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JAN 1966 Coup: Igbos Will Not Apologise For The Murder Of Ahmadu Bello And Abubakar Tafawa Balewa – Ohanaeze
AFOLABIThe President General of Ohanaeze Ndigbo, Emmanuel Iwuanyanwu, has said that the Igbos will not apologise for the murder of Sir Ahmadu Bello and Sir Abubakar Tafawa Balewa during the 1966 coup.
He dismissed claims by the Indigenous People of Biafra (IPOB) that he plans on apologising to the Fulani ethnic groups.
The elder statesman insisted that the Igbos had nothing to do with the coup, adding that it was unfair and unjust to accuse them of being responsible.
He declared that Ohanaeze Ndigbo would never apologise for something they did not do.
Iwuanyanwu stated this in Owerri, Imo state, last weekend.
He said, “I was shocked to read a voice mail message which was circulating all over the country and all over the world alleging that we held a meeting in Enugu and that the meeting was poorly attended where the decision was taken that we are going to Sokoto to apologise to the Fulanis over the death of Ahmadu Bello and Tafawa Balewa and other Northerners. They abused me and insulted me. I read it and I was sad. I don’t expect that somebody or a Christian will come out and tell a completely false story against me. I never said anything like that.”
He explained that the recent retreat in Enugu was a meeting of committees established for the development of Igboland, and the issue of apologising to the Fulanis was never discussed.
“Igbos didn’t kill anybody or leader but the Igbos were killed. So, as far as Ohaneze Ndigbo is concerned, Igbo did not have any business with that coup, that coup was purely a military affair like other coups that occurred in the country,” he added.
The Federal Government may consider the suspension of the $56.7bn peer-to-peer cryptocurrency market after a crucial meeting between the Securities and Exchange Commission, and digital asset operators scheduled for Monday.
Nigeria’s volume of crypto transactions grew by nine per cent year-over-year to $56.7bn between July 2022 and June 2023, according to the 2023 Geography of Cryptocurrency Report by Chainalysis, a United States of America-based international blockchain analysis firm.
The latest move by the SEC signals a broader effort by the Federal Government to tighten regulatory oversight within the cryptocurrency space amidst growing concerns over illicit activities and the manipulation of the naira exchange rate.
Earlier this week, the Central Bank of Nigeria had stopped major fintech firms from onboarding new customers in an ongoing audit of their Know-Your-Customer process. Following the regulatory action, major fintech firms, including Opay and PalmPay, sent emails to their customers on Friday, warning them against trading in cryptocurrency or any virtual currency on their apps, and threatened to block any accounts found engaging in such activities.
The threat to block accounts has faced heavy criticism, particularly from the 33.4 million individuals actively trading cryptocurrencies; many of whom rely on cryptocurrency trading as their primary source of income.
However, Sunday PUNCH learnt that during the proposed Monday meeting, the government may choose to announce a temporary halt in the P2P crypto trading to enable it come up with a comprehensive set of rules for effective regulation of the space.
Other sources privy to the meeting said the government might choose to engage the crypto stakeholders on a new set of rules that could be deployed to better regulate the space.
They ruled out the possibility of imposing a temporary halt on P2P crypto trading. As of Sunday, details of the exact decision the government might take during or after the meeting with the crypto operators remained sketchy.
However, operators in the crypto market confirmed the meeting, saying the meeting would bother on the current development in the space. The Blockchain Industry Coordinating Committee of Nigeria, in a notice posted on its X handle on Saturday, noted that the meeting had been at the instance of the new Director General of the SEC, Dr Emotimi Agama.
BICCoN said, “The newly appointed Director General of the Nigeria Securities and Exchange Commission has proposed an industry-wide meeting with the Nigeria blockchain community. The meeting will be facilitated by the Blockchain Industry Coordinating Committee of Nigeria.”
Officially, the SEC has yet to confirm the Monday meeting, but sources close to the commission confirmed the meeting on Saturday. They, however, said that ‘nothing was cast in stone yet’.
In 2021, the CBN had restricted banks and other financial institutions from operating accounts for cryptocurrency service providers. However, in December 2023, the financial regulator lifted the ban and announced a reversal of the policy.
Fresh concerns emerged in February over the activities of the largest cryptocurrency exchange in the world, Binance, on its peer-to-peer platform, such as implementing a price cap on USDT trading.
Authorities said those activities contributed to the devaluation of the naira and destabilised Nigeria’s economy.
Worried over the significant volume of transactions through Binance Nigeria, the CBN Governor, Yemi Cardoso, stated that $26bn had passed through the platform over the past year from ‘unidentified sources’.
Amid the crackdown, the crypto exchange ceased all naira services, including deposits, withdrawals, and trading pairs, starting in early March 2024.
In an interview with Sunday PUNCH, the Chairman of BICCoN, Lucky Uwakwe, said that the group would be seeking to reach a middle ground with the regulator, which had so far this year introduced stiffer guidelines for digital asset operators, as well as a proposed increase in the registration fees.
Ukakwe said the meeting “is for us to try and bring the industry to be compliant and remove bad actors who abuse technology, especially the concern raised by the government on those that use the technology for market manipulation of naira.
“We also hope that innovation in the industry is encouraged to enable the industry to gain more foreign inflow that will aid the current administration’s drive for foreign investment into the nation as seen in other countries such as China and the UAE, and not to stifle the industry.”
On his part, the President of Stakeholders in Blockchain Technology Association of Nigeria, Obinna Iwuno, told one of our correspondents that there was no official communication on the ban of cryptocurrency transactions from regulators. He said, “There is a whole lot going on. It is not just clear the direction as we speak, but hopefully, on Monday, we will get to have a position, “What we have done to solidify our position with the Nigerian government is that local exchanges stopped their naira services. The government raised an alarm that cryptocurrency was responsible for naira depreciation; operators stopped,” Iwuno explained.
The ‘Know Your Customer’ compliance level of fintechs has also been a source of worry for regulators. This involves verifying a customer’s identity and understanding their financial activity to prevent financial crimes, such as money laundering, terrorist financing, and fraud. According to the Nigeria Inter-Bank Settlement System’s fraud watch report, fraud losses increased by 496.96 per cent over the past five years, and financial institution customers had lost N59.33bn between 2019 and 2023.
The report read in part, “The amount lost to fraud has increased over the past five years, along with the growth of financial transactions in the digital payments sector.”
A source from one of the major fintechs in the country, who preferred anonymity, disclosed to Sunday PUNCH that the CBN was not declaring cryptocurrency illegal, but was rather focusing on addressing regulatory and identity management issues.
“Some of the expectations from the meeting would be to have a more robust and safer ecosystem that will prevent fraud, and protect the funds of customers.
“The CBN is not saying that cryptocurrency is illegal, but there have been issues surrounding regulations and identity management. Those are the grey areas that the CBN is trying to address. They don’t want a situation where people are getting into Nigerian systems to defraud others, or engage in any negative activity that could harm innocent Nigerians.
“It is more or less about finding a way to make this thing work better. Sometimes, people can simply create a virtual account, and one won’t even know who is behind the account. So, it’s really about ensuring end-to-end verification, from the first line of payment to the very end, with the account holders’ identities attached to it. I think it is necessary at this time,” the source explained.
Nigeria’s volume of crypto transactions grew by nine per cent year-over-year to $56.7bn between July 2022 and June 2023, according to the 2023 Geography of Cryptocurrency Report by Chainalysis. Despite Nigeria now leading in peer-to-peer exchange volume, sub-Saharan Africa accounted for only 2.3 per cent of the global cryptocurrency transaction volume between July 2022 and June 2023, making it the smallest crypto economy in the world.
In an interview with Techpoint Africa, Youssef said most of the P2P transactions did not happen on Binance or any other platform, but on social platforms such as WhatsApp, Telegram, and ‘everywhere on the streets’.
“Most peer-to-peer (transactions) don’t happen on Binance P2P, NoOnes, or any of those other platforms. They happen on WhatsApp, Telegram, coffee shops, and everywhere on the streets. That is where most peer-to-peer is happening. I think most of that is peer-to-peer volume. They are trying to cover up too, because Nigerians are very crafty and have ways of using things for reasons other than what they were created for,” he maintained.
In March, the SEC, under the former DG, Lamido Yuguda, revealed plans to issue updated guidelines for the operations of digital assets and virtual asset service providers in the country, saying the new guidelines would ensure criminals did not gain entry into the country’s capital market.
The SEC notice, dated March 4, 2024, partly read, “The SEC has also developed a new AML/CFT/CPF onboarding manual for licensing, registration, and ongoing screening of digital and VASP beneficial owners to ensure that criminals are not registered as operators in the capital market. The SEC is ready to interface with genuine VASPs based on these clear rules and regulations.”
The SEC also proposed that for virtual (crypto) asset service providers, ‘no person or entity shall provide any virtual asset service unless registered with the Commission; a company seeking to operate as a VASP shall be incorporated and have an office in Nigeria. Its Chief Executive Officer/Managing Director or its equivalent shall be resident in Nigeria.”
When questioned about the SEC’s proposed guidelines in the crypto sector at the last Capital Market Committee meeting that he chaired, the former SEC DG said investor protection was a driving motive.
“We want to ensure that investors who decide to get involved in digital asset products are well protected. We want a platform where certain capital market functions are duly segregated. If you are an exchange, we don’t want you to also be a custodian, and such.
