He declined to volunteer information on the plea bargain dimension.

The source said the government might prosecute anyone indicted.

He said: “I don’t know whether plea bargain has collapsed or not. I don’t even know if that is on the table to start with. But I know the CBN Governor and the Deputies have been removed.

“The investigations across board are going on and Iam sure the govt will prosecute anyone who has compromised the country.”

Investigation confirmed that the four deputy governors were replaced because of their alleged complacency.

The Presidency source said none of the deputy governors complained when Emefiele was allegedly mismanaging the CBN.

“Most of the DGs “actively collaborated with Emefiele on policies and decisions not in line with the CBN’s mandate,” he said.

Those affected were Folashodun Adebisi Shonubi (Deputy Gov Operations and Acting Governor); Aisha Ahmad (Deputy Governor, Financial System Stability): Adamu Lamtek (Deputy Gov Corporate Services) and Kingsley Obiora (Deputy Governor, Economic Policy).

The source added: “Investigation is still ongoing. The special investigator sure uncovered a lot of rots which implicated the Deputy Governors.

“There is no way the Deputy Governors would have remained with the scale of corruption, poor corporate governance and complacency that happened under Emefiele.

“Allowing them to remain will mean the government has condoned all that went down under their watch.”

(Nation)

Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.

Emefiele: DSS grills, detains CBN deputy governor

A Deputy Governor of the Central Bank of Nigeria, Kingsley Obiora, has been allegedly detained by personnel of the Department of State Services.

According to Peoples Gazette, the CBN deputy governor has spent four nights in the custody of the DSS.

The report said the DSS was grilling Obiora in connection with allegations of financial mismanagement under the leadership of the suspended CBN Governor, Godwin Emefiele.

Emefiele was suspended by President Bola Tinubu on June 9 following an investigation into the affairs of the apex bank.

“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy,” a statement by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, said.

Emefiele was arrested the following day and has been in DSS detention since then despite the court admitting him to bail.

The spokespersons for the CBN, Abdul Isa, and his counterpart in DSS, Peter Afunanya, did not pick up several calls to their lines and had yet to respond to messages sent to them on the matter.

(Punch)

Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.

Unclaimed dividends hits N190bn in Nigeria’s capital market — SEC

The Securities and Exchange Commission (SEC) says that the unclaimed dividends figure in the nation’s capital market currently stands at N190 billion.

Mr Lamido Yuguda, the Director-General of SEC, said this at the second post Capital Market Committee (CMC) media briefing in Abuja on Friday.

He said the figure increased due to issues concerning identity management in the country.

Yuguda also attributed the rising figure to multiple subscriptions by investors during banking consolidation and identity management.

According to him, “we have legacy issues that have aggravated unclaimed dividends.”

Yuguda, however, said the commission was working with the Nigeria Inter-Bank Settlement System (NIBSS), on the e-dividend portal.

He added that the SEC was working with NIBSS to make changes to the electronic dividend portal currently going through some form of upgrading and repair.

“We are working very hard to ensure we reduce the number of unclaimed dividends.

“This is why we are upgrading the e-dividend portal with NIBSS to restore investors’ dividend and reduce unclaimed dividends.

“We reiterate that every person, who has come to the capital market and invested money, should be able to get his dividends as and when due,” he said.

On dollar denominated bonds listed on NGX, the director-general said it was not a problem as long as it was a corporate one.

He said that the road ahead of the market was undeniably challenging but that the capital market would step forward in whatever way to lend its helping hand to the current economic reforms.

“We introduced the Know Your Customer (KYC) requirement so that all information needed will be collated.

“The market must make sacrifices to help drive the economic transformation that will change our nation’s fortunes for the better.

“The Chairman informed the meeting that the Investments and Securities Bill (ISB) 2023 was under consideration by the 10th National Assembly.

“The Bill aims to align regulations with the modern dynamics of the market and it is hoped that if passed into law, it will enable optimal contribution of the capital market to national development,” he said.

The director-general said that market players were urged during the meeting to prioritise cyber-security measures to safeguard sensitive financial data and transactions.

He lamented the trend where companies chose to de-list from the capital market.

Also speaking, the Commissioner, Operations at SEC, Mr Dayo Obisan, said one of the major issues bedeviling the commission was for beneficiaries to get access to claim their dividends.

“We keep putting our efforts to ensure that investors update their bank details, information and claim their dividends.

“But we still have some of them who fill in details wrongly.

