The Central Bank of Nigeria, CBN, has increased the exchange rate for calculating tariff and import duties collection at the Nation’s seaports and airports by N162.51 amid the Naira depreciation.

The apex bank’s data showed that customs exchange increased to N1327.35 per dollar on Monday from N1,164.84 per dollars on Sunday.

This represents a 12.2 per cent or N162.51 increment. 

This development means the Dollar remains rising in the Nation’s foreign exchange market.

FMDQ data showed that the Naira lost N79 against the Dollar in the foreign exchange market on Monday.

Nigeria’s custom exchange rate has been consistently affected by the fluctuation in the forex market.

The Centre for the Promotion of Private Enterprise’s Chief Executive Officer, Dr Muda Yusuf, advocated that the customs exchange rate should be fixed for at most N1,000 per Dollar for at least six months.

The Minister of Power, Adebayo Adelabu Monday warned that there would be total blackout in the country in the next three months if the proposed electricity tariff hike is not implemented.

The minister disclosed this yesterday in Abuja when he appeared before the Senate Committee on Power at an investigative hearing over the recent electricity tariff hike by the Nigerian Electricity Regulatory Commission (NERC).

This followed the rejection of the new tariff regime by the Senate committee, led by Senator Enyinnaya Abaribe.

Adelabu said, “The entire sector will be grounded if we don’t increase the tariff. With what we have now in the next three months, the entire country will be in darkness if we don’t increase tariffs.

“The increment will catapult us to the next level. We are also Nigerians, we are also feeling the impact.”

He said the sum of $10 billion is needed yearly for the next ten years to revive the nation’s power sector and nip in the bud the challenges bedeviling it.

“For this sector to be revived, the government needs to spend nothing less than 10 billion dollars annually in the next 10 years.

“This is because of the infrastructure requirement for the stability of the sector. But the government cannot afford that. And so we must make this sector attractive to investors and to lenders.

“So, for us to attract investors and investment, we must make the sector attractive, and the only way it can be made attractive is that there must be commercial pricing.

“If the value is still at N66 and the government is not paying subsidy, the investors will not come. But now that we have increased the tariff for A Band, there are interests being shown by investors,” he said.

Adelabu said the inability of the government to pay outstanding N2.9 trillion subsidy was due to limited resources, hence the need to evolve measures to sustain the sector.

He appealed to the lawmakers to support the process of paying the debt owed operators across the value chain of generation, transmission and distribution.

But the Senate Committee on Power, led by Senator Enyinnaya Abaribe, expressed concerns over the suffering of Nigerians, and asked the minister and other key players in the sector to explore other options.

Senators Simon Lalong (Plateau South) and Adamu Aliero (Kebbi Central), said consultations were not made before the tariff increase, stressing palliative would have been provided in the process.

Abaribe, who is Chairman of the Committee said, “What Nigerians wanted was a solution to the issues and ways to ensure liquidity in the sector.”

He also decried the nonappearance of a company “ZIGLAKS” over the failed agreement to provide prepaid meters for Nigerians, alleging that the company had received N32 billion in 20 years to meter Nigerian electricity consumers.

 Other stakeholders who made presentations at the investigative hearing were the Nigerian Electricity Regulatory Commission (NERC), Manufacturers Association of Nigeria (NAN), Association of Power Generation (Gencos), Electricity Distribution Companies (DisCos) among others.

[DailyTrust]

A former Director of Information Technology of the Central Bank of Nigeria, CBN, John Ayoh, has explained how he collected $600,000 allegedly for contract gratification for the embattled ex-apex bank governor, Godwin Emefiele.

Ayoh, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN), on Monday, told an Ikeja Special Offences Court that he spent eight years in the apex bank.

He told the court that he received a letter from the agency concerning two transactions he facilitated through Emefiele.

Ayoh, Head of Procurement and Support Services, PSS Department, told the court that the first envelope containing $400,000 was brought to his house in Lekki.

