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Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the apex bank is “relatively pleased” with the progress it has made in stabilising the naira.
Cardoso, who spoke in an interview with Bloomberg TV on Tuesday, said he believes the excessive volatility may be a thing of the past.
He also said the financial regulator will continue to work hard, adding that it is a work in progress.
“I do believe that we have more or less seen the worst in terms of volatility,” Cardoso said.
“We are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that can be accomplished using certain tools.”
Cardoso further said reviving confidence in the naira is crucial for Nigeria to lure investors.
“We’re relatively pleased with where we are,” Cardoso added.
He also said the central bank needs to do more, adding that “it’s continuous work in progress”.
“And we will do everything possible to ensure that we continue to manage the macroeconomic fundamentals that affect that,” he said.
Since the beginning of June, the naira has been trading in a narrow range between N1,473 and N1,490 per dollar at the official market.
However, the naira fell to N1,500/$ on Tuesday – from N1,488 traded on June 24.
‘DATA TO DETERMINE CBN’S MPC STANCE ON INFLATION’
The publication said as the annual inflation rate starts to rise at a slower pace, Cardoso refused to be drawn on whether this could signal the end of the tightening cycle that began in May 2022 — as CBN’s monetary policy committee (MPC) prepares to meet in July.
CBN has been increasing interest rates since May 2022, with the monetary policy rate (MPR) — which is the benchmark for banks’ lending rate — reaching 26.25 percent in May this year.
In May, the inflation rate rose to 33.95 percent compared to 33.69 percent in April.
Cardoso said data will determine the stance of the MPC on inflation movement.
“Data will direct whether they see further hikes or not,” he said.
“The MPC has been very clear in stating that they see inflation as a major impediment for the future of Nigeria, and they will do everything possible to ensure that they keep inflation in check and fact bring it down as reasonably as they can and I don’t see that changing.”
He also said the apex bank’s steps and fiscal reforms undertaken by President Bola Tinubu’s administration have assisted the nation in securing much-needed liquidity.
The World Bank earlier this month approved $2.25 billion in funding to support Nigeria’s economic reforms helping boost its foreign exchange reserves.
The governor said CBN would support further measures to build the country’s reserves including a eurobond issue.
“We should have a diversity of sources,” he said.
Cardoso said it should not just be the eurobond market or just be foreign portfolio investors, but it should be a variety of different things.
...as FEC steps down memo
The federal executive council (FEC) has stepped down the memo on the new minimum wage for President Bola Tinubu to engage in consultations with state governors and the private sector.
Mohammed Idris, minister of information, announced the decision on Tuesday while speaking with State House correspondents at the end of the FEC meeting.
Idris said the final decision on the new national minimum wage will not only affect the federal government but also states, LGAs, and the private sector.
The information minister said Tinubu will make an informed decision after a wider consultation, adding that the new minimum wage requires input from all stakeholders.
“I want to inform Nigerians here that the federal executive council deliberated on the report of the tripartite committee on the new national minimum wage,” the minister said.
“The decision is that because the new national minimum wage is not just that of the federal government, it is an issue that involves the federal government, the state governments, local governments, and the organised private sector and of course, including the organised labour.
“That memo was stepped down to enable Mr. President to consult further, especially with the state governors and the organised private sector, before an executive bill is presented to the national assembly.
“So I want to state that on the new national minimum wage, Mr. President is going to consult further so that he can have an informed position because the new national minimum wage, like I said, is not just an issue of the federal government.
“It affects the state governments, local governments, the organised private sector. That is why it is called the national minimum wage. It’s not just an affair of the federal government.
“So, Mr. President has studied the report and he is going to consult wider before a final submission is made to the national assembly.”
BACKGROUND
Over the past few months, the federal and state governments, organised labour, and the private sector have been negotiating on a new minimum wage.
At the last meeting of the tripartite committee on minimum wage, organised labour rejected the N62,000 proposal by the government and insisted on N250,000 as the living wage.
