SERAP sues Tinubu over ‘missing $2.1bn, N3.1trn subsidy payments’

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu over “missing subsidy payments”. The organisation is seeking a probe of allegations that $2.1 billion and N3.1 trillion budgeted as fuel subsidy payments are unaccounted for. The suit followed the grim allegations documented by the Auditor-General of the Federation in the 2016 and 2019 annual reports that the public funds are missing. In the suit, number FHC/L/CS/1107/23 filed at the Federal High Court in Lagos, SERAP is seeking an order of mandamus to compel Tinubu to act. It wants the President to direct the anti-corruption agencies to probe subsidy payments made by governments since 1999, name and prosecute suspected perpetrators and recover missing funds. The recovered proceeds should be used as palliatives to address the impact of the subsidy removal on poor Nigerians, the suit demanded. The group said misuse of public monies was a “fundamental breach of anti-corruption laws and international obligations including under the UN Convention against Corruption to which Nigeria is a party.” “The Tinubu government has constitutional and international legal obligations to get to the bottom of these allegations and ensure accountability for these serious crimes against the Nigerian people,” SERAP added.

Suspended Emefiele in our custody, DSS confirms

The Department of State Services (DSS) on Saturday confirmed that suspended CBN Governor, Godwin Emefiele is in their custody. In a statement signed by its Public Relations Officer, Peter Afunanya and made available to NIGERIAN ANCHOR, the DSS said the embattled Emefiele is being held for some investigative reasons. The security agents further admonished the media to be accurate in it reportage of the situation since he was suspended by President Bola Tinubu yesterday. “The DSS hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN) is now in its custody for some investigative reasons. “The public, particularly the Media, is enjoined to apply utmost caution in the reportage and narratives concerning this,” the brief statement said. The media has been awash with reports that Godwin Emefiele is being held over connections to terrorism financing, the recent Naira redesign policy, amongst other charges.

Godwin Emefiele’s sack expected, Uwaleke says

A Professor of Finance and Capital Market, Uche Uwaleke has said the suspension of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Friday night by President Bola Ahmed Tinubu did not come as a surprise to many Nigerians. In a chat with NIGERIAN ANCHOR, Uwaleke said Emefiele’s suspension marks an end to a turbulent era of Nigeria’s economy.  Emefiele had come under a barrage of criticisms following the implementation of the naira redesign policy by the Apex Bank.  In a swift reaction after his suspension yesterday, Emefiele was arrested by the Department of State Security (DSS), who had tried in vain to arrest him in the past and slammed with terrorism financing charges. Uwaleke said: “The Suspension of Godwin Emefelie was long foretold. But, this announcement caught not a few by surprise. “The President cannot sack the CBN Governor, but he can suspend, which is what the President Tinubu has done. “Recall that Mr Sanusi Lamido Sanusi, was equally suspended from office by the Jonathan administration,” Uwaleke said. In spite of the situation,  the financial experts noted that during his tenure as CBN Governor, Emefiele was able to ensure the stability of Nigeria’s financial sector.  According to him, he will be remembered for implementing big ideas such as the Anchor Borrower Programme, the RT200, the e-Naira and a raft of interventions which helped to stimulate the economy during periods of economic recession. “To be fair, Emefelie, to a large extent, succeeded in ensuring financial sector stability going by the prudential ratios.  “His forex demand management policies, especially the 41 items not qualified for forex, promoted import substitution, conserved external reserves and ensured relative stability in exchange rates. It would be unfair to blame him for the current high inflation rate since most of the causative factors are beyond the control of the CBN. “On the flip side, he will also be remembered for the currency redesign exercise which didn’t go down well with Nigerians and the CBN Ways and Means which grew astronomically during his tenure. “His greatest mis-step was his attempt to join the list of Presidential candidates. “All said, I think he deserves some rest now,” Uwaleke said. 

June 12: Tinubu to address Nigerians on Monday

*Says 2023 Democracy Day celebration will be low key President Bola Tinubu will on Monday, June 12, 2023 address Nigerians in a live television broadcast to celebrate Democracy Day in Nigeria. The broadcast by Tinubu will be transmitted on all major stations by 7am. The President, through the Secretary of the Government of the Federation (SGF), George Akume, said the celebration of the June 12 Democracy this year will be done on a low key. Adding to the announcement by SGF, George Akume, Dele Alake said the low key celebration of this year’s June 12 Democracy Day is to symbolise the cost cutting policy of the present administration.

