Protesting women on Friday afternoon burned down the house of the District Head of Bokkos town in Bokkos Local Government Area of the state, Michal Monday Adanchi.

According to a source from the area, the incident occurred around 12:30am.

The source said the women burned the house following the arrest of some members of the community for their alleged involvement in the recent killings in the area, adding that the traditional ruler’s residence and his administrative office were burned down.

“The incident began at the police station where they expressed their anger over the arrest of some members of the community. After leaving the police station, they proceeded to the house of the traditional ruler, protesting that he was a sellout. A few minutes after reaching the house, they set it ablaze,” the source said.

The spokesperson of the state police command, DSP Alabo Alfred, said he would call the DPO of the area and got back to our correspondent.

The state police command on Thursday confirmed the arrest of eight persons in connection with the recent attacks in Bokkos and Barikin Ladi LGAs.

Daily Trust reports that about 23 villages were attacked on the Eve of Christmas, where more than 150 people were killed and hundreds of houses razed.

Editor’s note: The picture is used for illustration, and not the traditional ruler’s burnt house.

[DailyPost]

President Bola Tinubu has celebrated the creativity and sheer artistic talents driving Nigeria’s entertainment industry, following the success just recorded by ace Nigerian artist, Funke Akindele, with her movie, ‘A Tribe Called Judah’.

The movie, produced and co-directed by Akindele, was released in cinemas in Nigeria in mid-December last year, and after two weeks, it was reported to have grossed over N1 billion, becoming the highest-earning Nigerian movie ever.

In a statement issued by his special adviser on media and publicity, Ajuri Ngelale, President Tinubu celebrated the ingenuity, creativity, and immense artistic talents of Nigeria’s thriving entertainment industry.

According to the statement, the President congratulated Akindele on her record-setting film and commended the ace thespian for her contributions to the growth of the industry.

He extolled the excellence of the Nigerian creative industry, acknowledging its pivotal place as a medium, not only for artistic expression but also a source of enormous soft power and viable export.

Tinubu said: “The creative industry is one of the high-employment sectors, providing jobs for our able and talented youths. It is an industry that is crucial to my administration. I salute Nigerians for their enduring support and patronage of home-grown creative efforts. We will provide the conducive environment for the industry to thrive further.”

[TheNation]

Suspected arsonists have invaded the residence of a 75-year-old elder sister of the Attah Igala, Mathew Opaluwa, and set her ablaze, killing her in the process.

The woman identified as Meimunat Opaluwa Sani was set ablaze alongside her granddaughter, Hajarat, in the early hours of Thursday, at her Oketekwe residence in Idah Local Government Area of Kogi State.

A family source said, “A group of people came to the house with petrol while our grandmother was sleeping alongside her daughter and granddaughter. They poured the petrol on the house and set it on fire.

“The five-year-old granddaughter, Mama, died immediately after suffering severe burns, while Mallama Meimunat Opaluwa Sani, along with her own daughter, was rushed to an undisclosed hospital. Mallama later succumbed to her injuries in the hospital, while her daughter was still battling for her life.”

Meanwhile, the Minister of Steel Development, Shuaib Audu, in a condolence message issued on his behalf by his Special Assistant on Media and Publicity, Lizzy Okonji, said “The  Minister of Steel Development,  Shuaibu  Audu, has extended his heartfelt condolences to the paramount ruler of Igala kingdom, Mathew Opaluwa, over the death of his sister, Mallama Meimunat Opaluwa-Sani and her granddaughter.”

He described the deaths of the late  Opaluwa-Sani and her five-year-old granddaughter as tragic and sacrilegious.

The minister called on security agencies to investigate the alleged arson and bring to book the perpetrators of the crime.

“It is with a heavy heart that I condole with our father, HRM,  Mathew Opaluwa, and the royal family over the deaths of his sister and her granddaughter, whose lives were taken in the most painful manner.

“I also commiserate with the entire people of Igala Kingdom at this time because this is a loss to every one of us.

“I call on security agencies to investigate the alleged arson and bring the perpetuators of this act to book so that it would serve as a deterrent to others. Such acts of sacrilege must be discouraged in our land.

“I pray that Almighty Allah grant the souls of the late Mallama Meimunat Opaluwa, and her granddaughter, Onechojo Aljanah Firdaus. I also pray Almighty Allah grants the family the heart to bear the loss,” Audu stated.

However, the Kogi State Police Command is yet to react to the incident as the state Police Public Relations Officer, SP William Aya, has not responded to a message sent to him and has not picked up repeated calls to his mobile phone.

Our correspondent also called the state Security Adviser,  Jerry Omadara, who promised to get back but has not done so as of the time of filing this report.

