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The Federal Government has traced fleeing Binance executive, Nadeem Anjarwalla, to Kenya, following his escape from custody in Nigeria.
Following the development, the Economic and Financial Crimes Commission, the International Criminal Police, the Nigeria Police Force and the Kenyan Police Service have deepened talks to quicken Anjarwalla’s extradition.
Sources in the Presidency who are on top of the case told Saturday PUNCH that Anjarwalla, whose cover has now been blown, went into hiding immediately after he landed in Kenya.
The source revealed, “We have found him. We know where he is. He is in Kenya, and we’re working with the authorities to bring him back to Nigeria.”
Another source also close to the matter, corroborated the first source’s statement.
The source noted, “All hands are on the deck. The government and all the security agencies are working hard in conjunction with the Kenyan authorities and INTERPOL, to ensure his return to Nigeria to face the charges brought against him.”
Meanwhile, the EFCC Chairman, Ola Olukoyede, had in the March edition of the agency’s bulletin titled, “EFCC Alert,” which was released last week, confirmed that the commission was working in conjunction with the International Criminal Police Organisation, the United States Federal Bureau of Investigation, the governments of the United Kingdom, Northern Ireland, and Kenya to extradite Anjarwalla.
Olukoyede noted, “The takeover of the prosecution of Binance chiefs by the commission is no less a strong message in the direction of EFCC’s resolve to hedge in distortions and disruptions in the country’s forex market.
“Tax evasion, currency speculation and money laundering to the tune of $35.4m are at the foundation of the commission’s five-count charges against Binance Holdings Limited, Tigran Gambaryan and Nadeem Anjarwalla, the company’s chief executives.
“While Gambaryan is currently in the commission’s net, the process of extraditing the fleeing Anjarwalla is revving in full swing.
“Involved in partnership with the EFCC to nick Anjarwalla in flight are the International Criminal Police Organisation, the United States’ Federal Bureau of Investigation, the governments of the United Kingdom, Northern Ireland, and Kenya as the clock winds down to his arraignment in absentia alongside the company and Gambaryan.”
Saturday PUNCH had earlier reported that the Federal Government had commenced the extradition process of Anjarwalla back to Nigeria, over alleged $35,400,000 money laundering.
“Mr Anjarwalla’s extradition process has begun. The FG is working as did with INTERPOL to extradite the fugitive to Nigeria. He’s a fugitive that escaped from lawful custody, and his other partner is still in custody and would be arraigned on Thursday alongside their company, Binance,” a source had noted.
Another source revealed, “It is true that the FG has commenced the process of extraditing Binance’ Anjarwalla to bring him back to Nigeria to answer to his money laundering case in court, among others. The arraignment of Binance and Gambaryan in court on Thursday would also aid Anjarwalla’s extradition.”
Meanwhile, a top security source, working on the matter, confirmed to our correspondent that the soldiers detailed to monitor Anjarwalla were being grilled by special investigators drawn from the military, Department of State Services, Police, EFCC, and the National Intelligence Agency.
“The soldiers detailed to monitor Anjarwalla have been detained as you know, and they’re still being grilled by special investigators drawn from various security and intelligence agencies and services- the military, DSS, NIA, and the police, all hands are on deck, as it is a matter of national security,” the source stated.
The EFCC had on Thursday, April 4, arraigned Binance Holdings Limited and two of its senior executives, Gambaryan and Anjarwalla (now at large) on money laundering allegations.
The EFCC, which has now fully taken over the case from the Office of the National Security Adviser, has also detained Mr Gambaryan and has obtained a court warrant to arrest and extradite Mr Anjarwalla.
Confirming the development to our correspondent on Friday, impeccable sources noted that Mr Anjarwalla would be arraigned in absentia alongside Binance and Mr Gambaryan who’s now in EFCC custody.
“The detained Binance executive, Gambaryan is now in custody of the EFCC. The NSA has handed over the matter to the EFCC for investigation and prosecution. The commission has charged Binance, Gambaryan and Anjarwalla to court for $35,400,000 money laundering, and they’ll be arraigned in court on Thursday, April 4, 2024.” a source noted.
Another source revealed, “The EFCC is now partnering with the International Criminal Police Organisation, the United States’ Federal Bureau of Investigation, the government of the United Kingdom of Great Britain and Northern Ireland, and the Kenyan government, to effect the arrest and extradition of Mr Anjarwalla, the fugitive who fled from lawful custody in Nigeria.”