The federal government had asked the labour unions to demand a more realistic and sustainable minimum wage.
On June 7, governors under the aegis of the Nigerian Governors Forum (NGF) said the N60,000 minimum wage for workers is not sustainable.
On June 10, the tripartite committee submitted its report to George Akume, secretary to the government of the federation (SGF).
Wale Edun, minister of finance, says the federal government is not relying on Ways and Means to fund external debt service or other liabilities.
Edun spoke on Tuesday while briefing state house correspondents on his presentation at the federal executive council (FEC) meeting presided over by President Bola Tinubu.
“I can say quite categorically that under President Bola Tinubu, the federal government does not rely on ways and means in order to fund itself,” Edun said.
“At no time have we gone to Mr. President and requested permission to seek funding from Central Bank to pay anybody, be it external debt service, be it share capital cash calls, or any other of the liabilities that the government has.
“As we have all agencies, we are focused on ensuring that the revenue that is due to the federal government is collected robustly, using technology to avoid the blockages, which manual processing can cause and it has led to a very robust revenue effort and likewise, we are implementing expenditure controls, also very ably empowered by technology.
“So within that context, what we have is that we had legacy, Mr. President inherited a legacy of N22.7 trillion in outstanding ways and means, which have been securitised on the eve of the entry of President Tinubu’s administration.”
The minister acknowledged the inherited legacy of N22.7 trillion in outstanding Ways and Means which were securitised just before Tinubu’s administration began.
‘TOTAL DEBT STOCK IN DOLLAR TERMS FELL BY 15 PERCENT’
Edun said Nigeria’s total debt stock in dollar terms decreased by 15 percent, describing this as a very positive development that would be favourably received by rating agencies, creditors, and investors.
He, however, said that due to exchange rate movements, the total debt stock in naira terms increased by 25 percent, despite an N8 trillion increase in actual debt issuance.
“When we interrogate the figures over the first quarter of this year, starting end of December and end of March, if we want to be positive, all we will say is that the glass is half full, we are halfway there. If not, we can be negative and try and say the glass is half empty,” the minister said.
“Why do I say this? The debt stock, the total debt stock of Nigeria in US dollar terms fell by 15 percent. That is very positive, any rating agency, any creditor, any investor looking at that will see it as a positive move.
“We are a country that has petro-dollars. We have ability to earn in dollars. So it’s highly relevant, that we look at what is our exposure in dollar terms.
“On the other hand, given the exchange rate movements, even though there was like an 8 trillion increase in actual debt issuance, the total debt stock, when you count the total external debt and domestic debt in naira terms, it has increased by 25 percent.
“That is mainly due to the foreign exchange movement, which can change tomorrow, as we know.”
The minister said a forensic audit is being conducted to scrutinise this figure as it represents a liability on which interest must be paid.
Edun said the government collects operating surpluses from revenue-generating agencies in accordance with legal guidelines, and the amount owed to the government surpasses the N3.4 trillion in Ways and Means.
“Naturally, we are auditing, we are doing a forensic audit and interrogating that figure, because it’s a liability which we have to pay interest on, so any deficits that you might see, to the ways and means, to the consolidated revenue account, maybe automatic debits on a figure that is still being interrogated, but as a matter of fact, the current Ways and Means deficit is N3.4 trillion,” he said.
“As I said, we collect the operating surpluses of revenue-generating agencies by law under the Fiscal Responsibility Act and other legal guidelines and when we look at how much is outstanding, and how much is owed, we are actually we are actually positive.”
Edun said the salaries, external debt servicing, and other obligations are not paid through Ways and Means, adding that Nigeria’s finances have been revamped.
The federal executive council (FEC) has approved N1.99 billion for the purchase of 33 vehicles powered by compressed natural gas (CNG) to boost the operations of the National Drug Law Enforcement Agency (NDLEA).
The council gave the approval on Tuesday at its meeting presided over by President Bola Tinubu in Abuja.