[Punch]

Nigeria’s highest ranked table tennis player, Quadri Aruna, has exited the World Table Tennis Men’s finals in Doha following a 0-3 (6-11 9-11 4-11) defeat to World number one, Zhendong Fan.

The quarterfinals game at the Lusail Sports Arena on Thursday saw the Chinese dominate the game.
Aruna, the World number 16, came close in the second set but Fan showed class and claimed victory.

The Nigerian had earlier defeated World number five, Brazil’s Hugo Calderano 3-2 in the Round of 16 before facing Fan in the Quarter finals.

The World number one will meet his compatriot Lin Gaoyuan, world number seven in the semi finals on Friday.
The tournament expected to end on Friday has a prize money of 340,000 US dollars.

[Leadership]

President Bola Tinubu has approved the extension of the Yuletide free train service till January 7.

The extension, the Federal Government said, would enable more Nigerians to return to their stations and enjoy the benefit.

A statement yesterday in Abuja by Transportation Minister Said Ahmed Alkali announced the extension.

The Federal Government had announced a free train service on all serviced routes and 50 per cent rebate on road transportation from December 21, 2023 till yesterday on specific routes to reduce the burden of high cost of public transportation during the just-concluded Christmas and New Year holidays.

The statement said: “While over 163,000 Nigerians benefited from successful first leg of the Yuletide initiative, President Tinubu, in further demonstration of his care for the welfare of Nigerians, directed that the free train service should be made available for extra three days to allow more Nigerians to take the advantage.

“The public is advised to note that this extension applies to all three routes currently being serviced by the Nigerian Railway Corporation (NRC) as follows: 1. Lagos – Ibadan; 2. Warri – Itakpe; and 3. Abuja – Kaduna

“It is hoped that Nigerians who are interested in travelling by rail will take full advantage of this unique opportunity aimed at enhancing people’s welfare.”

[TheNation]

•How EFCC ordered 52 firms to submit forex allocation forms from 2014 to 2023

Operatives of the Economic and Financial Crimes Commission on Thursday stormed the headquarters of Dangote Industries Limited in Ikoyi, Lagos, in furtherance of the ongoing investigation into the alleged abuse of the foreign exchange allocations by the immediate past Governor of the Central Bank of Nigeria, Godwin Emefiele.

The anti-graft commission is probing the alleged preferential allocations of forex to the Dangote Group owned by billionaire Aliko Dangote and 51 other companies under the Emefiele-led CBN.

Two senior officials of the EFCC confirmed the presence of the anti-graft operatives at the Dangote but declined to speak on the reason for their presence.

One of the officials said, “I can confirm that our men are there, but I can’t comment on the reason for their presence there.”

Sources said the anti-graft commission had earlier written to the 52 companies directing them to provide documents supporting the allocation and utilisation of foreign exchange sold to them at official rates in the last 10 years.

The EFCC had asked the firms to submit Form A and Form M which detailed the forex allocations to them between 2014 and June 2023.

 But while some companies complied with the directive, several others were said to have asked for time to get the proper documents.

Until June 2023, Nigeria operated multiple exchange rates which economists said contributed to the distortions in forex allocation, market volatility, and fluctuations.

The policy was blamed for the inflationary pressures on the naira and the thriving black market activities which were said to have undermined the effectiveness of the CBN monetary policies.

The surprise operation at the Dangote headquarters which was carried out by the EFCC detectives during working hours shocked the staff and jolted the visitors to the building.

The PUNCH reports that the search commenced at about 3pm and lasted for several hours.

During the raid, the operatives ransacked offices and carted away several financial documents related to forex allocations to the group from 2014 to June 2023, when Emefiele was suspended from office by President Bola Tinubu.

The PUNCH could not immediately confirm if any of the company officials were arrested by the commission.

This newspaper had reported that the Special Investigator on the CBN and Related Entities, Jim Obazee, uncovered how Emefiele allegedly lodged public funds in foreign currencies in no fewer than 593 bank accounts in the United States, United Kingdom, and China without the approval of the apex bank’s board of directors and the CBN Investment Committee.

CBN probe

Obazee found that the ex-CBN governor allegedly lodged £543, 482,213 in fixed deposits in UK banks without authorisation, adding that he allegedly manipulated the naira exchange rate and committed fraud in the e-Naira project.

The investigator in a report submitted to the President on December 20, 2023, recommended that Emefiele, who is being prosecuted for alleged N1.2bn procurement fraud, should face fresh charges over the handling of the CBN naira redesign policy and alleged illegal issuance of currency under section 19 of the CBN Act.