“Also, we are very mindful that AML/CFT considerations are very important when one is dealing with crypto assets. We want to make sure it is not money laundering or funds used to promote terrorist financing,” the former SEC DG said.
The Chief Operating Officer of Fintech Association of Nigeria, Babatunde Obrimah, told Sunday PUNCH, “I am not privy to the circulars sent to the Fintechs, and I am not aware that crypto is illegal. The meeting will put things into perspective.”
“I think the issue is that to trade, one must be licensed by the SEC. So, if one is trading without a license, then one is technically illegal. But, we should talk after the Monday meeting, instead of speculating,” he added.
In March, the SEC proposed a 400 per cent increase in crypto firm registration fees. However, checks by Sunday PUNCH, on Saturday, showed that the proposed guidelines had been deleted from the SEC’s website. It is unclear when the PDF was removed from the regulator’s website.
The proposed amendments to the rules for crypto issuers, exchanges, and custody platforms include hikes to all supervision fees. Instead of a N100,000 application fee and a N30m registration fee, the SEC proposed N300,000 with every application, N1m as a processing fee, and N150m as registration fee, with the sponsored individual fees raised to N300,000 from N100,000.
An economist, Aliyu Ilias, emphasised the need for urgency in addressing the deficiencies within the fintech ecosystem, citing the ongoing struggle of the apex bank to effectively regulate them, as illustrated by the recent case involving Binance.
Ilias argued that in the dynamic tech industry, regulatory clampdowns often led companies to exploit loopholes, stating, “Even the Know Your Customer requirement proves insufficient.”
Another industry stakeholder, who is also the founder and coordinator of Blockchain Nigeria User Group, Chuta Chimezie, expressed hope that the Monday meeting would ‘help the industry significantly, and improve the relationship between regulators and policymakers’.
“The last few months have been nothing short of wars. as the CBN keeps clamping down on P2P platforms,” he lamented.
[Punch]
Organised Labour, at the weekend, fires back at state governors, warning them against inflammatory utterances that could set the nation’s industrial space on fire over the new national minimum wage, NNMW.
It faulted the statement credited to the governors through the Nigerian Governors’ Forum, NGF, that they were working on what individual states could sustainably pay.
Labour contended that the governors must work within the 37-member committee saddled with the responsibility of fashioning out a new national minimum wage for the country.
According to the Organised Labour, it is being magnanimous with N615,000 new minimum wage’ demand because, based on the socioeconomic indices on the ground, it would have demanded much higher which the governors “are more than able to pay”.
Recall that in a statement, last Thursday, by the NGF Chairman and Governor of Kwara State, Alhaji AbdulRahman AbdulRazaq, at the end of NGF’s virtual meeting held Wednesday night, the governors said, among others, “As members of the committee, we are reviewing our individual fiscal space as State Governments and the consequential impact of various recommendations, to arrive at an improved minimum wage we can pay sustainably.
“We remain committed to the process and promise that better wages will be the invariable outcome of ongoing negotiations.”
Misquoted
Reacting to the statement, Deputy President of the Trade Union Congress of Nigeria, TUC, and President of the Association of Senior Civil Servants of Nigeria, ASCSN, Dr Tommy Okon, told Sunday Vanguard, yesterday, that Organised Labour believed the governors were misquoted.
“They can’t say that they are working on what individual states can pay. I think the governors may be talking about what they can add to the minimum wage at the end of the day because what will be agreed upon is the baseline which nobody should pay less than”, Okon said.
“But they can pay higher than that. I think that is what they are saying.
“They cannot be telling us that they are reviewing or setting up a committee to work on what they can pay individually. Two committees cannot be working on the same issue.
“The governors are members of the tripartite committee on the New National Minimum Wage, so they cannot set up another committee or work independently from the tripartite committee set up by the Federal Government.
“Maybe the governors are talking about implementation. It is right for the governors to set up an implementation committee. They need to know their staff’s strengths and sources of funds to implement the new wage
“But to say that they are working on what individual states can pay outside the committee that the Federal Government has set up cannot be correct.
“Do not forget that the governors are members of the tripartite committee set up by the Federal Government. So, they cannot do anything outside the committee.
“If what is reported is correct or if the governors own up to the statement as reported, it is a recipe for serious industrial unrest.
“And no nation can accept that because any nation that works like will face unprecedented industrial unrest and can never grow. No nation grows amid industrial chaos.
“We think the governors will tread with caution and avoid inflammatory utterances. We still believe the statement was not from them.”
Negotiation table
On its part, Nigeria Labour Congress, NLC, declined a response, saying it has made a demand before the tripartite committee on the minimum wage and whatever the governors want to say should be brought to the negotiation table since they are members of the committee on the new minimum wage.
However, an official of NLC, who spoke on condition of anonymity, told Sunday Vanguard that the governors are treading on dangerous ground that could set the nation’s industrial space on fire.
“You cannot be talking about reviewing what individual state can pay sustainably outside the committee set up to look out will be the baseline or minimum”, he said. “Whatever opinion you have is what you should bring to the negotiation table. You come to the negotiation table and argue your opinion.
“We do not want to trade words with the governors because they are members.
“(But) they are treading on a dangerous ground that can set the nation’s industrial space on fire.
“We have made our demand which is a very generous one from the breakdown we released on Thursday on the N615,000 demand.
“You can see that we have been very magnanimous. Several expenses, including basic things like recharge cards, entertainment, extended family and others, are missing.
“Don’t forget that this demand was a product of questionnaires we sent out to states and local governments. We did not manufacture it.
“Again, take the issue of electricity which we allocated N20,000 a month. At the time we did it, the electricity tariff had not been adjusted by about 300 per cent. With the adjustment, it has affected nearly every other thing in terms of inflation.
“We know the governors can do much more than what we are demanding. We have passed through this road before.
“The problem with the governors is that they place their aggrandizement far above public good and workers’ welfare.
“That many former governors are facing prosecution by the nation’s anti-graft agencies, especially the Economic and Financial Crimes Commission, EFCC, is a pointer to the fact that governors have the resources to pay much higher than our demand.”
‘How we arrived at N615, 000’
NLC had, on Thursday, given the breakdown on how Organised Labour arrived at its demand of N615,000 as the new minimum wage, and also countered the government on the commencement date for the proposed new minimum wage.
The Minister for State for Labour and Employment, Nkeiruka Onyejeocha, had, on Wednesday, while addressing workers at the May Day celebration in Abuja, said the new minimum wage would take effect from May 1, 2024.
But the NLC is arguing that it will take effect from April 19, 2024.
In a statement, NLC President, Joe Ajaero, said: “It has become imperative at this point that we inform Nigerians who may not have known already the foundations upon which our initial demand for a N615, 000 new National Minimum Wage is based.
“The figure was a product of a painstaking effort through which we captured the cost of living of Nigerian workers and masses in all parts of the country.
“It was essentially an outcome of independent research conducted by the NLC and TUC on the cost of meeting the primary needs of an average family around the country.
“Our research was based on a family with both parents alive and four children without the burden of having other dependents with them.
“A questionnaire was designed and sent to all the State Councils of NLC and TUC from where these questionnaires were sent to our members in all the local government areas in the country to gather the monthly cost of living for the average family as described above.
“Below is a summary of our findings and we hope that this will enable Nigerians understand what propels our demand so that better clarity is made to create better engagement around the ongoing National Minimum Wage Negotiation process.
“A cursory look at the table above shows that we have deliberately removed certain elements from the basket used in calculations of this nature.
“However, it should also be noted that we have not included things like expenditure on calls and data, offerings in churches and Mosques, community dues, entertainment, savings and security etc.
“These are therefore just for the bare necessities.
”It should be noted that we arrived at this figure before the increase in electricity tariff and the recent scarcity of petrol across the nation leading to the appearance of long queues with attendant increased transport fares.
“Any figure below this amount becomes a starvation wage and condemns Nigerian workers and their families to perpetual poverty.
Commencement date
”We have to remember that the old one has expired on the 18th day of April 2024, and a new one is expected to have come into effect on the 19th day of April 2024. “However, because of the government’s inability to comply with the law that demanded negotiations for a new national minimum wage to have begun six months before the expiration of the existing one, concluding the new one has become unfortunately delayed.
”We are sure that our social partners would see our demonstration of understanding, sacrifice and reasonableness in our demands and thus accept this figure without much delay.
“We also enjoin all well-meaning Nigerians to implore the government and employers to meet our demands for the sake of justice, equity and national development.”
A Nigerian couple based in the United States has been convicted of forced labour by a federal jury in New Jersey and faces 20 years imprisonment.
Isiaka Bolarinwa, 67, and Bolaji Bolarinwa, 50 — who are both US citizens were also found guilty of operating a coercive scheme to compel two victims to perform domestic labour and childcare in their home.
Speaking at the end of the trial on April 24, Kristen Clarke, assistant attorney general, said the husband and wife lured the victims to the US with promises of a better life and an education but instead subjected them to hours of physical and psychological abuse.
“The defendants confiscated the victims’ passports, threatened them, degraded them, physically abused them and kept them under constant surveillance, all to coerce the victims’ labor and ruthlessly exploit them for the defendants’ own profit,” Clarke said.
“Human trafficking is a heinous crime, and this verdict should send the very clear message that the justice department will investigate and vigorously prosecute these cases to hold human traffickers accountable and bring justice to their victims.”