Speaking with State House correspondents after the meeting, Lateef Fagbemi, the attorney-general of the federation (AGF) and minister of justice, said the council also approved the procurement of firearms and ammunition worth $1.442 billion to strengthen the NDLEA’s fight against drug trafficking.
Fagbemi said the FEC approved N985 million to purchase body scanners at all the country’s international airports.
“We submitted three items to the council on NDLEA,” he said.
“FEC approved the procurement of 33 Mikano motor vehicles CNG to boost the operation of NDLEA.
“Approval for NDLEA for procurement of firearms, ammunition, and counter-narcotics for the sum of $1.442 billion
“The procurement of two units of body scanners for use both at Abuja and International Airports at N985 million.”
Members of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), on Tuesday, convened an emergency meeting following the decision of the Federal Executive Council to step down the memo on the minimum wage.
A top official at the NLC headquarters who spoke with Daily Trust revealed that the meeting will be held at Labour House at 10:00am on Wednesday.
The official said it is meant for discussion on the decision of FEC to step down the memo on minimum wage.
Naija News had earlier reported that the Minister of Information and National Orientation, Mohammed Idris, said all 39 items on the agenda of the meeting were all taken except the memo on the minimum wage.
Idris had disclosed that there was a report by the Tripartite committee which comprises of local government, States , NLC/TUC and the federal government, adding that the committee submitted its report, and there was a memo to that effect.
The minister, however, said Council could not take a decision on it because it involves Local Government, states, FG, Organized Private Sector and Labour unions.
He, therefore, said the memo on the new minimum wage was stepped down so that the President, Bola Tinubu could consult widely before a final submission is made to the National Assembly.
Meanwhile, NLC official, said the leadership of the organised labour would meet and take a unanimous position before the President takes consultation to them.
He said, “Even though we had a position already, we will meet tomorrow morning, (Wednesday) to fine-tune our position before we’re consulted. It is important for us.”
Governors of the Thirty-six states, on Tuesday, fixed an emergency meeting for Wednesday (today) to resolve issues regarding the proposed new minimum wage.
Naija News recalled that governors rejected the ₦62,000 proposed by the federal government, claiming that some states would have to borrow to pay salaries if the amount is implemented.
The organised labour consisting of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), however, insisted on ₦250,000 wage.
The decision of the governors to hold an emergency meeting on Wednesday followed the stepping down of the memo on minimum wage by the Federal Executive Council (FEC) on Tuesday.
The Minister of Information and National Orientation, Mohammed Idris, had told newsmen after the FEC that the Council could not take a decision on the issue of minimum wage because it involves local government, states, federal government and organised private sector.
But the Acting Director on Media and Public Affair of the Nigeria Governors’ Forum (NGF), Halima Ahmed, told Daily Trust that governors would meet on Wednesday by 7pm in Abuja over the matter.
Naija News understands that the organised labour are scheduled to meet today also over the outcome of the FEC meeting and take a stand on their next decision.
The Federal High Court in Lagos has delivered a significant judgment, ordering the final forfeiture of $1,426,175.14 linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
The court’s decision comes after the Economic and Financial Crimes Commission (EFCC) filed an application pursuant to section 17 of the Advance Fee Fraud and other Fraud-related Offences Act and section 44 (2)(B) of the 1999 Constitution.
The EFCC had traced the funds to be proceeds of unlawful activities, and the court was satisfied with the evidence presented.
The funds were warehoused in an account domiciled in Titan Trust Bank, and the signatories to the account are at large.
The court had earlier granted an interim forfeiture order on May 29, 2024, which was published in a national daily.
In the affidavit deposed to by David Jayeoba, an Investigating Officer with the EFCC, it was stated that the Commission received a credible and direct intelligence which led to the tracing of funds reasonably suspected to be proceeds of unlawful activities warehoused in the Donatone Limited (DL) Titan Trust Bank account.