He also recommended that the ex-CBN governor should be prosecuted alongside Tunde Sabiu, a former aide and nephew to former President Muhammadu Buhari, and 12 top directors of the CBN.

Emefiele denied the indictments, describing the content of Obazee’s investigation report as “false, misleading, and calculated to disparage my person, injure my character, and serve the selfish interest of the private investigator.”

A top EFCC official revealed that the EFCC was probing the preferential foreign exchange allocations allegedly made by Emefiele in defiance of extant financial rules and regulations and the CBN Act.

The official claimed, “The EFCC is investigating the Dangote Group over the preferential foreign exchange allocations made by the former CBN Governor Godwin Emefiele in defiance of extant financial rules and regulations and in disregard to the CBN Act.

“There are about 51 other big companies under probe over the development too, and the commission discovered that the allocations were not approved by the former President Muhammadu Buhari, so it was more of a means for the former CBN governor and his cronies to launder money through forex and Bureau De Change operators.”

When contacted the spokesman for the EFCC, Dele Oyewale, declined comment on the raid on the Dangote headquarters.

Dangote Industries’ spokesperson, Sunday Esan, did not respond to phone calls or WhatsApp messages sent to him.

Two other officials in the communications department of the company, Anthony Chiejina and Francis Browne, have yet to respond to calls and messages sent to them as of the time of filing this report.

Firm honours invitation

But a Dangote official claimed the firm had honoured the EFCC’s request and wondered why the commission chose to embarrass them.

He noted, “We don’t know why they (EFCC officials) came to our office again; we had earlier been invited to the office of the EFCC. As such, the Dangote officials took along all the documents and submitted them. We don’t know why they eventually decided to visit out office again.

“The question we are asking is what did they come to take from our office when we had honoured their invitation? They left with empty hands because all the documents they wanted from us had been taken to them. The same EFCC that came to our office is the one giving information to the media that they are investigating us.’’

Before the latest development, Dangote Industries had in November 2023 refuted allegations that it was involved in forex malpractices and money laundering involving a staggering $3.4bn allegedly facilitated by Emefiele.

The conglomerate, a mainstay in Nigeria’s industrial landscape and a significant player in the African economy, denied the claims that the money was funnelled to its non-Nigerian subsidiaries, prompting illicit financial flows and round-tripping.

 It said a rival business group sponsored the allegation

In its rebuttal, Dangote Industries referred to past approvals granted by the CBN between 2010 to 2018, allowing it to purchase forex totalling $3.755bn for funding of its projects across Africa, of which only 47.70 per cent was utilised.

The company underscored that forex for its investment undertakings was sourced from the interbank market, with all transactions supported by Letters of Credit in line with international standards.

Commenting on the probe, the Executive Director of the Civil Society Legislative and Advocacy Centre, Musa Rafsanjani, said the search of the anti-graft agency at the headquarters of Dangote could be part of an assessment on the previous administration, adding that the EFCC should be allowed to do its job.

 “I think for me, let the EFCC do its work. We all know that there are several problems that have to do with our financial institutions. Some people used their connections to probably circumvent the process

“I do not think there should be any problem. This might be a routine check to see how the former regime has conducted itself, whether it has followed the due process or it has not followed the due process.’’

The EFCC operation was happening as South African billionaire Johann Rupert surpassed Aliko Dangote to become Africa’s wealthiest person, as reported by Forbes Real-Time Billionaires.

Forbes Real-Time Billionaires, a platform tracking daily changes in net worth among high-net-worth individuals globally, revealed that Dangote slid to the second position after experiencing a reduction in wealth from $13.5bn in 2023 to $9.7bn as of January 4, 2024, marking a $3.8bn loss.

[Punch]

The National Association of Nigerian Students President for Benin Republic, Ugochukwu Favour, has called for the arrest of the reporter, Umar Audu, who went undercover to expose corruption in the issuance of certificates in the country.

Speaking in an interview on Thursday on the Channels TV programme Sunrise Daily, Favour slammed the reporter for having his passport stamped and obtaining certificates without being physically present.

“Your passport was stamped while you were not available there. Now, and that aside, this guy served in 2019. And he still served again in 2023,” he said.

Favour claimed the reporter was implicating the government and questioning the credibility of agencies like the Immigration and National Youth Service Corps by going undercover.

“He has to be arrested. This guy needs to be arrested because, I know, he’s a reporter who is trying to clear out some things but on that note, you are trying to implicate some persons now because, in a sense, you’re trying to implicate the government, the NYSC and the immigration,” he said.

When asked by the interviewer if the reporter’s efforts exposed loopholes that should be addressed, the NANS president said, “I’m not doubting that but then since this is out already, I want to urge the government to look into it and take the necessary steps as fast as possible,” he responded.