The court documents exclusively obtained by Saturday PUNCH revealed that the charges were filed on Thursday, March 28, 2024, before the Federal High Court of Nigeria, Abuja division.
The charges read, “That you, Binance Holdings Limited (aka Binance) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January 2023 and January 2024 in Abuja within the jurisdiction of this Honourable Court carried on specialised business of other financial institution without valid licence and thereby committed an offence contrary to section 57 (1) and (2) of the Banks and Other Financial, Institutions Act, 2020 and punishable under section 57(5) of the same Act.
“Count two, that you, Binance Holdings Limited (aka Binance) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January 2022 and January 2024 in Abuja within the jurisdiction of this Honourable Court engaged in business of other financial institution (other than insurance, stock broking and pension fund management) without valid licence and thereby committed an offence contrary to and punishable under section 58(5) of the Banks and Other Financial Institutions Act, 2020.
“Count three, that you, Binance Holdings Limited (aka Binance) between January 2022 and January 2024 in Abuja within the jurisdiction of this Honourable Court not being an authorized dealer in Nigeria’s Autonomous Foreign Exchange Market used your virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria and you thereby committed an offence contrary to and punishable under section 29(1) (c) of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act.
“Count four, that you, Binance Holdings Limited (aka Binance), Tigran Gambaryan, Nadeem Anjarwalla (now at large), and other persons at large between January 2023 and January 2024 in Abuja within the jurisdiction of this Honourable Court conspired amongst yourselves to conceal the origin of the proceeds of your unlawful activities and thereby committed an offence contrary to section 21 (a) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
“Count five, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla between January 2023 and December 2023 in Abuja within the jurisdiction of this Honourable Court concealed the origin of a cumulative sum of $35,400,000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity and you thereby committed an offence contrary to and punishable under section 18 (3) of the Money Laundering (Prevention and prohibition) Act, 2022.”
Also on March 22, the Nigerian government approached the Federal High Court in Abuja and slammed another four-count charge on Binance Holdings Limited, Anjarwalla, and Gambaryan, accusing them of offering services to subscribers on their platform while failing to register with the Federal Inland Revenue Service to pay all relevant taxes administered by the service.
And in so doing, they committed an offence, contrary to and punishable under Section 8 of the Value Added Tax Act of 1993 (as Amended).
The defendants were also accused of offering taxable services to subscribers on their trading platform while failing to issue invoices to those subscribers to determine and pay their value-added taxes and, in so doing, committed an offence contrary to and punishable under S.29 of the Value Added Tax Act of 1993 (as amended).
Count three of the charges accused the three defendants of offering services to subscribers on their Binance trading platform for the buying and selling of cryptocurrencies and the remittance and transfer of those assets while failing to deduct the necessary Value Added Taxes arising from their operations and thereby committing an offence contrary to and punishable under Section 40 of the Federal Inland Revenue Service Establishment Act 2007 (as amended).
The last count of the charges wants the defendants punished for allegedly aiding and abetting subscribers on their Binance trading platform to unlawfully refuse to pay taxes or neglect to pay those taxes and, in so doing, committing an offence contrary to and punishable under the provisions of S.94 of the Companies Income Tax Act (as amended).
FG crackdown
The Nigerian government had, in the past three months, been cracking down on suspected money launderers and terrorism financiers, some of whom it alleged were using the Binance platform for criminal activities
The Nigerian government said over $21.6bn was traded by Nigerians whose identities were concealed by Binance.
The government also claimed its investigations revealed that unscrupulous elements were using Binance for money laundering, terrorist financing, currency speculation, and market manipulation, distorting the Nigerian economy and weakening the naira against other currencies.
The detention of Binance officials in Nigeria began months after the crypto exchange platform pleaded guilty and agreed to pay $4.3bn to settle criminal money laundering charges levied by the United States Department of Justice.
Binance Founder and Chief Executive Officer, Changpeng Zhao, also known as CZ, pleaded guilty and agreed to resign.
His criminal trial has been postponed to April 30, 2024, by a United States court.
[Punch]
President Bola Tinubu has assured that the nation’s economy will roar back to glory in the coming months, re-echoeing the fact that the worst is over in the economic travails being faced by the nation.
Tinubu however called for unity of purpose and more collaboration between the federal government, state governors, and members of the National Assembly to achieve national development goals.