According to the evidence presented at trial, including the testimony of two victims, the incident happened between December 2015 and October 2016.
“Once Victim 1 arrived in the United States in December 2015, Bolaji Bolarinwa confiscated her passport and coerced her through threats of physical harm to her and her daughter, verbal abuse, isolation and constant surveillance to compel her to work every day, around the clock for nearly a year,” the court heard.
“Isiaka was aware of his wife’s threats and abusive behavior toward Victim 1 and directly benefited from Victim 1’s cooking, cleaning and childcare.
“The defendants then recruited Victim 2 to come to the United States on a student visa.
“When Victim 2 arrived in the United States in April 2016, Bolaji Bolarinwa similarly confiscated her passport and coerced her to perform household work and childcare but relied more heavily on physical abuse.
“On at least one occasion, Isiaka Bolarinwa also physically abused Vitim 2, and he was aware of his wife’s coercive, abusive behavior toward Victim 2 and directly benefited from her cleaning and childcare.”
The US department of justice (DOJ) said both victims endured the abuse until October 2016, when one of them (victim 1) summoned the courage to outcry to a professor at her college, who in turn, reported the targets to the Federal Bureau of Investigation (FBI).
Both defendants face a maximum penalty of 20 years in prison for each forced labour count and a maximum penalty of 10 years in prison for the alien harbouring count.
The DOJ added that they will also be required to pay mandatory restitution to the victims and each faces a fine on each count of up to $250,000 or twice the gross gain or gross loss from the offence, whichever is greatest.
A sentencing hearing will be scheduled at a later date.
[TheCable]
Petroleum marketers have said the Nigerian National Petroleum Company Limited, NNPCL, has opened its reserves across the federation to end the lingering fuel scarcity.
The National President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola and Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Hilly-Harry, disclosed this in a separate statement after meeting with NNPCL on Saturday.
Fashola said his members will meet on Monday to join NNPLC to end the fuel scarcity.
He further urged Nigerians not to engage in panic buying of fuel as the product will be available nationwide.
“We are officially meeting with other marketers on Monday. We are working closely with NNPC.
“The Monday meeting is for our National Executive Council. After the meeting, we will reach out to the NNPC. We talk with them every day.
“The meetings we have been having with the NNPC are in collaboration, which we have been doing.
“If you notice, yesterday (Friday), NNPC opened up their reserves in all the depots throughout the federation. We are working with them to ensure that everywhere is wet so this thing (scarcity) can disappear,” he said.
On his part, Hilly-Harry said the meeting between NNPLC and marketers had helped present a solution to the fuel scarcity.
According to him, queues have started easing off in Abuja during the weekend.
“The good news is that this is a new reality. It will bring better solutions because the result will be fantastic when you have NNPCL doing what they must do, and we also do what we must do.
“If you go to Abuja today (Saturday), you will see that the queues have eased off”, he stated.
DAILY POST recalls that for weeks, Nigerians had continued to battle fuel scarcity despite NNPCL’s assurance of the product availability.
Insecurity now money-making venture for government officials, security agencies — Katsina Governor
AFOLABIKatsina State Governor, Dikko Radda, has alleged that some security personnel and government officials have exploited the insecurity situation in Nigeria for personal gain, turning it into a lucrative business venture.
He made this revelation during an appearance on Channels TV’s Politics Today on Friday, citing this as a major obstacle to ending the scourge of banditry and insecurity in the country.”
He said, “Now it has turned out to be a business venture. A business venture for the criminals, some people who are in government; and some people who are in security outfits, and some people who are responsible for the day-to-day activities of their people.
“These are so many reasons why we are unable to bring banditry to an end.”
Many people relate the insecurity to politics. But Governor Radda claims that poverty and injustice are important motivators.
The governor continued: ”The issue of the hypothesis behind political motive as responsible for banditry is not true.”
According to him, many youths in the north are recruited into banditry with mere N500.
As part of moves to tackle the region’s insecurity, some northern governors were on a trip to the US. Though they came under heavy criticism for the meeting with many wondering why it was not held in Nigeria, Radda has said they were only invited to the parley.
“The meeting was not at the instance of the selected governors of northern states but it was at the instance of the United States Institute of Peace. They were the people who invited us; they hosted us for the meeting. We were invited to sit with them so that we could bring about lasting solutions to the problems that are affecting our people,” he said.
Governor Radda said the trip gave the governors fresh insights into insecurity in the region.
Ahead of the September 21, 2024 governorship election in Edo State, political parties and their candidates have intensified campaigns across the nooks and crannies of the state to woo voters, Daily Trust Saturday reports
The political atmosphere in Edo State is that of scheming, horse-trading and jostling, as political parties and their candidates are not leaving any stone unturned ahead of the September 21, 2024 governorship election.
Seventeen political parties have fielded candidates for the election. They are the Action Alliance (AA); Social Democratic Party (SDP); New Nigeria Peoples Party (NNPP); All Progressives Grand Alliance (APGA); All People’s Movement (APM) and the All Peoples Party (APP).
Others are the Action Democratic Party (ADP); African Action Congress (AAC); Zenith Labour Party (ZLP); Peoples Democratic Party (PDP); Boot Party (BP); Accord Party (AP); African Democratic Congress (ADC); Labour Party (LP); All Progressives Congress (APC); People Redemption Party (PRP) and Young Progressive Party (YPP).
But pundits say the election is likely to be a three-horse race despite the fact that the APC, PDP and the LP are suffering from internal crises.
Daily Trust Saturday reports that although the Independent National Electoral Commission (INEC) has lifted the ban on public campaigns, political parties and their candidates are yet to commence official campaigns.
Daily Trust Saturday reports that there were controversies and protests surrounding the emergence of candidates of the three big parties.
There was disquiet in the APC as three governorship candidates emerged from parallel primary polls held in Benin ahead of the Edo State governorship election slated for September 21.
While a member of the House of Representatives, Dennis Idahosa, was earlier announced winner by the chairman of the APC Primary Election Committee, Governor Hope Uzodimma, at Protea Hotel in Benin City, Senator Monday Okpebholo was declared winner by the returning officer for the election, Dr Stanley Ugboaja, at the residence of Pastor Osagie Ize-Iyamu.
Similarly, the local government returning officers for the APC governorship primary election declared Anamero Sunday Dekeri the winner of the contest.
The spokesman of the local government returning officers, Ojo Babatunde, who announced the result in the night, said Dekeri, a member representing Etsako federal constituency at the House of Representatives, polled a total number of 25,384 votes to defeat his closest rival, Dennis Idahosa, who scored 14,127 votes.
The National Working Committee (NWC) of the party was, therefore, forced to conduct another primary election, which produced Senator Okpebholo as the party’s candidate.
The emergence of Okpebholo also came with its own protests and fears as some party leaders said he was not the preferred candidate of a former governor of the state, Adams Oshiomhole, who is said to be APC god-father in the state. However, the party later picked Idahosa as its deputy governorship candidate for the election to settle Oshiomhole.
The PDP primary election was also characterised by drama as Governor Godwin Obaseki, the then deputy governor, Philip Shaibu and other aspirants engaged in supremacy battle.
There were 10 governorship aspirants in the race—Shaibu; Omoregie Ogbeide-Ihama; Anselm Ojezua; Felix Akhabue; Martin Uhomoibhi; Hafia Hadizat Umoru; Omosede Igbinedion; Earl Osaro Onaiwu; Arthur Esene and Asue Ihgodalo.
For the party, which hopes to retain the governorship seat, crisis started during the ward and local government congresses supervised by a three-man committee led by Governor Peter Mba of Enugu State. After the congress, 9 aspirants, excluding Ighodalo, petitioned the appeal panel, alleging irregularities.
Although Governor Obaseki didn’t deny or confirm Ighodalo as his preferred candidate, observers said his actions and body language told the story. For instance, during the ward and local government congresses, party members loyal to Obaseki emerged as delegates for the primary.
On February 22, the party conducted two parallel primary elections. One was held at the Samuel Ogbemudia Stadium, Benin City, while the second primary took place at the deputy governor’s lodge, also in Benin.
Governor Dauda Lawal of Zamfara State, who served as committee chairman and chief electoral officer, declared Ighodalo winner of the PDP primary at the Ogbemudia Stadium with 577 votes, while Shaibu was declared winner of the primary by the local government returning officer, Bartholomew Moses at the deputy governor’s lodge with 300 votes.
Observers said members of the party loyal to the deputy governor, who form the major block of PDP leaders that have been at war with Governor Obaseki for the control of the party, after they were denied entry into the Ogbemudia venue of the primary, moved to another venue and elected Shaibu at a parallel primary.
But the deputy national publicity secretary of the PDP, Ibrahim Abdullahi, had in a telephone interview with Daily Trust Saturday said the party recognised Asue Ighodalo as its only candidate for the election.
But according to pundits, Godwin Obaseki, in his determination to ensure that he produced a successor, picked a new deputy governor, Godwin Omobayo, an engineer, from Akoko-Edo Local Government Area, which is the second in terms of voting population in Edo North, the stronghold of the APC.
Meanwhile, the impeached deputy governor, Philip Shaibu and the former Speaker of the state House of Assembly, Kabir Ajoto, with their loyalists, who were staunch supporters of Obaseki, have pitched tent with the Chief Orbih Legacy Group after the new deputy governor was announced.