The funds were reasonably suspected to be part of proceeds of unlawful activities carried out by the erstwhile Central Bank of Nigeria Governor, Godwin Emefiele, and his cronies.
The investigation revealed that Uzeobo Anthony and Adebanjo Olurotimi, directors of Donatus Limited, were procured by Godwin Emefiele to conceal, retain, and disguise funds reasonably suspected to be proceeds of unlawful activities.
Between 2021 and 2022, when accessibility to Forex in Nigeria was difficult, several international entities operating in Nigeria had to resort to different means to source Forex.
Uzeobo Anthony and Adebanjo Olurotimi used to collect bribes and gratification on behalf of Godwin Emefiele to get approval for accessing Forex.
One of the entities paid a total sum of Twenty-Six Million Five Hundred and Fifty-Five Thousand Million Dollars ($26,552,000.00) into the account of Donatus Limited domiciled in Titan Trust account number 2000000500.
The credits came into the account on various dates, and the investigation traced the funds to have been fixed into interest-yielding accounts, dissipated, and laundered through a foreign account in Mauritius, and transported back to Nigeria under disguise.
The balance standing in the said account as of today is the sum of One Million Four Hundred and Twenty-Six Thousand One Hundred and Seventy-Five US dollars (US$1,426,175.14), which the EFCC seeks to forfeit to the Federal Government of Nigeria.
The signatories to the account warehousing the sum of ($1,426,175.14) sought to be forfeited are at large and making frantic efforts to dissipate the funds electronically.
The court, after listening to the submission of the EFCC lawyer, held that “having been satisfied with the applicant’s application and submission of Counsel, I hereby grant the prayer finally forfeiting the said funds in question.”
The Economic and Financial Crimes Commission (EFCC) has said it did not force the former Accountant General of the Federation (AGF), Ahmed Idris, into confessing his alleged involvement in N109bn fraud.
An operative of the EFCC, Abdulhamid I. Muri, whose duties involve intelligence gathering, conducting surveillance, undercover operations and interacting with informants, told the Federal Capital Territory (FCT) High Court, Abuja on Tuesday during the continuation of the hearing in the 14-count charges bordering on money laundering brought against him by the EFCC.
EFCC arraigned Idris alongside Godfrey O. Akindele, Mohammed K. Usman, and Gezawa Commodity Market and Exchange Limited before the FCT High Court on 22nd July 2022.
However, during the sitting on Tuesday, Muri, who was also the third Prosecution Witness (PW3), in the ongoing trial-within-trial of the former AGF, told Justice Halilu Yusuf of the FCT, High Court that EFCC did not promise Idris that he was not going to face prosecution for his N109bn alleged loot.
While narrating how the defendant made his statement voluntarily, pointed out that the Commission did not make such promises to the defendant.
Muri said he first met the defendant through the former EFCC Kano Zonal Commander, Faruk Dogon Daji, who introduced him to the defendant and informed him that the defendant came to submit some documents linked to the investigation.
He said: “On the 10th June, 2022, the first defendant went to our office and met the then zonal commander, Mr Faruk Dogon Daji, an Assistant Commander of EFCC, ACEI, in his office and based on this, the Zonal Commander sent for me and told me that the first defendant came to submit some documents that are linked to the investigation that was on-going concerning him and that I should take him to my office to write a about the documents.
“The first defendant in the company of one Lawal Badamasi followed me to my office and the office is an open office where everybody can come in and go out and there in the office, there is one Mubarak, a staff of the Commission and Yusuf Baba Yusuf.
“I administered a cautionary word, I told him his rights, I wrote out the cautionary word and he said he understood and thereafter he volunteered his statement mentioning the documents one after the other and signed the documents with the date of that day.”
When confronted by the prosecution counsel, A.O. Atolagbe, with the allegation of the EFCC promising the defendant that the Commission will not prosecute him, Muri, said the Commission did not make such a promise to the defendant.
