Federal Govt commences toll collection on Keffi- Makurdi Highway
The federal government has commenced the collection of toll on the newly reconstructed Keffi-Makurdi highway. The rates as announced by the operator indicate that trucks shall pay a toll of N1,600 while commercial buses and light vehicles shall pay N500. Regular cars and SUV/Jeeps shall pay a toll of N500 and N800, respectively. Motorists who spoke to Nigerian Anchor expressed support for the collection of the toll, so long as the money shall be ploughed into maintenance of the road. Even though road statistics are not really up to date, estimates indicate that Nigeria has a total network of about 36,000 kilometres of federal highways. Most of the federal highways are in a very deplorable state. The current decision to toll some of the recently upgraded roads is to enable the government to derive revenue for maintenance and to extend repair work on other roads. Experts suggest that private funding should be harnessed through various concessional arrangements for the construction of the roads.
Court Orders Final Forfeiture Of N12.18b Property Linked To Godwin Emefiele
The court has decreed the permanent forfeiture of a property valued at N12.18 billion associated with former CBN Governor, Mr. Godwin Emefiele. Justice Chukwujekwu Aneke granted the ultimate forfeiture order following a court session where the Economic and Financial Crimes Commission (EFCC), represented by lawyer Chineye Okezie, presented and discussed a motion. The properties, situated in highly sought-after locations within the Federal Capital Territory (FCT) of Abuja, were included in two separate listings. Justice Aneke directed the EFCC to publish the interim forfeiture order in a national newspaper to give all concerned parties the opportunity to challenge the final order. On June 21, when the court resumed proceedings, there were no parties present to contest the temporary order. After carefully examining a detailed 41-paragraph affidavit presented by EFCC Investigating Officer Michael John Idoko, along with the 19 accompanying exhibits and a written address signed by Okezie, Justice Aneke approved the application. The judge said, “Having carefully considered the application and submission of counsel, it is hereby ordered as follows: a final forfeiture order is made forfeiting to the Federal Government of Nigeria, properties contained in Schedule A, which were traced and reasonably suspected to have been acquired with proceeds of unlawful activities.”
BREAKING: NFIU Alerts Banks, Others As ‘Scammers’ Devise New Method To Claim Funds From Abroad
The Nigerian Financial Intelligence Unit (NFIU) has issued a warning regarding scams involving tracing and recovering digital wire transfers from international banks into local accounts. In a June 2024 report, the NFIU mentioned its dedication to offering prompt advice or guidance to its partners using a method grounded in real-life examples. The agency’s report offers detailed insights into the latest trends, recurring patterns, questionable behaviours, and techniques aimed at taking advantage of the financial system for illegal and fraudulent purposes. The NFIU indicated that its research points to a growing problem of fraudulent petitions that target the tracing and recovery of funds supposedly sent from foreign banks to local ones. This issue, it said, poses a significant risk to the intended victims, Financial Institutions, Law Enforcement Agencies (LEAs), and other governmental bodies. “This advisory became necessary due to numerous petitions received by the NFIU from financial institutions, government agencies, and other third parties seeking assistance towards the tracing and recovery of funds transferred from foreign entities to their business partners in Nigeria. “The advisory aims to draw the attention of relevant stakeholders and the general public to the red flags as well as the emerging trends that have been observed, most especially the use of forged documents by fraudsters to defraud unsuspecting members of the public,” the NFIU report stated. The agency reported receiving numerous false petitions, including one where a law firm represented a non-governmental organization (NGO) and requested the NFIU and other related authorities to locate and reclaim €30 billion (Thirty Billion Euros) that had been moved from an international bank to a Nigerian bank, alleging that the funds were frozen by a Nigerian financial institution. According to NFIU, the NGO intended to use the funds for investments in the property sector. The NFIU also mentioned that a law firm had submitted a petition on behalf of its client to trace and recover €6 billion (Six Billion Euros) that had been transferred from international banks to the client’s Nigerian bank account. In response, the NFIU urged financial institutions and the public to remain cautious and to follow guidelines that would help protect crucial documents from being easily accessed to prevent their misuse in similar petitions. It said, “The public should exercise some level of scepticism when dealing with telegraphic transfer documents from major European banks as nearly all frivolous claims emanate from same jurisdictions and banks abroad.” In its recommendations to banks, NFIU said, “Upon receipt of a letter from a customer anticipating huge inflow, evidenced by the usual Telex copy, the financial institution should immediately conduct Enhanced Due Diligence, sufficient to establish authenticity or otherwise of the document presented. “Where issues of forgery are suspected, the financial institution must take steps to quickly respond in writing to the letter from the customer, clearly stating the non-existence of such pending transaction of funds. “This action must be taken immediately upon receipt of the complaint by the bank to avoid their use of the acknowledgement of the letters for fraudulent purposes. “Financial Institutions are advised to immediately file Suspicious Activity Report (SAR) on any entity or individual who presents such frivolous claims to the NFIU.” It advised the public to be “Aware of the threat posed by fraudulent individuals and their fictitious telegraphic inflows whilst noting the listed red flags as well as the mode of operations contained in this document. “The public must also take necessary steps geared towards scrutinizing potential business opportunities before committing financial resources. “The public should recognize the imminent risk of making investment on the strength of unverifia
CBN confirms $2.9b deposit in special account to stabilise forex market
A Special account with $2.9 billion deposit has been created by the Central Bank of Nigeria (CBN) to stabilise the foreign exchange (forex) market. The apex bank, which identified the special account as Gazelle Funding Account, dropped the hint during the last Federation Account Allocation Committee (FAAC) meeting. The Nation learnt that the revelation was made after the FAAC Post Mortem Sub-Committee members noticed in last month’s report from the Nigerian National Petroleum Company Limited (NNPCL) that proceeds from Production Sharing Contract (PSC) Tax and Royalty sales were transferred to the Gazelle Funding account. The CBN backed NNPCL’s explanation, stating further that the Federal Government secured the $3.3 billion loan from Afrexim Bank to stabilise the forex market. The sub-committee report said: “The structure of the loan requires NNPCL to deposit PSC Royalty and Tax proceeds into the Gazelle Funding account. From these deposits, 90 per cent will be released to NNPCL and CBN, while 10 percent will go towards repaying the loan.”