In contrast, he received the second envelope containing $200,000 at the Tinubu Head Office of the CBN.

Ayoh said he was vested with powers to receive applications for the award of contracts to select successful bidders.

According to him, the first leg of the transaction was at his residence in Lekki Phase One, while the second envelope money he received occurred at the Tinubu Head Office of the CBN.

“The man to deliver the second transaction came to our office in Lagos, and I informed the governor, but he said he did not want to see a third party and that I should bring the envelope myself.

“I complied with the instruction and delivered it to his office. Mr John Adeola was the one I sent my address to, and he came to my house. He is the governor’s assistant, and the total money I received on his behalf was $400,000 and $200,000,” he alleged.

The witness informed the court that the vendors who allegedly brought the envelopes with money were in charge of implementing Netapp Storage Architectural and Infrastructural Services.

While under cross-examination by the first defence counsel, Mr Olalekan Ojo (SAN), he told the court that his schedule of duties did not include running errands for Emefiele, but he directly worked under him.

Ayoh confirmed to the court that Emefiele was not a member of the PSS but a member of the Major Contract Tender Committee (MCTC).

He added that he had never facilitated the commission of any crime.

Ojo asked if the witness wrote in his statement that he was forced to aid or abet the commission of accepting gratification.

“I do not remember the exact word that I used, and I did not write in my statement that I opened the two envelopes on the two occasions to check the total sum of money.

“I wrote a statement, which implied that the money in the envelopes was given to me to influence the contract award. I did not take part in the decision of the MCTC, but I recommended that the prize be given, and I was not bribed.

“The EFCC invited me on February 17. I was not arrested, but I returned home on administrative bail”, the witness said.

The witness told the court that he operated under duress while he received the two envelopes from the contractors.

“On your honour, did you indicate in your statement that you were acting under duress while running errands for the first defendant,” the learned silk asked.

The prosecution, however, objected to the question and argued that the witness’s statement was not before the court.

The first defence counsel sought to admit the defendant’s statement into evidence.

After that, Justice Rahman Oshodi admitted the witness’s statement (three pages) into evidence, following the arguments and counterarguments of the counsel.

The witness told the court that the instructions from Emefiele indicated that he bent the rules.

The judge, after that, adjourned the case until May 3 for continuation of cross-examination.

Emefiele’s counsel also pleaded with the court to release the defendant to him on self-recognition because he had not met with his bail application.

The learned silk, however, prayed to the court that the defendant would meet up before May 17.

There were no objections from the second defence counsel, and the prosecution left the decision at the court’s discretion.

Recall that a dispatch rider had allegedly collected $3 million in cash for the embattled ex-CBN governor.

Emefiele has been under investigation since his removal as CBN boss last June by President Bola Ahmed Tinubu.

[DailyPost]

•Court okays freezing of accounts for unauthorised forex dealings, terror financing

The Federal High Court in Abuja has issued an interim order empowering the Economic and Financial Crimes Commission (EFCC) to freeze 1,146 bank accounts belonging to individuals and companies.
The agency claimed it was investigating them for unauthorised dealing in foreign exchange, money laundering and terrorism financing.
Justice Emeka Nwite issued the order in a ruling on an ex-parte motion by EFCC lawyer Ekele Iheanacho.
The judge ordered the commission to ensure that its investigation is concluded within 90 days.
Justice Nwite, after listening to Iheanacho, held: “It is hereby ordered as follows: that the applicant’s application is hereby granted as prayed.
“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering and terrorism financing to the extant that the investigation will be for a period of 90 days.”
He adjourned till July 23 for a report on the findings.
A copy of the enrolled order, made last Wednesday, was obtained yesterday.
The EFCC, in the motion marked FHC/ABJ/CS/543/2024 said: “The bank accounts in respect of which the reliefs are sought are subject of investigation by the EFCC in relation to money laundering and terrorism financing.

[TheNation]