“We at SEC are working very hard and we want to ensure bonuses get transferred to beneficiaries, capture everyone who is in the market so that our data is more robust.

“We can be able to work effectively on reducing unclaimed dividends,” Obisan said.

Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.

CBN unveils FX price verification system portal 

The Central Bank of Nigeria has introduced a foreign exchange price verification system designed for importers to have access to forex.

The apex bank in a statement from its Trade and Exchange Department on Thursday night, said a price verification report from the portal is now mandatory for all Form M requests while it takes effect from August 31, 2023.

The statement read, “Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go- Live of the Price Verification System (PVS),” the statement reads.

“All applications for Forms M shall be accompanied by a valid price verification report generated from the price verification portal.

“For the avoidance of doubt, by this circular, the price verification report has become a mandatory trade document precedent to the completion of a Form M.”

While urging all authorised dealers to inform their customers of the development, the CBN also said any case of infraction would be appropriately sanctioned.

“Please, ensure compliance,” the apex bank added.

(Punch)

Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.

CBN denies issuing new policy actions on Forex

The Central Bank of Nigeria has denied rumour making the rounds over new policy actions in the foreign exchange market.

The CBN made this known Thursday night in its official X, formerly Twitter handle.

According to the apex bank, the purported Press Release dated 20th February, 2017, should be disregarded.

“We would like to bring to your attention that the attached images currently circulating on social media are from an old Press Release dated 20th February, 2017, and should be disregarded”, CBN wrote.

DAILY POST recalls that the CBN floated the Naira in the foreign exchange market in June.

(Daily Post)

Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.

Emefiele weeps as arraignment for N6.9b fraud stalls

The suspended Central Bank of Nigeria (CBN) Governor Godwin Emefiele wept in Court on Thursday after the High court of the Federal Capital Territory adjourned his arraignment to August 23, 2023.

NEWS FLASH reports that the case was stalled due to the absence of another defendant, Sa’adatu Yaro, in a corruption and conspiracy case brought against them by the Federal government. 

Emefiele was seen weeping after the adjournment, while being consoled by some of his lawyers.

Emefiele, Yaro and a firm, known as April 1616 Investment Ltd, were accused of engaging in conspiracy and procurement fraud, among others.

He is also accused of conferring corrupt advantages on his associates, including Yaro, said to be a Director in April 1616 to the tune of N6.9 billion.

The accused were taken before the vacation judge, Justice Hamza Muazu of the Federal Capital Territory (FCT) High Court. 

Emefiele was brought to court by officials of the Department of State Services (DSS).

Immediately after the proceedings, Emefiele was returned to operatives of the Department of the State Service (DSS) who brought him to court under heavy security.

(Nation)

Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.

Court strikes out firearm charge against Emefiele over need for diligent prosecution

A Federal High Court in Lagos on Thursday struck out the firearm charges against the suspended governor of the Central Bank of Nigeria, Godwin Emefiele.

Justice Nicholas Oweibo struck out the charge for want of diligent prosecution, following the withdrawal application made by the Director of Public Prosecution of the Ministry of Justice, Mohammed Abubakar.

At the last adjourned date, the DPP made an oral application to the court to withdraw the charge against Emefiele.

He stated that the application was informed by imaging facts and for circumstances that need further investigations and urged the court to grant the application.

Details later

(Punch)

Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.

N6.9b fraud: Court adjourns FG/Emefiele’s case to next Wednesday

A High Court sitting in the Federal Capital Territory has adjourned the alleged N6.9bn procurement case against the suspended Central Bank Governor, Godwin Emefiele, to August 23.

The Presiding Judge, Justice Hamza Muazu on Thursday adjourned the matter following the absence of the other two defendants in the matter.

Emefiele was supposed to 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.

More details to come…

Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.

Fountain of Life founder, Pastor Odukoya, is dead

Pastor Taiwo Odukoya, Senior Pastor of Fountain of Life Church, has passed away.

His demise was revealed on the church’s official Facebook page.

In the United States of America (USA), he was reported to have passed away on Monday, August 7.

The church said: “The fountain of Life Church Family, in total submission to the will of God Almighty announces the passing unto greater glory of our Father, Teacher, a great servant of the Most High God, Pastor Daniel Taiwo Odukoya, Founding Pastor of The Fountain of Life Church, who passed unto glory on the 7th of August 2023 in the USA.

“We are in total submission to you LORD!!!

“We thank the Lord for the gift of greater leader!!!”

(Nation)

Wordpress Social Share Plugin powered by Ultimatelysocial