According to a statement by his Special Adviser on Media and Publicity Ajuri Ngelale, the President spoke while receiving state governors and the leadership of the National Assembly in Lagos on Friday.
The President, who spoke through Vice President Kashim Shettima, who was also at the head of the entourage of of Governors and federal law makers, emphasised the fact that the future of the black race rests on Nigeria.
Others on the delegation included Senate President Godswill Akpabio; Speaker Tajudeen Abbas; Governor AbdulRahman AbdulRazaq of Kwara State and Chairman of the Nigeria Governors Forum, among others.
Speaking on behalf of the President, Vice-President Shettima expressed optimism about Nigeria’s economic resurgence and called for collective efforts to propel the nation forward.
He urged unity and collaboration among all stakeholders to achieve shared prosperity and promised a brighter future for the nation under President Tinubu’s guidance.
”The future of the black man rests on Nigeria to make or mar. Our economy has turned the corner. By the coming months, the economy will roar back to glory.
“Let us unite, rally around our leader, and catapult this nation to a greater pedestal. By December, I hope we will have cause to celebrate. Let us coalesce to take the nation to a greater pedestal,” Vice-President Shettima said.
Emphasising President Tinubu’s role as a unifying leader, transcending ethnic and religious lines, the Vice-President noted that the gathering of 27 governors in Lagos, along with the leadership of the National Assembly and some former governors, bears the testimony of a detribalized leader who has embraced all.
”This gathering cuts across ethnic, religious, and political lines. Here, we have Pastor Eno of Akwa Ibom and Father Hyacinth of Benue, and as the President was seated, he was asking, ‘Where is Wammako, where is Yari’? That is the hallmark of true leadership. What binds us together supersedes whatever it is that may divide us.”
Akpabio commended the Governors for emulating President Tinubu’s leadership style, characterized by listening to diverse voices and consulting widely with the people, irrespective of political affiliations.
“The Governors are doing well. I can say so because I have been there before,” Senator Akpabio said.
Expressing confidence in President Tinubu’s leadership, Akpabio noted that the President enjoys the broad support of Nigerians across political divides.
“As you coast home to victory for a second term, may all the governors seated here also coast home to a second term victory in their states,” Senate President Akpabio prayed.
AbdulRazaq expressed support for the 700km Lagos-Calabar Coastal Highway, describing it as a huge project that will have a significant impact on the nation when completed.
He commended the President’s efforts in stabilizing the economy and improving living conditions, highlighting the positive developments in the country, which include the stabilization of the exchange rate and decreasing food prices.
He attributed these improvements to the President’s initiatives and also lauded the Federal Ministry of Health and Social Welfare’s funding for 8,800 primary healthcare centres.
“We commend your efforts because the ship is gradually turning. We have seen how the exchange rate of the naira against the dollar is coming down. The cost of food is coming down. The dry season harvest is commencing soon. Things are getting better, and there is light at the end of the tunnel,” the Governor said.
He urged President Tinubu to persevere in his efforts towards achieving economic stability.
The governor also expressed gratitude for the support provided by the Federal Government to states, particularly in distributing grains to alleviate food shortages.
”We are here to support you, and we also thank you for the support that you are giving to the sub-nationals. Trucks are wheeling up across the nation, distributing grains. I have received, and most of the states have.
”Because of what you are doing, those who are hoarding food items are releasing them, and that is why the prices of food are coming down,” he said.
Governor AbdulRazaq reiterated the Governors’ commitment to supporting the President’s initiatives and pledged to continue complementing the efforts of the federal government in driving progress and prosperity across the nation.
Following the announcement of the planned release of a new National Identification Number in the country by the Federal Government last week, the National Identity Management Çommission, NIMC has provided further clarifications on the proposed ID.
In a statement released and signed by Head of Corporate Communications, Kayode Adegoke on Friday, the Commission said the new National ID Card is coming as a single, convenient, and General multipurpose card (GMPC), eliminating the need for multiple cards.
The single card with GMPC is said to have multiple use cases. as: Payments/Financial, Government intervention/services, travel, etc.
The card, according to the National Identity Management Commission is working with the Central Bank of Nigeria and the Nigerian Interbank Settlement System to deliver the payment and financial use cases.
“The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by NIBSS.
Applicants for the card will have to request with their NIN through the self-service online portal, NIMC offices, or their respective banks
” The card will be issued through the applicants’ respective banks in line with existing protocols with the issuance of the Debit/Credit cards.
