The Central Bank of Nigeria (CBN) has further moved to curb inflation and stabilise the exchange rate, thereby fostering a more balanced economic environment, through the completion of another round of Treasury Bills (T-Bills) auction, offloading about N1.3 trillion at a striking 21.490 per cent.

The auction, which took place on March 6, 2024, saw the bills being offered across three different tenors.

According to the Summary of Auction Result, the highest interest, or stop rate, was recorded for the 364-day tenor at a striking 21.490 per cent.

This maturity date is slated for March 6, 2025, and it had an offer of over N312 billion, with subscriptions skyrocketing to nearly N1.54 trillion.

The CBN has successfully allotted the same amount as the initial offer, showing a robust appetite from investors, which has continued to soar in recent times.

In comparison, the shorter tenor T-Bills drew a more modest interest rate, with the 91-day bills closing at a stop rate of 17.240% and the 182-day bills at 18.000%.

The 91-day bills, maturing on June 6, 2024, saw an offer of N14.4 billion and received an oversubscribed interest of over N66 billion.

All the offered amount was allotted to bidders. Similarly, the 182-day bills had an offer of N10.5 billion and were subscribed to over N51 billion. The maturity date for these bills is set for September 5, 2024.

The range of bids for the different tenors varied, with the 91-day bills having a bid range of 15.9000% – 22.0000%, the 182-day bills slightly narrower at 14.0000% – 22.0000%, and the 364-day bills having bids placed between 17.0000% and 27.0000%.

These results highlight the CBN’s continuous efforts to regulate liquidity and control inflation by issuing treasury bills. The high stop rate of 21.490% on the 364-day tenor indicates an aggressive stance by the CBN in curbing excess liquidity, which could be seen as a move to attract more investors to government securities.

The decision to significantly raise the volume of treasury bills auctioned, especially for the 364-day tenure, underscores the CBN’s commitment to addressing the liquidity surplus in the economy.

 

A forensic analyst has told a federal capital territory (FCT) high court in Maitama that the documents used to request the payment of $6.2 million for foreign election observers were forged.


Bamaiyi Meriga, the forensic analyst, said this on Thursday while giving evidence as a witness in the trial of Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN).

Emefiele is standing trial on a 20-count amended criminal charge preferred against him by the Economic and Financial Crimes Commission (EFCC).


The amended charges border on alleged breach of trust, forgery, conspiracy to commit forgery, procurement fraud and conspiracy to commit a felony

The supply of US dollars at the foreign exchange market plunged by 42 per cent to 168.98 on Wednesday, days after Binance announced the existence of the Nigerian exchange market.

FMDQ data showed that the turnover of USD plunged on Wednesday to $168.98 at the close of work from $291.74 on Tuesday.

The figure represents a $122.76 reduction in USD supply compared to $291.74 on Tuesday.


The development had led to a consecutive drop in Naira at the official forex market to 1,605.74 per USD on Wednesday and N1,602.43 the previous day.

Recall that on Monday, Binance informed users that any remaining NGN balances would be automatically converted to Tether, USDT stablecoin after March 8 amid a regulatory clampdown by the Nigerian Government.

The Nigerian Government had blamed Binance for the continued forex crisis in the country.

However, despite the regulatory move against Binance and other cryptocurrency platforms, Africa’s populous country’s FX crisis has yet to be resolved.

An FCT High Court sitting in Kubwa has struck out the N1 billion suit brought against a former Minister of Justice and Attorney-General of the Federation, Abubakar Malami, while he was in office.

Also sued was a civil servant, Ms Asabe Waziri and two others – the office of the former minister and the Federal Ministry of Justice.

The suit was brought against the former minister in his personal capacity along with Waziri and the two others by an Abuja-based property developer, Mr Cecil Osakwe.


But Justice Oluyemisi Adelaja, on Thursday, struck out the matter, citing lack of diligent prosecution by Osakwe.

“The claimant is the one who filed the action and is required to be seen diligently prosecuting same but they are not in court and there is no reason for their absence before the court.

“They have, therefore, been absent without reason and consequent upon Order 32 Rule 4, this case is ordered struck out for want of diligent prosecution,’’ Adelaja ordered.

It would be recalled that in June 2022, the Federal Government had filed a two-count charge with suit number FCT/HC/CR/244/2022, against Osakwe for advance fee fraud to the tune of N130 million.