He said: “The first defendant is alleging that this statement of June 10, 2022, is a product of promise, that he will not be prosecuted, what is your take,” Atolagbe asked.
“It is not true my Lord; I am not the investigation officer, I am just directed to take his statement.”
According to Muri, the former AGF was not detained in the facility of the Kano Zonal Command of the Commission.
The judge then discharged the witness after the cross-examination and adjourned the matter till 29th October 2024, for defence of trial-within-trial after the counsel to the first defendant cross-examined the PW3.
Five people were shot dead and dozens wounded in Kenya on Tuesday in mounting anti-tax hike protests, NGOs said, after police clashed with demonstrators who stormed the parliament compound in Nairobi.
The military has been deployed to support police, who earlier fired tear gas, water cannon, rubber bullets and — according to a rights group — live ammunition against protesters, as tensions sharply escalated in protests that have caught the government off guard.
“Despite the assurance by the government that the right to assembly would be protected and facilitated, today’s protests have spiraled into violence,” several NGOs, including Amnesty Kenya, said a joint statement that reported the dead and wounded.
The White House appealed for calm and more than 10 Western nations — including Canada, Germany and Britain — said they were “especially shocked by the scenes witnessed outside the Kenyan Parliament”.
Mainly youth-led rallies have galvanised outrage over proposed tax hikes and simmering anger over a cost-of-living crisis to fuel rapidly growing demonstrations.
“This is the voice of the young people of Kenya,” said Elizabeth Nyaberi, 26, a lawyer at a protest. “They are tear gassing us, but we don’t care.”
“We are here to speak for our generations and the generations to come,” she added.
The protests had been largely peaceful but chaos erupted in the capital Tuesday, with crowds throwing stones at police, pushing past barricades and ultimately entering the grounds of Kenya’s parliament.
Amid the clashes, global web monitor NetBlocks reported that a “major disruption” had hit the country’s internet service.
– ‘Unleashed brute force’ –
In the aftermath of the parliament compound breach, local TV showed images of ransacked rooms with smashed windows, while cars parked outside were vandalised and flags destroyed, according to an AFP reporter.
The governor’s office in Nairobi City Hall — just a few hundred metres from parliament — was set alight, footage on privately owned Citizen TV showed, with a water cannon attempting to douse the fire.
After reports that live ammunition was fired at protesters, Kenya’s main opposition coalition, Azimio, said the government had “unleashed brute force on our country’s children”.
“Kenya cannot afford to kill its children just because the children are asking for food, jobs and a listening ear,” it said in a statement.
The military’s deployment was “in response to the security emergency” across Kenya, Defence Minister Aden Bare Duale said in a statement.
Earlier in the day, despite the heavy police presence, thousands of protesters had marched peacefully through Nairobi’s business district, pushing back against barricades as they headed towards parliament.
As protesters gained ground in their push towards parliament, many were livestreaming the action as they sang and beat drums.
Crowds also marched in the port city of Mombasa, the opposition bastion of Kisumu, and Kenyan President William Ruto’s stronghold of Eldoret, images on Kenyan TV channels showed.
The Independent Policing Oversight Authority watchdog and rights groups said two people had died following last week’s rallies in Nairobi.
Several organisations, including Amnesty International Kenya, said at least 200 people were wounded in last week’s protests in Nairobi.
Amnesty’s Kenya chapter posted on X Tuesday that “the pattern of policing protests is deteriorating fast”, urging the government to respect demonstrators’ right to assembly.
Rights watchdogs have also accused the authorities of abducting protesters.
The Kenya Human Rights Commission said the abductions had mostly occurred at night and were “conducted by police officers in civilian clothes and unmarked cars”, calling for the “unconditional release of all abductees”.
Police have not responded to AFP requests for comment on the allegations.
– Fuel price hikes –
The cash-strapped government agreed last week to roll back several tax increases.