Daily Trust Saturday reports that the PDP has unveiled its campaign council for the governor election, but some party members, including the South South national vice chairman, Chief Dan Orbih, declined its membership, saying the party’s candidate can’t tackle the challenges bedeviling the state if he eventually wins. Pundits said there were issues and threats to the chances of the party.
The process leading to the emergence of the LP candidate was not in any way better than that of the APC and the PDP, in terms of intrigues and drama.
The party’s national chairman, Julius Abure, the state chairman, Kelly Ogbalu and the senator representing Edo South, Neda Imasuen, were rooting for different aspirants.
The aspirants were Olumide Akapta, Kenneth Imansuangbon, Professor Sunday Eromosele and Sergius Ogun. But following the intrigues, two venues—Uyi Hotel and Bishop Kelly Centre—were announced for the primary election.
Imasuagbon and his supporters, it was learnt, went to Uyi Hotel for the election while the party executive and primary election committee from the NWC went to the Bishop Kelly Centre to conduct the primary.
Imasuagbon later made his way to the Bishop Kelly centre venue, where Akpata emerged as the candidate of the party after polling 316 votes.
Meanwhile, the Lamidi Apapa faction of the national leadership of the party had submitted to the Independent National Electoral Commission (INEC), Anderson Uwadiae Asemota and Monday Ojore Mawah as governorship and deputy governorship candidates of the party for the September 21 election. But the leadership of the Labour Party (LP) has said a letter to INEC by a “dissident group and former members” of the party led by one Lamidi Apapa to recognise Anderson Asemote and Monday Mawa as the governorship and deputy governorship candidates does not emanate from the party.”
A resident of the state, Dada Ayokhai, noted that the issue at stake as INEC has lifted the ban on campaign is how the parties would manage ‘self-inflicted’ crises and participate in the election actively.
It is left to be seen, how the parties would slug it out come September 21.
[DailyTrust]
• Fixes hearing of application for May 20
• HEDA drags Kogi judge to NJC
The Court of Appeal, Abuja Division, yesterday suspended moves by the Kogi State High Court to commit the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede for contempt.
The Appeal Court granted an ex parte motion for stay of proceedings of contempt application filed against the EFCC Chairman by the immediate past governor of Kogi State, Yahaya Bello.
The Court of Appeal, presided over by Justice Joseph O.K. Oyewole, also granted EFCC prayers to serve the processes in the appeal by substituted means on the former governor.
With Oyewole were Justices P. C. Obiora and Okon Abang.
The EFCC boss had been summoned by Justice Isa Abdullahi Jamil of the Kogi State High Court to appear on May 13, 2024 to show cause why he should not be committed to prison for disobeying the orders of the court.
The EFCC, however, appealed the ruling of the trial court and sought a stay of the proceeding of the court.
The EFCC boss is accused of carrying out “some acts upon which they (the EFCC) have been restrained” by the Court on February 9, 2024, pending the determination of the substantive Originating Motion.
But the Court of Appeal yesterday gave the orders for the stay of contempt proceedings after hearing Chief J.S.Okutepa (SAN) leading Eko Ejembi Eko (SAN), Abdulkareem Musa and David Ojogbane Akogu.
The court ordered for substituted service of all the processes in the case to be pasted at No 9 Bengazi Steet Wuse Zone 4 Abuja being the last known address of Yahaya Bello.
In granting the orders, the Appeal Court held that the motion ex-parte had merit and adjourned the hearing of the Motion on Notice to May 20, 2024.
The first Motion, which was moved by Okutepa sought an ex parte order staying the execution of the Orders made Ex-parte in Motion No. HCL/190M/2024 on the 25th day of April 2024, in the case of Alhaji Yahaya Bello vs. EFCC.
The second motion was for an order to serve the respondent Yahaya Bello all the processes in the appeal by substituted means through the mode stated on the face of the motion.
Ruling in Suit No: HCL/68M/2024 and Motion No: HCL/190M/2024, Justice I. A. Jamil had ordered that “the said act was carried out by the Respondent (EFCC) in violation of the order, which was valid and subsisting when it carried out the act.
The court said the EFCC action amounted to contempt of the court.
EFCC operatives had laid siege to the residence of the former Governor on April 17, 2024 to arrest him, despite a court order restraining them from taking such action, pending the determination of the Originating Motion.
Justice Jamil’s order was based on a motion ex-parte filed by Yahaya Bello through his lawyer, M.S. Yusuf in which he prayed the court for an order to issue and serve the Respondent (EFCC Chairman) with Form 49 Notice to show cause why Order of committal should not be made on Olukoyede.
Meanwhile, the Human and Environmental Development Agenda (HEDA Resource Centre) has dragged Justice Jamil to the National Judicial Council (NJC) for issuing the order of contempt against the EFCC chairman.
Although HEDA dated its petition April 29th, 2024, it was acknowledged by the Office of the Chief Justice of Nigeria on May 2nd, 2024.
The Chief Justice of Nigeria is also the chairman of the National Judicial Council (NJC).
The NGO, in the petition, accused Jamil for granting an order which sought to enforce “a non-existence and sundry misconduct.”
It described the action of the judge as gross abuse of his judicial powers “in a suit that not only the Kogi State High Court has become functus officio but the order sought to be enforced is non-existence at the time the ‘order to show cause’ was made.”
It added: “”We are of the view that the order to show cause granted as per Motion HCL/190M/2024 are designed to annoy, irritate, and portray the commission in bad light.
“The order to show cause was granted in a very disturbing and unnecessary circumstance. The order was granted by his Lordship in the above suit on the 25th day of April, 2024 in very questionable circumstances.
“The SUIT NO: HCL/68M/2023 BETWEEN ALHAJI YAHAYA BELLO v. ECONOMIC AND FINANCIAL CRIMES COMMISSION was filed on the 8th day of February, 2024 by Alhaji Yahaya Bello (“The Applicant”) for the enforcement of his fundamental rights seeking certain declaratory orders against the Commission.
“The crux/ objective of his claim as constituted in the originating motion was for the court’s enforcement of his fundamental rights particularly by restraining the commission from inviting, detaining, arresting and/or prosecuting the Applicant. The Originating Motion is herein attached and marked as “Exhibit HEDA 1.”
The litigation is a fallout of the N80 billion money laundering case against Bello by EFCC.
[Thenation]
Nigerian fintech companies have warned their customers against trading in cryptocurrency or any virtual currency on their apps, threatening to block any accounts found engaging in such activities.
At least four fintechs—Opay, Moniepoint, PalmPay, and Paga—have communicated this development to their customers on Friday.
Last week, the Central Bank of Nigeria stopped major fintech firms like Kuda, Opay, PalmPay and Moniepoint from onboarding new customers.
The CBN’s move was linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which have been under scrutiny in recent months over concerns around money laundering and terrorism financing.
Before the CBN’s directive, the Economic and Financial Crimes Commission had obtained a court order to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.
In a notice issued on Friday, OPay said it would take strict measures against customers who violate its policy, which aligns with the Central Bank of Nigeria’s stance on cryptocurrency trading.
“In compliance with the CBN directive, please note that OPay prohibits any cryptocurrency and all virtual currency trading. Any account engaging in such activities will be closed, and customer information will be shared with regulatory authorities.
“Please ensure that your account does not involve any cryptocurrency or any other virtual currency transaction,” the fintech firm warned.
In a similar move, Paga, a fintech firm that has processed transactions worth $32bn in 15 years of operation, said in an email to its customers, “As a Paga account holder, please ensure that your account is not used for crypto and virtual currency transactions. Paga accounts in violation of this regulation will be blocked.”
PalmPay, another major player in an emailed statement said, “We strongly advise against using your PalmPay account for transactions involving cryptocurrencies or any other virtual assets. Please be advised that failure to comply with these regulations may result in the suspension of your account.
On Thursday in Lagos, the founder and CEO of Moniepoint, Tosin Eniolorunda, called on cryptocurrency peer-to-peer (P2P) participants to halt their activities, citing the financial sector’s prohibition on such transactions.
[Punch]
•No ex-gov among EFCC’s 6,981 convictions in 3 years
•Only 4 former governors convicted in 21 years
•How Nigeria produced 170 governors in 25 years
If the allegations of the Economic and Financial Crimes Commission, EFCC were anything to go by, no fewer than 58 former governors have looted, embezzled, laundered or misappropriated the sum of N2.187 trillion in 25 years.
This figure excludes seized properties across the globe and others under probe, which run into billions of Naira.
The N2.2 trillion looted is equivalent to the Lagos State 2024 budget of N2.25 trillion and the entire South-East states’ 2024 budget of N2.29 trillion. It is several billion higher than the North-Central states’ 2024 budget of N1.89 trillion, and North-East’s N1.60 trillion.
The 58 former governors the EFCC is probing, probed, investigated and prosecuted are drawn from all parts of the country.
Since the return to civil rule on May 29, 1999, the 36 states of the country have had no fewer than 170 governors.
How Nigeria produced 170 governors in 25 years
Abia State has produced four governors, namely Orji Uzor Kalu, Theodore Orji, Okezie Ikpeazu and Alex Otti.
Anambra State produced six-Chinwoke Mbadinuju, Chris Ngige (annulled election), Peter Obi, Virgy Etiaba (acting), Willie Obiano and Chukwuma Soludo.