The suit also alleged criminal intimidation of Waziri, a staff of the Nigerian National Petroleum Corporation, saying that Osakwe had threatened Waziri with injury to her person and reputation with intent to cause her harm and even death.

Waziri was said to have purchased a two-bed property from Osakwe to the tune of N130 million at Maitama, an up-market district of the FCT.

Following the two-count charge against Osakwe, he proceeded to file a lawsuit against the erstwhile attorney-general of the federation and minister of justice.

Others joined in the suit included the Federal Ministry of Justice and Waziri.

Through his Counsel, Mr Victor Giwa, Osakwe sought reliefs, including an order directing Malami to pay the sum of N1 billion to him as punitive damage.

The developer also sought an order directing the defendants to pay jointly and severally, the sum of N100 million to him as general damages.

The spokesman of Atiku Abubakar, the 2023 Peoples Democratic Party, PDP, presidential candidate, Paul Ibe, has disclosed that President Bola Tinubu once encouraged former President Muhammadu Buhari to print naira in 2020.

Ibe made the disclosure while criticizing the Minister of Finance, Wale Edun, over his comment on the printing of N22.7 trillion under Buhari’s administration.

Edun had said the printing of N22.7 trillion by the Central Bank of Nigeria in the name of a Ways and Means loan under Buhari’s government and ex-CBN governor Godwin Emefiele was responsible for the current rising inflation and economic hardship in Nigeria.


Speaking during an interface with the Senate Committee on Finance, the minister said the Ways and Means of loans of N22.7 trillion under the past administration was done aimlessly.

He further stated that the alleged reckless spending of the overdraft collected from the CBN under Emefiele largely accounted for the country’s food and security crises.

He vowed that Tinubu’s government would audit the CBN printing in the last eight years.

Reacting, Ibe faulted the minister’s remark stressing that Tinubu encouraged Buhari to toll such an irresponsible path in 2020.

Posting on Facebook, Ibe wrote: “Why is Wale Edun, who is more like oku eko (frozen fish) in this administration, bleating like a goat over the issue of Buhari’s printing of Naira? It was Bola Tinubu, as National Leader of the All Progressives Congress, who in 2020, encouraged Buhari on this irresponsible path of printing currency not matched with productivity.”

 

Reveals Herbert Wigwe’s Unwavering Support During His Dethronement

 

The Night of Tributes for the late Group Managing Director/CEO of Access Bank Plc, Herbert Wigwe, continued in Lagos yesterday, with the leader of the Tijjaniyya movement and 14th Emir of Kano, Mohammed Sanusi, captains of industry and political bigwigs paying tributes to the deceased.

Emir Sanusi broke down thrice while paying tribute to Herbert Wigwe. Each time he broke down, Abia State Governor Alex Otti, Aig-Imoukhuede and an aide comforted him. The aide had to spread his babanriga to shield his teary face from the audience. Recall that Herbert Wigwe died in a helicopter crash, along with his wife, Doreen, son, Chizzy and former Managing Director of Nigerian Exchange Group, Abimbola Ogunbanjo, in the US.


Aside from Emir Sanusi, other personalities, including Vice President Kashim Shettima, also paid tributes to the deceased. Also in attendance were Alhaji Aliko Dangote, President Dangote Group, Aigboje Aig- Imoukhuede, Chairman Coronation Group, Henry Imasekha, Chairman/CEO – Berkeley Group Plc, among other dignitaries. Speaking on the occasion, teary Sanusi said that due to Herbert’s kind gestures towards him and his family, some people believed he owned Access Bank, while Aig- Imoukhuede, and Herbert were fronting for him.

He said: “It was on a Saturday, I had no idea about what happened. I came to the airport waiting for a plane and I got a call from Bola Adeshola, and we were chatting. After two sentences, he said, Lamido you haven’t heard? “About two years ago, I put all my savings into a Trust for the education of my children, I have many and my priority as a father is to make sure that when I pass away, they will have good education. I told Herbert ‘I am placing you in charge of this Trust for the education of my children because I know that even if I die and did not leave any money, you will educate my children. “I thought I would die before Herbert.”