But it still intends to raise other taxes, saying they are necessary for filling the state coffers and cutting reliance on external borrowing.
Kenya has a huge debt mountain whose servicing costs have ballooned because of a fall in the value of the local currency over the last two years, making interest payments on foreign-currency loans more expensive.
The tax hikes will pile further pressure on Kenyans, with well-paid jobs remaining out of reach for many young people.
After the government agreed to scrap levies on bread purchases, car ownership and financial and mobile services, the treasury warned of a budget shortfall of 200 billion shillings ($1.56 billion).
The government now intends to target an increase in fuel prices and export taxes to fill the void left by the changes, a move critics say will make life more expensive in a country already saddled with high inflation.
Kenya has one of the most dynamic economies in East Africa but a third of its 52 million people live in poverty.
AFP
Essien Andrew, a deputy comptroller in charge of Finance, Administration, and Technical Service the Nigerian Customs Service (NCS) collapsed and died in the National Assembly on Tuesday during appearance before a committee of House of Representatives Committee on Public Accounts.
Andrew, according to eyewitnesses coughed and requested water, but collapsed before his request could be met. He was rushed to the National Assembly Clinic where he was confirmed dead.
Akin Rotimi, the spokesperson of the House confirmed the demise of the top Customs officers during his appearance before the House Committee.
According to him, Andrew during the engagement which occurred around 1.00pm on Tuesday, June 25, 2024, developed sudden health complications.
“Despite the immediate and diligent efforts of first responders and medical personnel at the National Assembly Clinic, he unfortunately passed away,” Rotimi said.
He added that the House of Representatives will support efforts to probe the circumstances surrounding the sudden demise of the customs officer.
Rotimi also extended the condolences of the leadership and members of the House of Representatives to the Nigerian Customs Services as well as the family of the deceased officer.
“The House of Representatives extends its heartfelt condolences to the family, friends, and colleagues of the deceased during this difficult time. We recognize the significant contributions he made to the Nigeria Customs Service and to our nation.
“The House of Representatives stands ready to support efforts to understand the circumstances surrounding the incident and is cooperating fully with all relevant authorities to ensure all necessary protocols are followed.
“The Speaker of the House, Rt. Hon. Abbas Tajudeen, PhD., expressed his condolences, stating, “We are deeply saddened by the sudden loss of a dedicated public servant. Our hearts go out to his family during this difficult time.”
“Further information will be provided as it becomes available. We ask for patience and respect for the privacy of the family during this period of mourning@, Rotimi said.
[NationalDaily]
More...
…ask IGP to take over probe, prosecute offenders
….as Nigeria’s Army seeks recovery of sold helicopters now in US
The House of Representatives on Tuesday ordered the immediate arrest of an alleged unlicensed auctioneer and NCAT’s Director of Quality Control by the Police in the National Assembly for allegedly providing false information on oath, and the sale of 2 helicopters for 1.2 million dollars.
This is also as the Committee on Public Assets called on the Inspector General of Police, Kayode Egbetokun, to take over the investigation of the alleged indiscriminate sale of two helicopters by the Nigeria College of Aviation Technology, NCAT.
The resolution of the Committee on Public Assets came after about five hours of interaction with the management of the College and other relevant bodies.
Recall that in December 2023, the House launched an investigation into the state of public assets in the country.
The committee’s mandate is to recover assets valued at trillions of naira and moribund public assets within and outside Nigeria and to unravel the reasons behind the hurried sale of two helicopters without the approval of the Federal Executive Council days before the end of the Buhari administration in 2023
Present at the Commitee were the management team of NCAT, representatives of the Nigerian Army and others crucial to.
The chairman of the Committee, Ademorin Kuye expressed worries that the two choppers bought at $2.4 billion were sold at $1.2 billion without due process.
“We requested documents of any kind of joint venture, there is no response to that whether you have one or you do not.