In Ebonyi, it is four, namely, Sam Egwu, Martin Elechi, Dave Umahi and Francis Nwifuru.
Enugu State also had four governors— Chimaroke Nnamani, Sullivan Chime, Ifeanyi Ugwuanyi and Peter Mbah.
Imo State produced five – Achike Udenwa, Ikedi Ohakim, Rochas Okorocha, Emeka Ihedioha (annulled election), and Hope Uzodimma.
In Akwa Ibom there are four Victor Attah, Godswill Akpabio, Udom Emmanuel and Umo Eno.
Bayelsa has seven, namely, late DSP Alamieyeseigha, Goodluck Jonathan, Timipre Sylva, Werinipre Seibarigo (acting), Nestor Binabo (acting), Seriake Dickson and Duoye Diri.
Cross River produced four helmsmen viz- Donald Duke, Liyel Imoke, Ben Ayade and Bassey Otu.
Delta State had four-James Ibori, Emmanuel Uduaghan, Ifeanyi Okowa and Sheriff Oborevwhori.
It was also four in Edo with the likes of Lucky Igbinedion, Oserheimen Osunbor (annulled election), Adam’s Oshiomhole and Godwin Obaseki.
Rivers State produced five – Peter Odili, Celestine Omehia (annulled), Rotimi Amaechi, Nyesom Wike and Siminalayi Fubara.
Lagos is among the states with four governors following the stints of Bola Tinubu, Babatunde Fashola, Akinwunmi Ambode and Babajide Sanwo-Olu.
Ekiti, which is the second least populated state in Nigeria, has the highest turnover of governors with eight. They are Niyi Adebayo, Ayo Fayose, Gen Tunji Olurin (sole administrator), Tope Admiluyi (acting), Segun Oni (annulled), Tunji Odeyemi (acting), Kayode Fayemi and Biodun Oyebanji.
Ogun produced four governors viz: Segun Osoba, Gbenga Daniel, Ibikunle Amosun and Dapo Abiodun.
It was five in Ondo led by the late Adebayo Adefarati, late Olusegun Agagu, Olusegun Mimiko, late Rotimi Akeredolu and Lucky Aiyadatiwa.
Osun State also had five via Bisi Akande, Olagunsoye Oyinlola (annulled) , Rauf Aregbesola, Gboyega Oyetola and Ademola Adeleke.
Oyo State produced five-, the late Lam Adesina, Rashid Ladoja, late Christopher Alao-Akala, late Abiola Ajimobi and Seyi Makinde.
In Benue State, there are four, namely, George Akume, Gabriel Suswam, Samuel Ortom and Hyacinth Alia..
Niger State also produced four in Abdulkadir Kure, Babangida Aliyu, Sani Bello and Mohammed Bago.
Kogi has had six men occupy the Government House since 1999. They include the late Abubakar Audu, Ibrahim Idris, Clarence Olafemi (acting), Idris Wada, Yahaya Bello and Usman Ododo.
Nasarawa produced four through Abdullahi Adamu, Aliyu Doma, Tanko Al’Makura and Abdullahi Sule.
Kwara also had four – Mohammed Lawal, Bukola Saraki, Abdulfatah Ahmed and Abdulrasaq Abdul Rahman.
In Plateau, there are five- Joshua Dariye, Michael Botmang (acting), Jonah Jang, Simon Along and Caleb Mutfwang.
Adamawa State produced six – Bonnie Haruna, Murtala Nyako, James Barka (acting), Umaru Fintiri, Bala Ngilari (acting), and Bindo Jibrila.
Bauchi elected four governors within the period – Adamu Muazu, Isa Yuguda, Mohammed Abubakar and Bala Mohammed.
Borno also has four late Mala Kachala, Ali Mode-Sheriff, Kashim Shettima and Babagana Zulum.
Gombe is among the states with four with the likes of Abubakar Hashidu, Danjuma Goje, Ibrahim Dankwambo and Inuwa Yahaya.
In Taraba, six persons had become governor as follows: Jolly Nyame, the late Danbaba Suntai, Garba Umar (acting), Sani Danladi (acting), Darius Ishaku and Agbu Kefas.
Yobe produced four Bukar Abba-Ibrahim, the late Mamman Ali, Ibrahim Geidam and Mai Mala Buni.
Jigawa also has four-Saminu Turaki, Sule Lamido, Badaru Abubakar and Umar Namadi.
In Kaduna, there are six – Ahmed Makarfi, Namadi Sambo, the late Patrick Yakowa, Ramalan Yero, Nasir el-Rufai and Uba Sani.
Kano produced four – Musa Kwankwaso, Ibrahim Shekarau, Umar Ganduje and Abba Kabir Yusuf.
Neighbouring Katsina also had four – late Umaru Musa Yar’Adua, Ibrahim Shema, Bello Masari and Dikko Radda.
In Kebbi, they are five – Adamu Aliero, Usman Dakingari, Amina Jega (acting), Atiku Bagudu and Nasir Idris.
Sokoto also has five – Attahiru Bafarawa, Aliyu Wamakko, Abdullahi Salame (acting), Aminu Tambuwal and Ahmad Aliyu.
Zamfara State also produced five governors, namely, Ahmed Yerima, Mahmoud Shinkafi, Abdulaziz Yari, Bello Matawalle and Dauda Lawal
Further breakdown
Among 170 governors, 18 were acting governors or those whose elections were nullified by the courts; 36 are currently serving and 114 were elected governors who served for one or two terms.
Among the 134 former governors, no fewer than 58 have had fraud-related tangos with the EFCC of which only four were convicted.
Those convicted were Chief Lucky Igbinedion (Edo), late DSP Alamieyeseigha (Bayelsa), Jolly Nyame (Taraba), and Joshua Dariye (Plateau).
No ex-gov among EFCC’s 6,981 convictions in 3 years
Between 2020 and 2022, the EFCC secured 6,981 convictions, according to data obtained from its website: www.efcc.gov.ng. In 2020, the commission secured 976 convictions; did 2,220 in 2021, and an unprecedented 3,785 in 2022. The data for 2023 is yet to be released.
No former governor is among the 6,981 persons convicted for fraud in the last three years.
A host of the cases are still in court, some have been dismissed for lack of diligent prosecution by the anti-graft agency and those affected acquitted. Some former governors visited the EFCC over the petitions against them and nothing was heard thereafter. Also, some former governors are dead and so are the cases against them.
58 ex-governors under EFCC’s radar
The 58 former governors who are having or have had brushes with EFCC and alleged amounts involved include late Abubakar Audu (N10.966 bn), TA Orji and sons (N551 bn), Yahaya Bello (N80.2 bn), Chimaroke Nnamani (N5. 3 bn), Sullivan Chime (N450 million), Kayode Fayemi (N4bn), Ayo Fayose (N6.9 bn), Abdullahi Adamu (N15bn), Danjuma Goje (N5bn), Aliyu Wamakko (N15 bn), Sule Lamido (N1.35 bn), Joshua Dariye (N1. 16 bn) and Timipre Sylva (N19.2 bn).
There are also Saminu Turaki (N36bn), Orji Uzor Kalu (N7. 6bn), Bello Matawalle (N70 bn), Lucky Igbinedion (N4. 5 bn), Musa Kwakwanso (N10bn), Peter Odili (N1000 bn), Jolly Nyame (N1.64 bn), James Ngilari (N167 m), Abdulaziz Yari (N84 bn), Godswill Akpabio (N100bn), Abdul fatah Ahmed (N9 bn), Ali Mode-Sheriff (N300bn), Willie Obiano (N43 bn), Ibrahim Dankwambo (N1. 3bn), Darius Ishaku (N39bn) and Ramalan Yero (N700m).
Others include Achike Udenwa (N350m), Rochas Okoro ha (N10. 8bn), James Ibori (N40 bn), DSP Alamieyeseigha ((N2.655bn), Gabriel Suswam (N3. 111bn), Samuel Orton (N107bn), Murtala Nyako (N29bn), Rashid Ladoja (4.7bn), Christopher Alao-Akala (N11. 5 bn), and Abdulkadir Kure (N600m).
The rest include Babangida Aliyu (N4bn), Abubakar Audu (N10bn), Idris Wada (N500m), Ibrahim Shekarau (N950m), Adamu Aliero (N10bn), Usman Dakingari and wife (N5. 8bn), Attahiru Bafarawa N19. 6bn), Jonah Jang (N6. 3bn), Aliyu Doma (N8bn), Tanko Al’Makura (N4bn), Boni Haruna (N93bn), Bindow Jibrila (N62bn), Adamu Muazu (13bn), Isa Yuguda N212bn) and Mohammed Abubakar (N8. 5bn).
The petitions against some former governors are hazy, and figures were not attached.
Last January, the commission reportedly said that it would revisit the N772 billion alleged fraud cases against 13 former governors. Apart from being acquitted, a host of the former state helmsmen are claiming that they are innocent of the allegations and accusing the EFCC of a political witch-hunt.
However, the anti-graft has insisted on revisiting some of the cases and ensuring that those indicted are brought to book. It is to be seen how far it would go in its latest offensive.
Chief Aderemi Adedoye, who is the immediate past Commissioner of Police in Anambra State has been in the news since he was pulled out of the Nigeria Police Force after 35 years of service. During the ceremony in Awka, Adeoye, who joined the Nigeria Police as a constable even though he had a university degree, told his audience at the Alex Ekwueme Square how an investment company he founded with some Facebook friends, is now worth about N20 billion.