Tinubu sacks BPE director-general, appoints replacement
President Bola Tinubu has relieved Mamman Ahmadu of his duties as director general of the Bureau of Public Enterprises (BPE). In a statement by presidential spokesman Ajuri Ngelale on Saturday, the president also approved the appointment of Ayodeji Ariyo Gbeleyi as the new DG of the BPE. “Mr. Gbeleyi is a renowned financial expert and award-winning chartered accountant,” the statement read. “He is a fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Taxation of Nigeria (CITN). “He is also an alumnus of executive programmes of the prestigious London Business School, Harvard Kennedy School of Government, and Lagos Business School. “He has over 30 years of post-qualification experience in diverse sectors, including manufacturing, fast-moving consumer goods (FMCG), investment & commercial banking, project finance, telecommunications, infrastructure, and public administration. “He was the board Chairman of the Federal Mortgage Bank of Nigeria (FMBN) and Commissioner of Finance in Lagos State from 2013 to 2015. “The President expects the new Director-General to bring his vast experience and competence to bear in this role to strengthen the agency as the national resource centre for capacity building and sustenance of reforms through the promotion of a competitive private sector-driven economy, ensuring social accountability and efficient deployment of public resources, as well as advancing effective corporate governance and fiduciary discipline in the public and private sectors.”
BREAKING: Nigeria’s annual inflation rate rises to 33.95%
Nigeria’s annual inflation rate climbed to 33.95 per cent in May 2024, up from 33.69 per cent recorded in April, according to the National Bureau of Statistics (NBS). This increase marks a rise of 0.26 percentage points month-on-month. Compared to May 2023, when the inflation rate stood at 22.41 per cent, the current figure reflects a significant year-on-year increase of 11.54 percentage points, illustrating a sharp uptick in inflationary pressures over the past year. On a month-on-month basis, the NBS reported that inflation for May 2024 was 2.14 per cent, slightly lower than the 2.29 per cent recorded in April 2024. This indicates a moderated pace of increase in the average price level compared to the previous month. In terms of food prices, the inflation rate accelerated to 40.66 per cent year-on-year in May 2024, marking an increase of 15.84 percentage points from May 2023, when it was 24.82 per cent. The sharp rise in food inflation highlights continued challenges in food affordability and accessibility across Nigeria.
BREAKING: Court frees Binance executives Gambaryan, Anjarwalla
The Federal High Court sitting in Abuja has discharged Tigran Gambaryan, a 39-year-old American, and fleeing Nadeem Anjarwalla over alleged tax evasion. The duo, both executives of cryptocurrency exchange platform Binance, were dragged to court by Federal Inland Revenue Service (FIRS) over alleged tax evasion. The court made the decision following fresh amended charges filed by the FIRS in view of a notice from Binance about its appointment of a Nigerian representative, Ayodele Omotilewa. Recall that Gambaryan and fleeing Anjarwalla are facing a four-count charge by the Nigerian government brought before the court, a case now before Emeka Nwite, the trial judge. Even though Binance had no legal representation in court, Gambaryan took to the dock to have the charges read to him. But his counsel, Chukwuka Ikwazuonu, notified the court that his client had not been served with the charge, stating it was rather too hasty to have him take to the dock without knowing what his client is about to be tried for. The prosecutor from the FIRS, Moses Ideho, informed the judge that service of the charge hadn’t been possible due to lack of access to the defendant in custody. This prompted the Court to order service of the charge on the defendant in open court. And following this, the judge adjourned till 19 April for arraignment of Gambaryan. In the second case by the anti-graft agency, the EFCC, through its counsel E.E. Iheanacho informed the Court that he had served Gambaryan with the charge. But Mark Mordi, counsel for the defendant, this time around, said Binance, the company which he represents hasn’t been served, therefore arraignment couldn’t go ahead. Moreso, as it’s a joint charge, Mordi argued that it’s necessary to serve every person individually with the charges before the case can go ahead. He also informed the Court that his client declined service of the charge on behalf of Binance because he wasn’t authorized to do so. The prosecutor however maintained that the defendant, being a top official of Binance was a fitting representative of the company in this particular instance. But stated that in the alternative however, the Court can enter a not guilty plea for Binance to allow the case go ahead.