“The card can be picked up by holders at the designated centre or delivered to the applicants at the requested location at an extra cost to be borne by the applicants'” the statement said.
[Vanguard]
Nigeria is struggling to find buyers for its crude oil due to a shortfall in demand from Europe, Bloomberg is reporting.
According to a report on Friday, strikes in the French refining sector and seasonal maintenance at plants in other parts of Europe reduced the country’s sales.
About 20 to 25 shipments of Nigerian crude for April loading are still seeking buyers, according to four traders specialising in the West African market.
The traders said it is a considerably weaker position than normal for this time of the month — when trade should be moving on to May’s barrels — and the prices the shipments can fetch are plummeting.
Each cargo is said to be about a million barrels of crude.
According to the report, France, one of Nigeria’s biggest buyers, purchased an average of 110,000 barrels a day from the African country over the past year.
However, the publication said a nationwide dispute in France, over pension reforms, according to Wood MacKenzie, has plunged crude imports — thereby shrinking the European country’s demand for Nigerian oil this month.
Also, over 80 percent of France’s 1.1 million barrels-a-day processing capacity has been suspended or is in the process of being shut down due to the industrial action, data compiled by the publication showed.
In addition to the strike’s impact, traders said other plants in Europe are also purchasing less crude because of seasonal maintenance.
“Capacity is offline at some typical destinations for Nigerian crude such as Spain’s San Roque refinery and Italy’s Sarroch plant. Facilities that have halted capacity for work also include Shell Plc’s Pernis refinery near Rotterdam, Europe’s biggest plant,” Bloomberg said.
Also, the report said Mediterranean refiners can choose to skip Nigerian supply in favour of “cheap North African barrels that ship more quickly to the region, or they can process some of the large volumes of US West Texas Intermediate crude that have been arriving in Europe in recent months”.
“Long-haul buyers like Indian Oil Corp. and Indonesia’s Pertamina have been taking more discounted Russian volumes this year, easing their need for Nigerian supply,” the report said.
The publication said another reason for the unsold glut has been Nigeria’s resumption of crude production — which was halted in recent months by theft and technical issues — such as the Bonny Light stream.
[TheCable]
Goldman Sachs Predicts Continued Strength for Nigeria's Naira, the World's Top-Performing Currency
AdminNigeria's naira is poised to extend its gains, having already established itself as the top performer globally this month, according to a Goldman Sachs Group Inc. economist, contingent on continuing effective policy management.
In April alone, the naira surged 12% against the dollar, adding to a 1% increase in March. This rally is supported by capital inflows and consecutive interest rate hikes, helping to recover from significant losses following two devaluations since last June, triggered by the government easing currency controls.
Goldman Sachs economists, who previously forecasted in February that the naira would strengthen to 1,200 per dollar in 2024, now anticipate it could surpass this level due to aggressive measures by the central bank, including a total of 600 basis points in interest rate increases during policy meetings in February and March.
These initiatives have alleviated the local dollar shortage, reducing volatility and the reliance on parallel markets.
Andrew Matheny of Goldman Sachs notes, "This trend likely has further to run; we could see it reach 1,000 or even dip below," highlighting the promising six weeks since their initial prediction, which has seen sustained policy efforts.
President Tinubu's bold leadership and decisive reforms have birthed this economic resurgence. Since taking office in May, Tinub and his ACE team of Adedeji, Cardoso and Edun have implemented significant changes, including eliminating fuel subsidies, to revitalise Nigeria's economic landscape. These reforms have laid a strong foundation for sustainable growth and stability, showcasing President Tinubu's commitment to addressing long-standing economic challenges and steering Nigeria towards a prosperous future.
The Olubadan-In-Council, on Friday, nominated Oba Owolabi Olakulehin as the 43rd Olubadan of Ibadanland.
Recall that the seat became vacant on Thursday, March 14, 2024, after the death of Oba Lekan Balogun, who reigned for two years and died at the age of 81 years.
The kingmakers agreed to appoint Oba Olakulehin as the next Olubadan at a meeting called by Otun Olubadan of Ibadanland, Chief Rashidi Ladoja, in Ibadan, Oyo State capital.
He was nominated by the Osi Balogun of Ibadanland, Oba Gbadamosi Adebimpe.
His name is expected to be sent to the state governor, Seyi Makinde, for approval.