Adeoye had said that with his retirement, he would go full-time into business and would not bother himself going into security consultancy as many retired security operatives usually do.
Following the controversy that has trailed his pronouncement on the investment outfit, tongues started wagging as to how the retired CP had time to engage himself in such a multi-million naira venture. On Friday, Adeoye was a guest on Arise News TV to explain everything about the business.
He said: “The people of Anambra State knew that I did my work diligently. It has never happened in the history of Anambra State that a retiring CP should be conferred with two chieftaincy titles by two communities and a street named after me.
I am Nnwane Di na mba 1 of Omasi Kingdom and I am Dike Ochiogha 1 of Ogbunka Kingdom. I received these titles within a space of one week. The street named after me is by the Governor’s Lodge in Awka. Africa Trust Magazine declared me Man of the Year and went down memory lane to capture what we did in terms of security. So I did not abuse my office. I served for 35 years without attracting any query.”
Asked to clarify the operations of the controversial outfit he has been managing and the ownership structure of the organization, Adeoye said:
“The name of this organization is Alfa Trust Investment Club. Our loan arm is registered as Artic Cooperative Multipurpose Society Limited, which is registered with the Lagos State Government. We carry on investment under the business name of Artic Ventures and Business Services and that is the name that is registered with the Corporate Affairs Commission (CAC). We would have liked to register our full name as it is, but CAC did not approve that.
“Basically when we started in 2018, all the 177 founding members were my Facebook friends and they were drawn from an investment forum where I had lectured for free for years. The members requested that this thing we are doing as a hubby assist somebody and that we can pull resources together to do some legal investment. I was mandated to set the process in motion to ensure that everyone who would participate would willingly do so. The 177 members were then migrated to the Investment outfit. Subsequently, on a yearly, basis, we admit members.
These my friends invited their family members and friends to join. That is how we grow. We don’t solicit for membership. For five years of our existence, we have paid dividends every year without fail. Our purpose is to invest, not to do business.
So we don’t have an office, we don’t have overhead costs, we don’t have employees, we don’t pay salaries, we don’t have a generator, we don’t have official cars, The only thing the officials of the club spend is their data which is seen as their contributions to the growth of the club. The only thing we spend money on is organizing our physical meetings and this is paid for by membership dues, which is N5000 per member, per annum.
“For anybody to be a member, he must be a Nigerian, irrespective of where he resides in the world. The person must have visible means of livelihood which is verified. Usually, we demand to see a workplace identity card and we go further to verify it we do background checks and we insist that any member we admit must not have any criminal record.
“Those who have pending matters with EFCC are excluded. The majority of our members are Nigerian professionals all over the world. Once admitted, the person indicates the number of shares he or she wants to buy, subject to a minimum of 50,000 units”.
On whether the outfit has audited accounts, Adeoye said the organization is only an outline investment entity.
“We have a registered business address, which belongs to one of the members of the Board of Trustees. But we don’t run costs on it because everything we do is online. When members pull funds together, we use it to buy shares from the Nigeria Stock Exchange and we invest in landed properties in Estates promoted by renowned developers all over the country, and that is what has yielded the money we have today.
“We bought hundreds of plots at N750,000 per plot in 2019 and today each plot is worth N12 million. It is determined by the market price. We subscribed for 600 plots and in Ibeju Lekki we subscribed for five plots.
We are not a publicity quoted company; we are an investment company. We are not answerable to anybody, except to our members, the BOT and the management for our record, unless you bring a court order for us to account to you. Everything we do is published for our members to read. At the AGM, our accounts are approved. We have never invited external auditors to audit our books and every member is satisfied with our books.
It was some greedy members who said they wanted the accounts to be rendered and we said no problem, but that the procedure must be followed.”
He added: “My job never suffered from my attention. I keep awake every night to get information from my command and I respond accordingly, and the evidence is there.”
On the allegation that he is operating a Ponzi scheme, Adeoye stated: “Our outfit is not a Ponzi scheme, Ponzi scheme, means collecting money from new members to pay old ones. We don’t do that. Any money paid by new members is used to pay for the lands we have bought. Running a loan scheme is a feature of every cooperative society.
The loans, which can be up to N1 million are payable in nine months and we have had zero default in the last five years. We also have a land auction system where members who buy at a cheap rate sell when they appreciate.
“Last year, this generated N15 million for us. We also have our internal active stock exchange. Whatever business we do has tax liability imputed.
In terms of membership, we are 1400 strong and those expelled for criminal misconduct are 33. In terms of the size of the business, our assets are in the neighbourhood of around N20 billion. If you divide it by the number of members, it averages N15 million.
So I do not know where this idea of one person being a billionaire came from. I am not the largest shareholder in the club. The largest shareholder works with the Atomic Agency in Vienna and he is a member of BOT.
The second largest shareholder is a medical doctor based in the UK and he is a BOT member also. If anything is going wrong, it is these people who have big investments that will raise the alarm.
The person raising the alarm holds the minimum number of shares 50,000 shares. It is ridiculous that 96% of our members are with us.”
More...
Daniel Ojukwu, a journalist with The Foundation of Investigative Journalism (FIJ), has been reportedly detained by the police over an allegation bordering on “cybercrime”.
The management of FIJ said Ojukwu went missing on May 1 while his contact numbers were not reachable as family and friends struggled to reach him.
FIJ said a track of Ojukwu’s devices revealed his last active location to be in Isheri Olofin, Alimosho LGA, noting that the area was the place where the police arrested the journalist.
The foundation revealed that Ojukwu’s family discovered he is being held by the intelligence response team (IRT) of the inspector-general of police (IGP) at the state criminal investigation department (SCID), Panti area of Lagos.
The newspaper claimed that the journalist is being held for the alleged violation of the 2015 Cybercrime Act.
Fisayo Soyombo, the FIJ founder, said he suspects Ojukwu was arrested over a certain investigative story he reported in November 2023.
Ojukwu reported that the office of the senior special assistant to the president on sustainable development goals (OSSAP-SDGs) awarded a contract for the construction of one skill acquisition centre and one block of six classrooms at Ajeromi Primary School in Lagos at the cost of N147 million.
According to the report, the fund for the contract was paid into the “account of a restaurant,” while the project was not situated in its designated location.
The report revealed that the skill acquisition centre was constructed in Ladi-Lak Nursery and Primary School on 2, Randle Road, Apapa, and the block of six classrooms in Metropolitan Nursery and Primary School, Adekunle Deen Street, Off Mile 2-Ijora Expressway, Ijora.
Attempts to reach Benjamin Hundeyin, spokesperson of the Lagos police command, were unsuccessful as his phone line was not reachable, and messages were not replied to at the time of filing this report.
[TheCable]
Thanks to H.E. President Bola Ahmed Tinubu, GCFR, and his exceptional ACE team, Fitch has elevated Nigeria's credit rating outlook from STABLE to POSITIVE.
A full list of rating actions is below.
KEY RATING DRIVERS
The revision of the Outlook reflects the following key ratings drivers and their relative weights:
High
Significant Reform: The Positive Outlook partly reflects reforms over the last year to support the restoration of macroeconomic stability and enhance policy coherence and credibility. Exchange rate and monetary policy frameworks have been adjusted, fuel subsidies reduced, coordination between the ministry of finance and the Central Bank of Nigeria (CBN) improved, central bank financing of the government scaled back and administrative efficiency measures are being taken to raise the currently low government revenue, as well as oil production.
Distortions Reduced: The reforms have reduced distortions stemming from previous unconventional monetary and exchange rate policies, resulting in the return of sizeable inflows to the official foreign exchange (FX) market. Nevertheless, we see significant short-term challenges, notably, inflation is high and the FX market has yet to stabilise, and the durability of the commitment to reform is to be tested.
Exchange Rate Liberalisation: The CBN has stepped up efforts to reform the monetary and exchange rate framework following last year's unification of the multiple exchange rate windows, and the large differential between the official and parallel market rates has collapsed. Average daily FX turnover at the official FX window has risen sharply from 2H23, and there has been clearance of USD4.5 billion of the backlog of unpaid FX forwards (the validity of the outstanding USD2.2 billion is being assessed by CBN), and weekly sales of FC to bureaux de changes (BDCs) have resumed (having been suspended since 2021).
Return of Sizeable Non-Resident Inflows: Greater formalisation of FX activity and monetary policy tightening has contributed to a significant rise in foreign portfolio investment inflows, and a fast appreciation of the naira at the official FX window, following the 71% post-liberalisation depreciation between June 2023 and mid-March 2024, although the exchange rate remains volatile. However, Fitch views continued lack of clarity in the size of net FX reserves as a constraint on the sovereign's credit profile.
Further Monetary Policy Tightening Expected: Fitch anticipates further increases in the CBN monetary policy rate in 2H24 (following the 600bp hike to 24.75% since February 2024 alongside tightening of reserve requirements) and strengthening of monetary policy transmission, after the recent resumption of open market operations at rates closely aligned to the MPR. We project inflation, which rose to 33.2% yoy in March due partly to exchange rate pass-through and rising food prices, to average 26.3% in 2024 and 18.2% in 2025, still well above our projected 'B' median of 4.5%.