After that, he burst into tears. “When I had problems in Kano, I called him about six months before I was to leave Kano, and I said to him, ‘Herbert I know you will give all your best to solve all these problems, but I am convinced that this is what is going to happen.’ And he said to me ‘your highness, don’t worry, whatever happens, don’t worry we are here for you.’

“On the day I heard on the radio that I was dethroned, the night before it happened, I called and said I want to come to Lagos. The announcement was made at about 9am, by noon, Herbert had a plane at the tarmac in Kano. I put my family on that plane, no message, no phne call, I put them on that plane. Herbert received them, put them in a hotel, and later got them accommodation for months.

When I came we stayed there. “Some people believe I own access bank and Aig and Herbert are fronting for me. They gave me the cars and the drivers, they gave me security and a private jet and they ask for nothing and they don’t talk about it. I have lived in Lagos for four years, the house my family lives in was provided by Herbert.

“When I heard of his death, I said ‘in the coming weeks and months, people will get to know Herbert the human being’. They know him as a banker, as a business man, they don’t know him as a human being. He was always about others, not about himself. You can’t imagne how one human being could have been so many things to so many people.

“On the day before this happened, I was on a chat group when somebopdy made a few remarks about Herbert that I found offensive and I defended Herbert. I made my point very clear that this was totally unacceptable.


“A few days after Herbert died; a friend called me and sent me a message. He has sent a message to Herbert at about 3:20 am that morning (day of the crash), telling him how I had stood up and defended him and forwarded my entire message to him. ‘’Herbert replied at 3:28 am with one word ‘unbelievable’. He sent another message at 3:50 which was not delivered. From the presentation from the air traffic controllers, the crash happened at 3:30. So possibly, the last thing Herbert read was my message talking about him.

Media

Last modified on Thursday, 07 March 2024 09:23

Bauchi State House of Assembly (PHOTO CREDIT: BAHA's Facebook page, https://web.facebook.com/photo.php?fbid=258641269779852&set=pb.100069019426092.-2207520000&type=3)

 

The Speaker, Bauchi State House of Assembly, Babayo Akuyam, and his deputy, Ahmed Abdullahi, have resigned from their positions.

Mr Akuyam (PDP – Hardawa State Constituency), and Mr Abdullahi (PDP – Dass State Constituency) announced their resignation at the plenary on Wednesday.

The resignation is to pave the way for the return of the former Speaker, Abubakar Suleiman, and his deputy, Jamilu Dahiru, to their positions.

The News Agency of Nigeria (NAN) reports that the Court of Appeal, Abuja, in November 2023 sacked Mr Sulaiman (PDP- Ningi Central State Constituency), and Mr Dahiru (PDP – Bauchi Central State Constituency).

The court also ordered for re-run in the 11 March 2023 general election in the constituencies.

However, the Independent National Electoral Commission (INEC), declared Messrs Suleiman and Dahiru winners of the 3 Feb and 4 re-run elections in the constituencies, respectively.

The outgoing speaker, Mr Akuyam said the action was part of the agreement reached by the lawmakers to step down to enable the duo to return to their positions.

He thanked the lawmakers and legislative staff for their support and cooperation during their stewardship of the House.

Also speaking, Mr Suleiman hailed the outgoing speaker and his deputy for keeping to their words.

He also pledged to provide effective legislation for the betterment of the lives of the people.

Sola Faleye, Personal Assistant to the late Herbert Wigwe, former Group Managing Director and CEO of Access Holdings Plc, has narrated his last encounter with the deceased.

Wigwe, Chizoba, his wife, Chizzi, his first son, Abimbola Ogunbajo, former Chairman of Nigerian Exchange Group, all died in the ill-fated crash alongside two pilots.

Speaking at Eko Hotel, Lagos, where a night of tribute was held for Wigwe, Faleye narrated how he missed the flight.

“It was a sweet journey. 11 Hours we flew from London. I remember in the middle of the air. I walked up to him. I said, “Sir, how comfortable are you at night flying choppers? I’ve never done it before. And he said, ‘This is America, they have a navigation system for flying choppers at night’; and I went back to my seat. And we landed. Everybody was filled with joy that we were finally almost there.