Telecom sector contributes N2.508trn to Nigeria’s GDP – NCC

The telecommunications and Information Services sector in Nigeria has, in the first quarter 2023, delivered a handsome N2.508 trillion in terms of financial value contribution to the nation’s gross domestic product (GDP), representing 14.13 percent. Figures released by the National Bureau of Statistics (NBS) showed that the sector recorded a 4.3  percent   increase from its performance in the last quarter of 2022 when it recorded 13.55  percent. When compared on a year-on-year basis, the growth showed a positive progression from 12.94  per cent  in the first quarter of 2022 , to the 2023 figure of 14.13, which is an approximate growth of 9.19  per cent.  The percentage of telecom contribution to GDP was calculated from 46 distinct sectors of the economy, which constitute telecom and information services baskets. The Nigerian telecom industry has continued its show of positive outlook, which is credited to the innovative and predictable telecom regulatory environment promoted, and implemented by the Nigerian Communications Commission (NCC). One of the key highlights of the telecom industry performance within the period was the generation of $820.8 million for the federal government from 5G spectrum licences fees paid by three eventual winning operators, MTN, MAFAB and Airtel. Following the issuance of the licences in December 2021 to MTN and MAFAB, both companies have launched 5G services. Airtel, which received its licence in December 2022, is set to launch services this month, June 2023. Another major development in the sector was the launch of Starlinks broadband services, a satellite-based wireless broadband services with potential nationwide coverage. This followed the issuance of licence to Elon Musk-owned SpaceX by the Commission. The services are now available in different parts of the country. Meanwhile, the growth statistics of the telecom industry are showing an impressive record of contributions to the economy. The number of phone subscribers as at April 2023, stood at 223.6 million subscribers, scoring a teledensity of 117  per cent. Internet subscribers for the same period were 157 million while Broadband subscriptions stood at 92 Million, translating to 48  percent broadband penetration in the country.

DSS arrests Godwin Emefiele

The just suspended Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, was in Friday evening arrested by the Department of State Security (DSS). According to media reports, Mr Emefiele has been slammed with 10-count charges bordering on terrorism financing.

Tinubu suspends CBN Governor, Godwin Emefiele

President Bola Ahmed Tinubu has suspended Godwin Emefiele as the Central Bank of Nigeria (CBN) Governor.  President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect,” the Director of Information, Office of the Secretary to the Government of the Federation Willie Bassey said in a Friday statement. “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 the investigation and the reforms.” More details later…

AFCON Qualifier: Peseiro lists Osimhen, Simon, 21 0thers for Sierra Leone

Super Eagles’ Coach, José Santos Peseiro has invited captain Ahmed Musa, Victor Osimhen, goalkeeper Adebayo Adeleye, defender William Ekong, midfielder Alex Iwobi and forward Moses Simon among others for next weekend’s 2023 Africa Cup of Nations qualifying match against the Leone Stars of Sierra Leone in Monrovia. In-form forward Victor James Osimhen, whose 31 goals in all competitions for SSC Napoli this season helped the Italian giants to the semi finals of the UEFA Champions League and to their first Italian Serie A title in 33 years, tops the strikers’ list. Osimhen has also recently been honoured with the National Award of Member of the Order of the Federal Republic (MFR) by the Government of Nigeria, and has received a special ball and jersey from world football-ruling body, FIFA for his magnificent season. Home-based goaltenders Victor Sochima and Olorunleke Ojo are also called, as well as Rivers United defender Ebube Duru and Bendel Insurance FC midfielder Divine Nwachukwu. Defenders William Ekong, Kenneth Omeruo, Zaidu Sanusi, Calvin Bassey, Oluwasemilogo Ajayi and Bright Osayi-Samuel are in, with midfielders Wilfred Ndidi and Frank Onyeka, and forwards Samuel Chukwueze, Taiwo Awoniyi and Kelechi Iheanacho also in the 23-man roster. The Super Eagles are top of their qualification group with nine points out of four matches, followed by Guinea Bissau’s Wild Dogs who have seven points. Leone Stars, who gave the Eagles a tough run in Abuja on Day 1 of the qualification series before succumbing 2-1, are on five points. Sao Tome and Principe, who play the Super Eagles on the final day of the series in September, are bottom with only one point. Nigeria and Sierra Leone clash at the Samuel Kanyon Doe Stadium in Monrovia on Sunday, 18 June, as Sierra Leone do not have any stadium in their country approved for international matches. ALL THE INVITED PLAYERS: Goalkeepers: Adebayo Adeleye (Hapoel Jerusalem, Israel); Victor Sochima (Rivers United); Olorunleke Ojo (Enyimba FC) Defenders: William Ekong (Watford FC, England); Calvin Bassey (Ajax FC, The Netherlands); Kevin Akpoguma (TSG Hoffenheim, Germany); Chidiebube Duru (Rivers United); Oluwasemilogo Ajayi (West Bromwich Albion, England); Kenneth Omeruo (CD Leganes, Spain); Zaidu Sanusi (FC Porto, Portugal); Bright Osayi-Samuel (Fenerbahce FC, Turkey) Midfielders: Joseph Ayodele-Aribo (Southampton FC, England); Alex Iwobi (Everton FC, England); Divine Nwachukwu (Bendel Insurance); Wilfred Ndidi (Leicester City, England); Frank Onyeka (Brentford FC, England) Forwards: Moses Simon (Nantes FC, France); Samuel Chukwueze (Villarreal FC, Spain); Ademola Lookman (Atalanta FC, Italy); Victor Osimhen (SSC Napoli, Italy); Taiwo Awoniyi (Nottingham Forest, England); Kelechi Iheanacho (Leicester City, England); Ahmed Musa (Sivasspor K, Turkey)