Medium
Fiscal Revenue Improves, Still Low: Fitch forecasts the budget deficit to widen 0.3pp in 2024 to 4.5% of GDP (but 0.5pp lower than we projected at our last review). This is due to improving non-oil revenue and partial fuel subsidy removal being offset by underperformance in oil profits from Nigerian National Petroleum Corporation Limited (despite a potential improvement in oil production) and higher payments for debt servicing, personnel and capex.
We project a 2pp rise in general government (GG) revenue/GDP from 2023 to 2025 to 9.6%, helped by increased mobilisation of non-oil tax revenue, to narrow the budget deficit to 4.1% in 2025. Nevertheless, the GG revenue/GDP ratio would remain one of the lowest of Fitch-rated sovereigns. The government has sharply reduced recourse to its CBN 'Ways and Means' overdraft this year, and banks' healthy foreign currency (FC) liquidity and strong demand for government securities support domestic financing capacity.
Improved Oil Production, Challenges Remain: We expect oil refining capacity to increase in 2024-2025 as the Dangote plant ramps up, with an eventual 0.65 mbpd capacity. This will reduce transportation costs and lower refined oil imports, which should ease FX demand. We anticipate an increase in crude oil production (including condensates) in 2024-2025, averaging 1.75 mbpd, from 1.58 mbpd in 2023, helped by improved onshore surveillance, but this is still well below the 2019 level, reflecting underinvestment in the sector and production outages.
Nigeria's 'B-' IDRs also reflect the following key rating drivers:
Rating Fundamentals: Nigeria's rating is supported by its large economy, developed and liquid domestic debt market, and large oil and gas reserves. It is constrained by weak governance indicators relative to peers', high hydrocarbon dependence, limited crude oil production capacity, weak net FX reserves, high inflation, ongoing security challenges, and structurally low, albeit improving, non-oil revenue.
Extremely High Interest Expenditure: Fitch expects GG debt/GDP to rise 2.6pp in 2024 to 44.8% ('B' median 53.2%), partly owing to currency depreciation, with the bulk of financing in 2024 domestically sourced. Domestic borrowing costs have risen due to higher policy rates, and GG interest/revenue is one of the highest of Fitch-rated sovereigns at 38.2% in 2023 ('B' median 11.6%). Nigeria's public debt has a fairly long average maturity of 12.3 years, and nearly 61% is local-currency denominated, well above the current 'B' median of 35.9%.
Moderate Gross FX Reserves: Gross FX reserves fell to USD32.2 billion at end-April, from a peak of USD34.4 billion in mid-March, partly reflecting repayment of existing debt obligations, and FX sales to BDCs to support the currency. Fitch projects a broadly flat current account surplus, averaging 0.5% of GDP in 2024-2025, supported by a modest rise in oil production and remittances. We forecast FX reserves to fall to 4.2 months of current external payments at end-2024 ('B' median 4.2), from 4.4 months at end-2023.
Weak Net FX Reserves: Uncertainty continues over the net FX reserve position, with a particular lack of clarity on near USD32 billion of "FX forwards, OTC futures, and currency swaps" recorded as an off-balance sheet "commitment" in CBN's last consolidated financial statement for 2022. Fitch estimates that around 30% of Nigeria's reserves are made up of FX bank swaps, although we expect most of these to continue to be rolled over.
External Debt Service Rises in 2025: Government external debt service is moderate, expected at USD4.8 billion in 2024 and USD5.2 billion in 2025 (with USD2.9 billion of amortisations, including a USD1.1 billion Eurobond repayment due in November). The government plans to meet its external financing obligations through a combination of multilateral lending, syndicated loans, and potentially from commercial borrowing.
Banking Sector Resilience: The banking sector has been resilient to the impact of the sharp devaluation on the capital adequacy ratio (end-11M23: 12.3%) given balance sheet structures, including net long FC positions, which delivered large FX revaluation gains in 2023 and 1Q24. While we expect the non-performing loan ratio (end-3Q23: 4.2%) to rise in 2024, loan books are small (end-2023: 35% of banking sector assets) and overall asset quality remains closely aligned with sovereign creditworthiness, given high fixed-income securities and cash reserves at the CBN. Fitch anticipates a marked increase in equity issuance and M&A in the next two years in order to comply with a significant increase in paid-in capital requirements.
ESG - Governance: Nigeria has an ESG Relevance Score (RS) of '5' for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in our proprietary Sovereign Rating Model (SRM). Nigeria has a low WBGI ranking at the 17th percentile, reflecting weak institutional capacity, uneven application of the rule of law, and a high level of corruption.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
External Finances: Heightened external liquidity stress, potentially illustrated by a deterioration in the CBN's net FX position, for example, due to severely constrained external financing sources, failure to push ahead with exchange-rate reforms contributing to capital outflows or banks not rolling over FX swaps with the CBN, and/or sustained lower oil receipts
Public Finances: Higher risk of debt servicing difficulties, for example, stemming from a widening fiscal deficit, failure to put the interest/revenue ratio on a downward path, weaker demand for domestic government debt, and constrained access to Eurobond financing
Macro: Greater macro-instability in the form of more entrenched high inflation or high GDP growth volatility, potentially due to renewed greater central bank fiscal financing, looser monetary policy settings, and the re-emergence of FX shortages in the economy
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
External Finances: Reduction in external vulnerabilities, for example, due to a sustainable recovery in the CBN's FX position, further easing of domestic FC supply constraints, or sustained current account surpluses
Macro: Improved credibility and consistency in monetary and fiscal policy-making and FX management, resulting in a sustained reduction in inflation and greater stability in the FX market
Public Finances: Sustainable improvement in public finances, potentially arising from an increase in oil revenue and stronger mobilisation of domestic non-oil revenue
SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Nigeria a score equivalent to a rating of 'B-' on the LTFC IDR scale.
Our sovereign rating committee did not adjust the output from the SRM to arrive at the LTFC IDR.
Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centered averages, including one year of forecasts, to produce a score equivalent toLTFC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the LTFC IDR, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM.
COUNTRY CEILING
The Country Ceiling for Nigeria is 'B-', in line with the LTFC IDR. This reflects no material constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into FC and transferring the proceeds to non-resident creditors to service debt payments.
Fitch's Country Ceiling Model produced a starting point uplift of 0 notches above the IDR. Fitch's rating committee did not apply a qualitative adjustment to the model result.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Nigeria does not publish consolidated fiscal data on a general government basis, which complicates our assessment of fiscal performance. Fitch is able to produce its own estimates for general government fiscal metrics based on disaggregated data on federal, state and local government revenue, spending and debt published by the NNPC, the CBN, the Debt Management Office, the Budget Office of the Federation and the National Bureau of Statistics. Fitch's estimates are broadly consistent with and comparable to the data used for other sovereigns. The data used was deemed sufficient for Fitch's rating purposes because we expect that the margin of error related to the estimates would not be material to the rating analysis.
ESG CONSIDERATIONS
Nigeria has an ESG Relevance Score of '5' for Political Stability and Rights as WBGI have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Nigeria has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile.
Nigeria has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as WBGI have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Nigeria has a percentile rank below 50 for the respective governance indicators, this has a negative impact on the credit profile.
Nigeria has an ESG Relevance Score of '4' for Human Rights and Political Freedoms as the Voice and Accountability pillar of the WBGI is relevant to the rating and a rating driver. As Nigeria has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile.
Nigeria has an ESG Relevance Score of '4' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Nigeria, as for all sovereigns. As Nigeria has a fairly recent restructuring of public debt in 2005, this has a negative impact on the credit profile.
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision.
[http://www.fitchratings.com]
An Open Letter to Mr. President and the Leadership of the National Assembly (NASS) on the Dangers of the Relocation of American and French Military Bases from the Sahel to Nigeria
AdminYour Excellencies,
It is a common knowledge that the American and French governments have been desperately lobbying the governments of Nigeria, Benin, Togo, and Ghana to agree to sign new defense pacts that would enable them to redeploy their soldiers expelled from Mali, Burkina Faso, and Niger. Some of the troops have been redeployed to Chad but France and United States prefer countries of the Gulf of Guinea that are more strategically located to serve their interests in the central zone of the Sahel. Of the countries in the Gulf of Guinea, Nigeria turns out to be the most strategically located.
There are indications that the Nigerian Government may be favorably disposed to the proposed defense pact. However, there is a widespread apprehension that signing of the pact by Nigeria would have wide ranging implications for defense and internal security of the country. On 22nd December 2023, the last of France’s 1,500 troops deployed in Niamey and two other bases in the tri-frontier of Niger were marched out of the country.
On March 16th, 2024, Niger Republic suspended the military agreement with the United States signed in 2012, which allowed the US to station about 1100 US troops and civilian personnel permanently in Niger, to operate from two American bases in the country. American Airbase 101 is located in Niamey while Airbase 201 is located near the small northern city of Agadez, about 920 kilometers southwest of Niamey.
These French and American bases were used by the French and the Americans to carry out manned and unmanned surveillance flights and other operations in the Sahel. The bases had become the focal points for Western intelligence and surveillance operations in West Africa. The American and French troops were expelled because their presence did not serve any useful purpose. Instead, they were using the defense pact to carry out surveillance operations in the region to serve their geopolitical strategic interests. As a result of this expulsion, the Gulf of Guinea countries especially Nigeria, are being pressured to compromise their sovereignty by harboring these foreign troops who would come to serve the interests of NATO to the detriment of the national interests and security of the countries of the Gulf of Guinea. Nigeria’s civil war experiences when France overtly supported the Biafran secessionists, and the ambivalence of the US should provide our leaders with food for thought.