“We sat, waiting to be cleared by immigration, So coming out, we had two vans waiting, One was taking us to go aboard the chopper. The other took our luggage because they cannot go on the chopper. Throughout my years of working with him, I’ve always told myself that flying that way is not a luxury for me. I am on duty. And as they were loading the luggages. And this thought came to mind. That’s OK, you fly chopper one. One hour you are there.

“The next three and half hours, the luggage is not going to come. Will I go to bed? No. I still have to sit down and wait for those luggage to come. I’m like, so why not just go with the luggagge then, get there and deliver it to him and others in the room. Like I said, I always reason in the line of duty.

“And I walked up to him. I said, Sir, I think it’s safer and secure for me to just ride and bring the luggage to you.” He said it was a brilliant idea. And I said, safe flight.”

The PA hence drove to Vegas with the bags, while Wigwe, his wife, son, and Ogunbajo took the helicopter to the same location.

[DailyPost]

Last modified on Thursday, 07 March 2024 05:55

Itsekiri leaders, under the aegis of Ugbarajo Iwere Leaders Foundation (UILF), have charged the Inspector General of Police (IGP) to fish out suspects who attacked Olu of Warri, Ogiame Atuwatse III, at Okere community in Warri south local government area of Delta State last Saturday.

While condemning the act, they said the attack by a group of youths on the monarch was uncalled for.

At an emergency meeting of the UILF in Warri, Delta State on Wednesday, the foundation threw their weight behind the monarch.

 

A member of the publicity committee of the foundation, Hon Emmanuel Orugbo, who made the position known while addressing journalists on Wednesday, after the meeting, called on young people of Warri kingdom to get engaged in fruitful ventures with a view to reducing the temptation of being susceptible to restiveness and usage by disgruntled elements in the society.

“This group of people have for the past one year been terrorizing the Okere community with the idea of advancing their ideology of rejecting the successful succession of the 21st Olu of Warri to the throne.

“While we agree that minorities, and in the extant case, most micro-minorities can have their say, their say has to be within the ambit of the law.

“These old men, who present themselves as youths, cannot be allowed to continue to run riot the way they have been doing for the past two years.

“We recall that this group of ‘youths’ has, on multiple occasions in the past, attacked, injured and damaged the properties of persons they perceive to hold any contrary views to theirs.

“The attacks, which have resulted in a couple of lawsuits that are still pending in court, have successfully established a regime of fear in the Okere people who cannot, for this reason now, sleep well at night; their economic lives having gone down the drain.

“We find it bizarre that this group of people could develop the boldness to attempt to disrupt the visit to the community of His Majesty, Ogiame Atuwatse III, CFR, the Olu of Warri kingdom.

“Even though their attempt was unsuccessful, as a foundation, we shall work with all well-meaning sons and daughters of Warri kingdom to identify and encourage that every possible sanction within the law be meted to the culprits to ensure that such deviant behaviours are completely discouraged in the future,” he vowed.

He stated further that: “We remain unflinchingly supportive of His Majesty, Ogiame Atuwatse III CFR, the Olu of Warri, who remains a pride not just to Warri kingdom but to Delta State and Nigeria in general. We call for respect for the rule of law and the traditional institution.”

Meanwhile, four suspects have been arrested and arraigned in court over the attack on the Olu of Warri.

The suspects were arraigned in charge No: FHC/WR/18c/2024 before the Federal High Court sitting in Warri on four-count charges of terrorism, cybercrime, conspiracy to wit: attempted murder.

The case has, however, been adjourned to 2nd April, 2024, while the four defendants have been remanded at the Warri Correctional Facility.

[DailyPost]

 

 No fewer than 50 persons, including a family of seven, were feared dead on Tuesday, following the invasion of the Gbagir community in Ukum Local Government Area of Benue State, by suspected armed Fulani militia, supported by local Tiv bandits in a battle to oust another Tiv militia gang in the area.

 

It was gathered that most of the dead were members of the rival militia gangs, while about 12 innocent farmers were caught in the crossfire which also left over 30 persons injured and many others declared missing.

A traditional ruler in the area, who spoke on condition of anonymity, said the bloody fight started on Tuesday morning after a Tiv militia leader in Ukum LGA, kidnapped another Fulani militia leader, one Alhaji Gana and his family members, who were allegedly known for banditry and kidnappings, from neighbouring Chinkai community in Wukari LGA of Taraba State.