DSS, Police raid Matawalle’s house, recover over 40 vehicles

The Department of State Security (DSS) and the Nigeria Police on Friday raided the residence of former Zamfara State Governor, Bello Matawalle, even as the Zamfara State Government has broken its silence on the raid. Hours after the raid, the All Progressives Congress (APC) in Zamfara said operatives of the Department of State Services (DSS) and police raided the residences of Matawalle in Gusau and his hometown of Maradun. The party had accused the administration of Governor Dauda Lawal of witch-hunt, saying the immediate past governor ought to be charged to court if there is any issue against him. But in a statement on Wednesday evening, Senior Special Assistant (Media and Publicity) to the Zamfara Governor, Suleiman Idris, said government’s stolen property were recovered during the operation. “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 Mohammed 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. Recovering the proceeds of crime and public assets is a critical part of our rescue mission. “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.”

Nigeria can develop without subsidy, CIVAC tells Nigerians

A coalition of Civil Society groups, Citizens Voice Against Corruption (CIVAC) has called on Nigerians to embrace the fuel subsidy removal because the country can develop without it. CIVAC is a platform comprising numerous civil society organizations and professional bodies. President Bola Ahmed Tinubu had at his inauguration ceremony announced the removal of fuel subsidy. In a statement signed by CIVAC’s National Coordinator Abdulrazaq Alkali, and made available to journalists on Friday in Abuja, the body noted that Nigeria had failed over the years to reap the benefits of an oil-producing nation as revenues from oil is consumed by fuel subsidy. Alkali said: “For most oil producing countries, high oil prices means high government earning, 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 subsidies.” The Group, while condemning the hypocrisy of some Nigerians, noted that many citizens were in agreement that fuel subsidy should be removed. “For example both major candidates in the last presidential election made promises to remove fuel subsidies if elected president, but now they are all over the place blaming President Tinubu for doing what they promised to do for Nigerians,” he said. The coalition called on organised labour to reconsider its proposed strike action as it would further bring more hardship to Nigerians. “The leaders of NLC and TUC should rise up to their duties and stop playing to the gallery or the books of some elites who are benefitting immensely from the petroleum subsidy. NLC and TUC need to get their acts together by putting the future and survival of Nigeria first. “This will cause untold hardship on Nigerians and have a significant damaging effect on an already struggling economy, paralysing the country of more than 200 million Nigerians, the majority of the citizens who live on daily wage will be highly irrational. ‘Moreover, considering the delicate security situation in the country, it will be of great concern that grieving politicians, provocateurs and anarchists can hijacked the strike to stage protests and demonstrations, or hide under the cover of protestors and promote discord, anarchy and unleash mayhem to the detriment of public peace” CIVAC said. CIVAC therefore appealed to the NLC and TUC leaders to 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 the 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,” CIVAC said in the statement.