Peter Obi, the Presidential Candidate of the Labour Party, expressed deep sadness at the news of the passing of Dr. Ogbonnaya Onu, former Minister of Science and Technology. He described Onu's death as a significant loss to the nation.
Dr. Onu, who also served as the first civilian governor of Abia State, passed away Thursday morning after battling an undisclosed illness.
In a condolence message issued to the press, Obi hailed Late Onu as a patriotic and inclusive Nigerian leader who served the nation diligently in various capacities. He highlighted Onu's notable contributions to Nigeria's educational advancement, both as a lecturer and an author.
"Dr. Onu epitomized leadership characterized by a commitment to peace, progress, and justice," Obi's message read. "He courageously championed equity and good governance, leaving a lasting impact on our nation."
Obi further emphasized Onu's efforts to promote local production for national development during his tenure as Minister. He extended his prayers to Onu's grieving family and the entire nation mourning his loss.
"The passing of Dr. Onu is an immense loss to our nation. May God comfort his family and all of us as we mourn his departure, granting us the strength to bear this irreplaceable loss. May he rest in eternal peace," Obi concluded.
Arsenal legend, Paul Merson has made some unexpected predictions concerning games that will go down in the 2023-2024 Premier League matchday 33.
Paul Merson who has been consistent in predicting Premier League games all season long, believes Tottenham Hotspur would stand no chance against Newcastle United at St. James Park.
Merson spoke the mind of most football enthusiasts across the world as he believes that relegation-threatened Luton Town will stand no chance against the league’s reigning champions, Manchester City.
He believes that inconsistent Chelsea will be able to demolish Everton when they come visiting at Stamford Bridge in the Premier League matchday 33.
Premier League table-toppers, Arsenal are expected to continue with their fine form against Aston Villa who are not also pushovers so far this season.
Bottom-placed Sheffield United seems to be doomed to be relegated as Paul Merson believes that Brentford will be better than them this weekend.
Merson doesn’t see Manchester United claiming the entire three points when they visit inconsistent Bournemouth.
Below are the full predictions of Paul Merson for the Premier League matchday 33:
Newcastle 2-1 Tottenham
Brentford 2-1 Sheffield United
Man City 3-0 Luton
Nottingham Forest 2-2 Wolves
Burnley 2-2 Brighton
Bournemouth 2-2 Manchester United
Liverpool 3-1 Crystal Palace
West Ham 2-1 Fulham
Arsenal 2-0 Aston Villa
Chelsea 2-0 Everton
[NaijaNews]
The Senate has commenced probe into the financial records of 774 federal agencies based on the queries raised against them in the 2019 report of the Auditor General for the Federation.
The Chairman, Senate Public Accounts Committee (SPAC), Senator Aliyu Wadada, who represents Nasarawa West on the platform of the Social Democratic Party (SDP), disclosed this in Keffi, Nasarawa State, while speaking with newsmen., on Fridayng Khe Pass, White Stone Slope, Hoa Binh, Flycam - Nếm TV
He said his committee was not out to witch-hunt any one but pledged that members of the panel would discharge their responsibilities diligently in the best interest of the country.
Wadada also disclosed that the 10th National Assembly with the support of President Bola Tinubu and critical stakeholders in the nation’s economy would soon embark on the amendment to the 2007 Procurement Act so as to curb financial infractions before they take place.
The Senator appealed to leaders at all tiers and heads of government institutions at the federal, state and local government levels to embrace self-discipline and fear of God in the discharge of their responsibilities.
Wadada said, “We have since started work on the 2019 Auditor General’s report before us. Under my chairmanship of this sensitive and strategic committee, I have repeatedly said it that we are not out to witch-hunt or pull down anybody.
“Our ultimate objective vis-a-vis the primary focus of the committee is to ensure transparency and accountability in the management of public funds.”
[DailyTrust]
The Olubadan-In-Council, on Friday, nominated Oba Owolabi Olakulehin as the 43rd Olubadan of Ibadanland.
The PUNCH reports that the seat became vacant on Thursday, March 14, 2024, after the death of Oba Lekan Balogun, who reigned for two years and died at the age of 81 years.
The kingmakers agreed to appoint Oba Olakulehin as the next Olubadan at a meeting called by Otun Olubadan of Ibadanland, Chief Rashidi Ladoja, in Ibadan, Oyo State capital.
He was nominated by the Osi Balogun of Ibadanland, Oba Gbadamosi Adebimpe.