His words: “After kidnapping them, he asked for N100 million ransom but was given N5 million. After collecting the money he killed the hostages.

“The murder of the hostages sparked outrage among his gang members in Taraba State. This happened over the weekend.

“What followed was that another militia gang leader in Ukum now went and joined forces with the Fulani militia gang in Taraba to help them eliminate the rival gang in Ukum that killed their leader, Alhaji Gana.

“The essence was to enable him to become the head of militias in Ukum. The combined forces of Fulani and Tiv militia gangs started moving into the bushes of Gbagir in their hundreds on Sunday to sack the gang that killed Alhaji Gana. On Tuesday morning, a bloody fight ensued.

“From what we gathered, over 45 persons, mainly bandits have been killed, though we have records of over 12 farmers who were caught in the crossfire. Over 30 others were injured, while some are also missing. We learned that the gangs are also evacuating some of their dead members.

“Sadly caught in the crossfire was a family of seven in Tse Adzandeh Mbasaa, Mbajiga, Ityuluv, Torov. They were all members of the Adzandeh family.

 

“The armed men have also spread to the bushes of Gbeji, Chito and Afia in their numbers but cannot move into the residential areas because of the timely intervention of troops of Operation Whirl Stroke, OPWS.

“In fact, when people noticed the movement of armed Fulani militia into Benue communities, the chiefs informed political leaders, who immediately briefed Governor Hyacinth Alia, who equally alerted the military for swift action.

“It was this timely response of the governor to the intel and the intervention of the OPWS that saved the people of Ukum LGA because we gathered that they planned to kill hundreds of people in Ukum as revenge for the murdered Fulani militia leader but it is their gang war, innocent residents have nothing to do with that.

“Over 1,000 of them have laid siege to Ukum LGA as we speak. That is why we are appealing to the military to save us before they wipe out our innocent families.

“We need more security posts in and around the area and we also appeal to the governors of Benue and Taraba states to team up and put an end to the activities of these cross-border criminals. They should support the military with logistics also.

 

“As we speak, these people are still in the bushes in Ukum, they have not moved back to Taraba. The Fulani militia are being supported by a Tiv militia group to eliminate another Tiv militia gang and as they fight, the innocent locals will be killed.

“There is an urgent need to protect the other three villages because we are hearing that the first phase of the attack is in Gbagir, while Chito, Gbeji and Afia might be next. We are also appealing for fortified military presence in all the Benue and Taraba border communities.”

20 corpses recovered – Lawmaker

Confirming the killings, the lawmaker representing Ukum state constituency, Ezra Nyiyongo, said 20 corpses had been recovered.

Efforts to reach the Force Commander of OPWS, Major General Sunday Igbinomwanhia, was unsuccessful but a military source confirmed the development.

The source said: “These are militia men killing each other. Yes, we acknowledge that some people may have been caught in the crossfire but the majority of the people that were killed were members of the militia gangs in the area.

 

“But be that as it may, our troops are in Ukum to ensure that the attack does not affect innocent people.”

Police deploy more personnel to area Contacted, Benue State Police Commissioner, Mr. Emmanuel Adesina, who also confirmed the development, said more officers were deployed to the area, adding that five corpses had also been recovered from the scene.

NASS leadership to meet Tinubu reiterates call for review of security architecture

Disturbed by the Benue killings and security issues across the country, the leadership of the National Assembly yesterday resolved to urgently meet President Bola Tinubu to find lasting solutions to the problems.

The National Assembly, particularly the Senate, also declared very disturbing, unfortunate and sad, the killing of over 50 people in fresh attacks on some communities in Benue State

It also urged the service chiefs and heads of other security agencies to, as a matter of urgency, deploy security personnel to address the continuing and ongoing attacks by armed terrorists parading as herdsmen on communities in Kwande, Ukum, Logo and Katsina-Ala LGAs of Benue State to flush them out and restore normalcy to the affected communities.

The Senate called for a review of the security architecture in affected areas and investment in surveillance technology and equipment to detect and prevent future attacks.

It also urged the National Emergency Management Agency, NEMA, to immediately mobilize relief materials for people displaced by these attacks in Kwande, Ukum, Logo and Katsina-Ala LGAs.