The Nigeria Police Force has dismissed two of its personnel, Sunday Adetoye and Ogunleye Stephen, over alleged corruption and robbery.

Naija News understands that the two Inspectors who were assigned to Zone 2 Command Headquarters in Onikan, Lagos, were labelled with offences including armed robbery, official corruption, and illegal duty.

The Assistant Inspector-General of Police in charge of Zone 2, Mohammed Ali, made the decision to dismiss them after a thorough Orderly Room trial.

Inspector Adetoye, with Force number 279495, and Inspector Stephen, with Force number 223521, along with two members of a Vigilante Group named Semiu Afisu and Abidoye Femi, as well as a driver named Charles John, allegedly carried out a raid on a residence in the Obada-Oko community in Ogun State.

The said incident occurred at approximately 10 pm on November 23, 2023.

According to reports, they were armed with two Submachine SMG rifles and live ammunition during the raid. Without a warrant, they proceeded to search the apartment belonging to individuals named Taiwo Monsuru and Akintola Sunday.

Shockingly, they made off with five iPhones, one Samsung smartphone, one Tecno smartphone, and two laptop computers.

The Zonal Public Relations Officer, SP Umma Ayuba, elucidated the circumstances surrounding their arrest.

According to her, the police officers stationed at Ifo Division established a roadblock upon receiving information from other residents of the apartment regarding the incident.

Armed with the description of the vehicle involved, the officers successfully apprehended its occupants, with the exception of ASP Ajayi Victor, who was the ringleader of the illicit operation. It is important to note that ASP Ajayi Victor is currently evading arrest and remains at large.

“The AIG has directed that the dismissed officers be charged to court alongside the civilians involved, while he urges all officers and men of the force to remain professional in the discharge of their duties by the law, as anyone found wanting will be accountable for his or her action or inaction,” the police statement reads.

Commercial and merchant banks increasingly depended on liquidity from the Central Bank of Nigeria in 2023 as their borrowing from the apex bank grew by 32.07 per cent to N19.81tn in the year.

From January to December 2023, the banks’ borrowings from the CBN outgrew the N15tn they borrowed in 2022, according to the CBN data accessed by The PUNCH.

Commercial and merchant banks borrow from the apex bank using the Standing Lending Facility window and deposit cash with the apex bank using the Standing Deposit Facility window.

The SLF is a short-term lending window for commercial and merchant banks to access liquidity to run their business operations.

The CBN lends money to banks through the SLF at an interest rate of 100 basis points above the Monetary Policy Rate.

According to a document from the CBN website titled, ‘Standing Facilities and Liquidity Management in Nigeria: Progress so Far and Challenges Under an IT Environment,’ standing facilities (deposit and lending) are instruments of liquidity management and serve as avenues to invest surplus funds overnight and to boost the market whenever it is short of supply.

It notes that ideally, operators in the money market (banks and discount houses) are supposed to trade among themselves. However, the standing facilities ensure interbank rates are not volatile.

The increase in borrowing is happening against the backdrop of the CBN’s tightening monetary policy stance. The CBN data showed that banks borrowed N12.64tn from the CBN between January and August. Between September and December, they borrowed N7.17tn from the apex bank.

Unconfirmed reports said the increase in borrowing might be due to the CBN’s mopping up of excess cash circulation to rein in inflation.

While commenting on inflation recently, the CBN Governor, Olayemi Cardoso, said, “Concerning the real issue of inflation, as we know there are different components of inflation, there is money supply which is very critical and imported inflation and structured issues.

“On money supply, we have taken bold steps to control money supply. We have gone to the extent of increasing open market operations activities both in terms of volume and supply, all to rein in the money supply. The central bank clearly focuses on exactly where it expects the money supply to be, and we will do everything possible to defend that.”

Explaining the reason why banks had been dependent on the apex bank for liquidity recently, a former Director-General of the Lagos Chamber of Commerce and Industry, Dr Muda Yusuf, told The PUNCH, “This is a reflection of liquidity pressure some of the banks are going through.

“The facility is typically short-term. This may not necessarily indicate that the banks are stressed or unstable. Meanwhile, the recapitalisation of banks is long overdue. The minimum capital requirement of N25bn is no longer adequate if discounted for inflation.”

A financial expert at Chapel Hill Denham, Tajudeen Ibrahim, added, “The development points to a lack of liquidity on the part of banks. Monetary policy has been tightening, and this has led to low liquidity. It is cheaper for banks to borrow from CBN. This development is not positive but negative. We cannot continue to tighten because it will reflect economic growth.”