Minimum wage: I’ll approve what Nigeria can afford — Tinubu
President Bola Tinubu says he will approve a new minimum wage that the Nigerian government can afford. He stated this on Wednesday at a dinner with the Senate President and Deputy Senate President, among other top government officials to mark Nigeria’s 25 years of unbroken Democracy in Abuja. The President, while appreciating those who stood by him over the years, promised Nigerians he won’t depart from the tenets of democratic governance. “I have to celebrate with you my dear brother, Senate President, Deputy Senate President,” he said. According to Tinubu, Senate President Godswill Akpabio and his deputy, Jibrin Barau would soon get an Executive Bill from him on the new minimum wage. “The minimum wage is going to be what Nigerians can afford, what you can afford and what I can afford. Cut your coat according to your size, if you have size at all,” he said.
Why Political Office Holders Should Be Put On Minimum Wage – Soludo
The Governor of Anambra State, Charles Soludo, has advocated a drastic reduction in the cost of governance in Nigeria. The Governor lamented that the nation is broke but government and elected officials continue to live in denial and show off flamboyant lifestyles at the detriment of the masses. As a way to curb the developing crisis from escalating further, Soludo said political officeholders should be placed on the national minimum wage. The Anambra State Governor made the call on Wednesday while speaking at the special edition of The Platform, an event organised by The Covenant Nation to mark democracy day in Nigeria. Soludo expressed that Nigerians are hungry, broke and poor, but the ruling class continue to live extravagantly at the expense of the common people. “Let’s come clean and straight with Nigerians. Nigeria is very poor and broke but the lifestyle of government and government officials does not show it, especially with the obscene flamboyance in public display,” Soludo said. “The poor are hungry and impatient, let’s not annoy them more with our insensitivity. “In this case, I agree with reverend father Mbaka, who said elected governors should also earn minimum wage. I agree that we should be paid that so that we can feel that as well. “In Anambra, I have not received a kobo as salary since I assumed office. I have donated my salary to the state. “It is symbolic. It is not much. I think generally, the system is in denial. There must be some signalling, it is just the symbolism of this.” Soludo called for an end to wasteful spending in governance, stressing that elected officials must always remember they are in office based on public trust. “That is why I proposed reinventing the new code of conduct for public officers,” he said. “For the federal government, the actual projecting revenue comes to about N6,160 per Nigerian, per month. “For the states, except Lagos and a few states, most states have revenues amounting to less than N3,000 per resident, per month. “It is from this shares per citizen that we are expected to provide all the infrastructure, debt service, pay salaries and pensions, build schools and provide everything. “For each of our wasteful spending, let’s be conscious about the fact how many citizen share we are squandering. Once we lose this consciousness about the public trust we bear, the society dies irredeemably.”
EFCC Picks New Date For Yahaya Bello’s Arraignment
The Economic and Financial Crimes Commission, EFCC, has reportedly picked a new date for the arraignment of former Kogi State Governor, Yahaya Bello. The anti-graft agency fixed June 27 for a hearing in the alleged money laundering case instituted by EFCC against Bello at the instance of the anti-graft agency’s lawyers. According to Daily Post, the new date was fixed without prior information from the defendant’s lawyers. At the resumed hearing on Thursday, counsel to Bello, Adeola Adedipe, SAN, told the court that the EFCC lawyers approached Aliyu AbdulWahab, SAN, who is the counsel for the defendant, that the earlier date, June 13 date, would not be convenient for them to proceed and that Wahab had to agree by way of convenience for another date to be set. He said he was surprised when he heard that EFCC lawyer, Rotimi Oyedepo was in court. He said, “They (EFCC) agreed that junior counsel would be sent to court today to formally pick a date. And the registry can confirm this. Kemi Pinhero, SAN, the lead counsel, has been calling us to say today is not convenient.” However, for the decision of the EFCC to seek an adjournment to a future date for his arraignment, Bello was said to be ready to appear in court on Thursday. Adedipe added, “Under 266 ACJA there are instances when defendants don’t need to come and this is one of them. “We came here to pick a date. Of what use will the defendant coming here be? It is the prosecuting counsel that approached us, we did not approach them. We have nothing to hide.”