Resolutions of the Senate yesterday were sequel to a motion brought under matters of urgent public importance under Orders 41 and 51 of the Senate Standing Orders 2023 (as amended) by Senator Emmanuel Udende (APC, Benue North-East), following the fresh attacks.

Moves to have an urgent meeting with President Tinubu by the leadership of the National Assembly on the unending security problems bedevilling the country came after exhaustive debate on fresh killings in Benue State.
According to the National Assembly, the planned meeting is to find lasting solutions to the mindless carnage in the land.

The proposed meeting with the President, and other resolutions which are coming after an earlier one by the Red Chamber, is to intimate him with reports of security summits in the 8th and 9th Assemblies as well as the far-reaching resolutions of its recent engagements with security chiefs.

 
Earlier in his presentation of the motion, Senator Udende lamented that no fewer than 50 persons had been killed in fresh attacks in the affected communities, adding that as of Tuesday, March 5, areas attacked include Tyuluv, Borikyo, Kundav, Ugbaam, Uyam, Udedeku, Yaaiwa, Nyihemba, Tomatar, Menakwagh, Yiase and Agura, all in the Benue North-East Senatorial district.

He said: “The residents of the villages and communities now find themselves targeted daily by heavily armed terrorist herdsmen, and the toll continues to be staggering as they bear the brunt, with reports of marauders butchering several villagers, leaving many homes completely burnt down and numerous residents still missing, while the perpetrators, however, remain elusive and have not been apprehended.”

Senator Udende, who further lamented that the situation, in addition to the loss of lives and property, has already impacted negatively on the economic lives of the people and led to the shortage of farm produce, said despite public outcry and previous resolutions of the National Assembly as regards the criminal activities of these terrorists parading as herdsmen, there seemed to be no visible action on the part of the government to curtail, abate or stop their criminal activities.

Udende said: “The purpose of government is the security and safety of lives and properties in line with Section 14 (2) b of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and there is a need to act urgently .“

In his contribution, Senator Osita Ngwu, Enugu West, advised the Federal Government to seek what he referred to as political or cultural solutions to solve the security problem, just as Senator Adamu Aliero (PDP, Kebbi Central) expressed disappointment that despite huge budgetary allocations to security, there seemed to be little or nothing to show for it, blaming it squarely on poor oversight by relevant Senate committees.

 
He lamentably declared that he was already tired of coming to mourn the loss of innocent lives due to attacks by criminals.

In his contribution, Senator Sadiq Umar (APC, Kwara North), shared the thoughts of Aliero and said what Nigeria needs is a return to the basics, strengthen local communities and trust them enough to address the issues.

Former President of the Senate and Chairman, Senate Committee on Defence, Senator Ahmad Lawan (APC, Yobe North), advised the Senate leadership to meet with President Tinubu, pointing out that huge budgetary allocations had always been made to the security agencies and they should ensure efficient service delivery.

Stop bandits’ attacks in 17 Katsina LGAs, Reps tell Tinubu

Meanwhile, the House of Representatives has called on President Bola Tinubu to direct security agencies to sustain pressure on criminals perpetrating violence and criminal activities in Katsina State and the country in general.

The call was a sequel to a motion of urgent national importance moved by Sada Soli at a plenary in Abuja yesterday
Moving the motion, Soli expressed concern about the devastating impact of banditry on the lives and livelihoods of the people of Katsina State, adding that escalating banditry attacks in the state had led to the loss of lives, destruction of properties and kidnapping of innocent men, women, and children daily.

He said security agencies are yet to take immediate and decisive action to address the security challenges in Katsina.

The lawmaker called for an increase in the deployment of security personnel to the affected communities to combat banditry and restore peace and order.

He further explained that some gangs of armed bandits from neighbouring Kaduna and Zamfara states are making efforts to gain control over some communities in Katsina State.

Soli warned that Katsina State is on the verge of being overrun by criminal elements and urged urgent and decisive action to curb the activities of the bandits and restore peace to about 18 LGAs.

The House commended troops for the ferocious operations they conducted on March 4, 2024, in Kurfi and Safana LGAs of Katsina State, which resulted in the killing of two notorious bandits, while others fled with gunshot wounds.

 
 The House urged NEMA and the Ministry of Humanitarian and Poverty Alleviation to urgently provide humanitarian assistance to the affected communities and support displaced persons in the state.

[Vanguard]