“We requested for a list of assets including a comprehensive description and specifications of all your list assets, rented apartments including acquisition dates and methods and the current status and conditions of such Assets. We can not say specifically that you have satisfied all of these requests. Though you tried to answer some of them, your response is not adequate” Hon Kuye said.
The lawmakers also queried the use of an unlicensed auctioneer who failed to provide needed response to enquiries
In his reaction, Musa Alkali, Coordinator of Nigerian Army Aviation said that the request by the Army to make use of the helicopters in the fight against terrorism was turned down, he however demanded that the two helicopters should be recovered.
A member of the committee, Midala Balami, said that the documents presented to the committee were false documents.
[Vanguard]
A Federal Capital Territory (FCT) High Court in Abuja on Tuesday adjourned until Oct. 21 for the continuation of the trial of the suspended governor of Central Bank of Nigeria (CBN) Godwin Emefiele over alleged procurement fraud.
Emefiele is charged with an alleged 20-count amended charge, preferred against him by the Economic and Financial Crimes Commission (EFCC).
He was alleged to have engaged in criminal breach of trust, forgery, conspiracy to obtain by false pretence and obtaining money by false pretence when he served as the apex bank’s boss.
Specifically, the EFCC alleged that the former CBN boss forged a document titled: Re: Presidential Directive on Foreign Election Observer Missions dated January 26, 2023, with Ref No. SGF.43/L.01/201 and purported same to have emanated from the office of the Secretary to the Government of the Federation (AGF).
Besides he is also accused of using his office as CBN governor to confer unfair and corrupt advantage on two companies; April 1616 Nigeria Ltd and Architekon Nigeria Ltd.
Emefiele in the amended charge was alleged to have, on Feb. 8, 2023, knowingly obtained, by false pretence, 6.2 million dollars by falsely representing the Secretary to the Government of the Federation vide a letter dated Jan. 26, 2023, with Ref No. SGF 43/L.01/201 requested the CBN to provide a contingent logistic advance for $6,230,000 “in line with Presidential directive.”
Justice Hamza Muazu adjourned until Oct. 21 after hearing the testimony of the 9th prosecution witness (PW9).
He further adjourned until July 8 for a hearing of Emefiele ‘s application seeking for the release of his passport to enable him attend to medical appointments.
Earlier, the EFCC counsel, Rotimi Oyedepo, brought two witnesses PW8 and PW9.
Umar Tilde the 8th prosecution witness (PW8) works with Zenith Bank as Compliance Office.
He told the court that EFCC, requested account opening documents, a statement of account, and a certificate of identification for the account of Emefiele
” We responded by submitting the requested documents to the EFCC.
The documents from Zenith Bank, account statement of the defendant and the certificate of identification were all admitted in evidence and marked as: Exhibits ED1, ED2 & ED3.
On whether Emefiele had only one account with the bank, he said the letter from the EFCC had different account numbers.
” We responded based on the account numbers supplied,” he said.
The prosecution 9th witness is
Mrs Abibia Ockiya-Ogeleye, a lawyer Principal Partner, A & A Legal Consociate.
She handled the incorporation matters at the CAC for Architkun Nigeria Ltd.
According to the witness, before 2021, the company had two directors.
” I added one person, which is Madam Esther Oyeladun.
” There are three Directors- Omoile Makonbo, Omoile Margaret and Esther Oyeladun.”
The witness added that all she did was given to her by Esther Oyeladun.
After her testimony, Matthew Burkaa, SAN, Emefiele’s counsel told the court that, his client applied for the release of his passport to travel for a medical appointment.
The Debt Management Office says the rise in Nigeria’s public debt stock from N97.34tn in December 2023 to N121.67tn in March is partly due to exchange rate fluctuations.
The Director-General of DMO, Patience Oniha, said this in an interview with the News Agency of Nigeria on Tuesday in Abuja.
She was clarifying misconceptions about the recently released update of the country’s total debt profile.