It is important to remember that Nigerians have consistently opposed defense agreement with foreign countries since the 1960s when the Balewa administration was forced to abrogate the Anglo-Nigerian Defense Agreement, because the agreement 2 contained a clause which allowed the Royal Air force to overfly and test its aircrafts in Nigeria. The Agreement also allowed the Royal Air Force to station maintenance staff in Nigeria. The Balewa administration was pressured to abrogate the Agreement because public opinion perceived it as an impairment of Nigeria’s freedom of action which might draw the country into hostilities against it wishes. This remains true. In 2001, in his bid to ostensibly re-professionalize the Nigerian army, President Obasanjo almost unilaterally signed the “Military Cooperation Agreement Between the US and Nigeria.”
To its credit, the Ministry of Defense responded appropriately by opposing the agreement arguing that, the ministry was not involved in the negotiations between Nigeria and the US, neither were the service chiefs, who could have provided input relating to the syllabus and doctrinal content of the programme. In fact, the agreement was highly criticized by Lt General Victor Malu, the Chief of Army Staff at the time, when the US military officers demanded for Nigeria’s strategic doctrine and unfettered access its strategic military locations. According to General Malu, those were “exclusive to Nigerians only” adding that “a friend today can be an enemy tomorrow.”
Malu was not alone in protest against the agreement. His immediate boss and Chief of Defense Staff, Vice Admiral Ibrahim Ogohi also told a visiting US Air College delegation to his office that “what Nigeria needs is logistic support and not training.” In November 2007, the US renewed its attempt to set up its Africa Command (AFRICOM) in Nigeria. This move was rejected by the National Council of State. Incidentally President Bola Ahmed Tinubu was a member of the Council of State at the time.
The latest proposal to relocate the America from Niger to Nigeria coming not long after the suspension of Niger from ECOWAS, with Nigeria’s active collaboration as a result of disagreement between Niger and the US, has many serious implications not only for Nigeria - Niger relations but also for Nigeria’s national security and that of the West African region in general. According to the late Major General Joseph Garba, Nigeria’s former Minister of External Affairs, Nigeria’s neighbors are a matter of colonial heritage and socio-cultural diversity; but it is in our Nigeria’s interest to deliberately cultivate the friendship of our neighbours.
This posture has been and must continue to be a major feature of Nigeria’s foreign policy. This is even more so because historically, there has always been a noticeable degree of suspicion of Nigeria’s intentions among its French - speaking neighbors, arising no doubt from the mutual suspicion which seems to have always characterized Nigeria’s relations with France. Therefore, in this circumstance Nigeria must be bold enough to reject the proposal, if for no other reason than to return a good turn. At least since independence Nigeria and Niger have maintained relatively cordial relations that have always helped in stabilizing the sub-region on several occasions.
The two countries have come to the aid of one another during their moment of crises. The new military rulers in Niger jettisoned the security cooperation agreement between Niger and the United States because of the “attitude of the US delegation which visited Niger recently “in denying the sovereign rights of Niger’s people to choose their 3 partners and allies capable of really helping them to fight terrorism.” General Michael Langley, head of the African Command (AFRICOM) had expressed “concern” that Niger was cultivating close ties with Russia and Iran. Other reasons given for the abrogation of the agreement included the fact that the presence of the American troops in Niger was illegal. According to Amadou Abdramane the spokesperson for the Niger’s Military Council, “it was not democratically approved and imposes unfavorable conditions on Niger.” As the “Agreement” was simply a list of demands drawn by the US Embassy in Niger and sent to the Mahamadou Issoufou’s administration for its consent, which it willingly gave.
The Agreement for example provides that all United States personnel be accorded the privileges, exemptions, and immunities equivalent to those accorded to the administrative and technicalstaff of a diplomatic mission under the Vienna Convention on Diplomatic Relations of April 18, 1961; that United States personnel may enter and exit the Republic of Niger with United States identification and with collective or individual travel order. It is important to clearly state that there are only dangers and no gains from such military operations.
The American operations in Niger Republic for example were ostensibly to pre-empt and uproot terrorists from the Sahelian region. The result has so far been quite unimpressive, if not a complete failure. It is apparent that the presence of American troops and other intelligence personnel in Niger Republic is not serving any useful purpose. This is for the simple reason that terrorism, far from abating, has in fact risen dramatically since the US began its operations in the region. Data sourced from the Pentagon, indicate that “with 2,737 violent events, the western Sahel (Burkina Faso, Mali and Western Niger) experienced the largest escalation in violent event linked to militant Islamist groups over the past years of any region in Africa, a 36% increase.” …” Fatalities in the Sahel involving militant Islamist groups rose even more rapidly, 63%, resulting in 7,899 fatalities.
Niger in particular in particular “saw a 43% increase in violent events in the past year. “All told, …attacks linked to militant Islamist groups in the Sahel have jumped 3,500% since 2016.” “At a minimum, more US security assistance isn’t leading to more security and all signs suggest it plays a role in making matters worse.” (Elizabeth Shackelford) “The Sahel now accounts for 40% of all violent activity by militant Islamist groups in Africa, more than any other region in Africa. …Militant Islamist violence in the Sahel is also responsible for the displacement of more than 2.6 million people.” Are these results worth the erosion of sovereignty? We the signatories of this open letter believe strongly that the economic and environmental impacts of hosting foreign military bases are profound and far-reaching. Economically, the presence of these bases could potentially divert government funds and resources away from critical areas such as education, healthcare, and infrastructure development toward maintaining and securing these military installations.
This redirection of resources could stunt economic growth and exacerbate poverty in a country where much of the population already lives under challenging conditions. 4 Moreover, hosting foreign troops often leads to increased prices and living costs in local areas, disproportionately affecting the lower-income population. Environmentally, the construction and operation of military bases can lead to significant degradation of the local environment. This includes deforestation, soil erosion, water contamination, and loss of biodiversity, which are detrimental to agricultural communities and indigenous populations. The long-term environmental damage could further hinder economic opportunities and sustainable development. Historically, the presence of foreign military bases has often led to strained relations not only with neighboring countries but also within the host country itself, as seen in numerous global instances. Public opinion in Nigeria has consistently shown a strong resistance to foreign military alliances that compromise the nation’s sovereignty and independence.
The controversial history of foreign military presence in Nigeria, dating back to the abrogation of the Anglo-Nigerian Defense Agreement in the 1960s, serves as a significant historical precedent highlighting the potential risks and public discontent associated with such agreements. This historical awareness and skepticism are echoed in the present day, where there is considerable public apprehension towards the re-establishment of foreign military bases. In conclusion, as stewards of Nigeria’s sovereignty and guardians of its national interests, it is incumbent upon our leadership to heed the lessons of history and the voice of its people.
The relocation of foreign military bases to Nigerian soil represents not just a potential compromise of our sovereignty but also sets a precedent that may lead to unforeseen geopolitical, economic, and social consequences. We, the signatories of this open letter, urge you to consider the broader implications of such agreements and to prioritize Nigeria’s long-term peace and security over short-term strategic alignments.
By standing firm against the pressures to house foreign bases, Nigeria can affirm its commitment to self-determination and foster a more stable and prosperous future for all its citizens. Let us choose a path of cautious diplomacy and strategic independence, ensuring that our nation remains a beacon of stability and a model of sovereign integrity in Africa. Yours faithfully,
1. Abubakar Siddique Mohammed Centre for Democratic Development, Research and Training (CEDDERT) Zaria.
2. Kabiru Sulaiman Chafe Arewa Research and Development Project (ARDP) Kaduna.
3. Attahiru Muhammadu Jega Bayero University, Kano.
4. Jibrin Ibrahim Centre for Democracy and Development (CDD) Abuja.
5. Auwal Musa (Rafsanjani) Civil Society Legislative Advocacy Centre (CISLAC) Abuja.
6. Y. Z. Ya’u Centre for Information Technology and Development (CITAD) Kano
A Magistrate Court in Wuse Zone 2 Abuja has ordered the Federal Capital Territory Internal Revenue Service (FCT-IRS) to seal a company – Ifedi A.K. Nigeria Ltd, over the failure of its management to file the mandatory annual returns.
Magistrate Janada Balami issued the order on Friday, May 3, after the lawyer to FCT-IRS, Michael Towolawi applied orally to have the company sealed to compel it to attend court to answer the complaint filed against it by the FCT-IRS.
In her ruling, Magistrate Balami said the oral application to seal up the property located at No 6, Rudolf Close, Off Katsina-Ala Street, Maitama, Abuja was granted to compel the attendance of the defendant in court on the next adjourned date.
She proceeded to adjourn to May 16.
When the case was called, the company, named as the sole defendant, was not represented.
Towolawi told the court that the company has consistently failed from 2019 to 2023 to file its annual returns in violation of Section 81 of the Personal Income Tax Act, LFN, 2004, and amended in 2011.
He said all efforts to make the company comply with the law proved abortive as all notices served on the company, which were duly acknowledged, were not acted on.
Towolawi said a notice to prosecute was also served on the defendant on March 6, 2024, but without any response.
[TheNation]