She said that the securitisation of N4.90tn as part of the securitisation of the N7.3trn Ways and Means Advances approved by the National Assembly was also responsible for the N24.33tn increase in the debt stock.
According to her, there is also the interest rate, as well as new borrowing of N2.81trn as part of the N6.06tn provided in the 2024 budget.
She, however, emphasised that the debt stock included the domestic and external debt stock of the 36 states and the Federal Capital Territory (FCT).
“The total public debt as of March 31, showed that the total public debt in Naira terms stood at N121.67trn compared to N97.34trn as of December 31, 2023.
“While detailed information was provided on the data, such as the split between external and domestic debt as well as the fact that the debt stock includes the domestic and external debt stock of the 36 states and the FCT, it has become imperative to provide some explanations.
“It is important to recognise the fact that Nigeria has undergone some major reforms that have impacted economic indices such as the dollar/Naira exchange rate and interest rates.
“These two, in particular, affect the debt stock and debt service,” she said.
Oniha said that the increase in Naira in terms of N24.33tn between the fourth quarter of 2023 and the first quarter of 2024, did not strictly represent new borrowing.
She said that the total external debt stock was relatively flat at 42.50 billion dollars and 42.12 billion dollars in the fourth quarter of 2023, and the first quarter of 2024, respectively.
“The Naira values were significantly different at N38.22tn and N56.02tn, respectively, representing a difference of N17.8tn.
“This explains the perceived sharp increase of N24.33tn in the total debt stock in the first quarter of 2024.
“The difference in the exchange rate for the two periods also explains why, in dollar terms, the total debt stock actually declined in the first quarter of 2024 to $91.46bn,” Oniha said.
She said that the debt report was somewhat an improvement from the past, before President Bola Tinubu’s government.
According to her, if you discount FX impact, the debt is moderate and within the normal limit.
She urged the Federal Government to prioritise fiscal retrenchment while assuring that the various measures to attract foreign exchange inflows would increase external reserves and support the Naira exchange rate.
LASG Announces Traffic Diversion for First Phase of The Rehabilitation of Adeniji Falomo Bourdillion Stretch
Admin
The Lagos State Government has announced that traffic will be diverted from Alfred Rewane and Osborne through Osborne Foreshore Estate axis to enable the Federal Ministry of Works carry out the first phase of the rehabilitation of the Asphaltic Sections from Osborne Foreshore Estate to Sura Bridge Ramp from Wednesday, 26th June to 27th July, 2024 for a duration of 4 weeks.
To this end, a lane of the road to be rehabilitated will be closed to vehicular movement.
Consequently, Motorists are advised to use the following alternative routes;
Scene1:
Motorists from Alexander/Glover are advised to use Oba Adeyinka Oyekan Avenue inwards Ikoyi to connect Obalende/Ring Road and access 3rd Mainland Bridge to proceed with their journeys
Scene 2:
Motorists from Victoria Island are advised to go through Falomo Roundabout to link Awolowo Road and access 3rd Mainland Bridge to reach their desired destinations.
Alternately, Motorists from Victoria Island can also utilize Ozumba Mbadiwe Avenue to link Mekunwen Bridge and proceed to CMS/Apongbon Bridge inwards Eko Bridge to access Funsho Williams Avenue to reach their desired destinations.
For this period, Motorists on the other side from Sura Bridge will have a through traffic inbound Osborne Foreshore Estate.
The Commissioner for Transportation, Mr. Oluwaseun Osiyemi has assured that Traffic Management Personnel will be on ground to minimize inconveniences and ensure steady flow of traffic.
He urge Motorists to be patient and comply with the Officers and the aforementioned interventions put in place.
ADVISORY: Motorists are implored to be patient as the partial closure is part of the traffic management plans for the rehabilitation works on the asphalt pavement of the road sections by the Federal Ministry of Works (Office of the Federal Controller, Lagos).
E Signed;
Mr. Oluwaseun Osiyemi,
Lagos State Commissioner for Transportation,
24th June, 2024.