His name is expected to be sent to the state governor, Seyi Makinde, for approval.
Details later…
[Punch]
More...
Libya has displaced Nigeria as the biggest oil producer in Africa producing an average higher figure of 1.236 million bpd- a 5,000 barrel difference, becoming the largest oil producer in Africa for March 2024.
Nigeria’s crude oil production for March dropped to 1.23 million barrels daily according to the latest data from OPEC’s monthly oil market report for March.
This was a 92,000 barrel drop from the 1.32 million daily production in February 2024.
However, according to secondary sources, the country’s crude oil production for March stood at 1.39 million barrels daily- marking a decline of 38,000 daily from 1.43 million barrels.
The country’s crude oil production in March was the lowest this year and fell below the benchmark crude oil production of 1.78 million barrels daily in the 2024 budget.
The drop in crude oil production means lower receipts from oil sales and reduced foreign exchange for the federal government.
According to the report, Saudi Arabia maintained its position as the biggest oil producer among OPEC member countries with average daily production of 8.97 million bpd- a drop of 39,000 barrels, followed by Iraq with 3.9 million bpd and the United Arab Emirates with 2.91 million barrels daily.
In March, the value of the OPEC Reference Basket (ORB) rose by $2.99, or 3.7% month-on-month, reaching an average of $84.22 per barrel. Similarly, oil futures prices also saw an increase.
Atleast twenty-seven (27) fishermen were slaughtered and three (3) others abducted by suspected members of Jamā’at Ahl as-Sunnah lid-Da’wah wa’l-Jihād, a.k.a Boko Haram terrorists group at the fringes of Lake Chad in the border between Cameroon- Nigeria.
According to VANGUARD, The incident took place last Sunday (few days ago), as it was gathered that the terrorists suspected to be from the Buduma faction of Abou Ummaymah, attacked a local fishing community harboring most fishermen from Nigeria at Kofiya Island near Darak in the Republic of Cameroon.
This is as the Islamic State of the West African Province (ISWAP) has yesterday executed a police officer abducted along the Damboa – Biu Road in Borno State.
Reliable sources informed that the Boko Haram Terrorists asked the fishermen to lie down, tie their hands behind their backs before they started slaughtering them without confrontation.
The sources said the terrorists also abducted four other fishermen after accusing them of spying for the ISWAP factional group.
“The bodies of the fishermen were later recovered during a search and rescue operation by troops, while their other colleagues fled the scene.” Sources informed.
In a related development, the Islamic State of the West African Province (ISWAP) has executed a police officer abducted along the Damboa – Biu Road in Borno State.
Sources reliably informed that on Sunday 7 April 24, at about 1000hrs, the police officer with wife and children, were on transit from Damboa to Biu for Eid break but unfortunately went through a banned route.
It was later reported that the deceased and his family were abducted by suspected ISWAP operatives around Shokotoko general area located approximately 73/km south of Damboa.
However, later in the evening , the wife and his children were released, while the police officer was executed by the terrorists.
A high court sitting in Ikeja, Lagos, has granted bail to Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), in the sum of N50 million.
Rahmon Oshodi, the judge, in his ruling on the bail application on Friday, admitted Emefiele on bail with two sureties in like sum.
The former CBN governor is facing trial in Lagos on a 26-count charge bordering on abuse of office.
Oshodi ordered the sureties must be gainfully employed and must have made three years tax payment with the Lagos State Government.
He also said that the sureties must show proper identification and that they must be registered in the Lagos State Bail Management System
The judge said he was satisfied with the bail conditions of N1 million, earlier given to Emefiele’s co-defendant, Henry Isioma-Omoil, who is facing another charge before Justice Olufunke Sule-Hamzat of Yaba High Court.
Oshodi, however, said the bail documents must be transferred to special offences court and registered in the Lagos State Bail Management System.
This is a developing story…
The presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, Atiku Abubakar, has described as wasteful and a highway to fraud the claim by Works Minister Dave Umahi that the 700km Lagos-Calabar Coastal Highway will tentatively cost N15.6 trillion.
Atiku also knocked Mr Umahi for altering the project’s initial plan after Gilbert Chagoury’s Hitech had been awarded the contract without any competitive bidding.
He said, “Umahi had announced that Hitech would fully fund the project, and based on this, there was no competitive bidding. He (Umahi) then said that Hitech could only raise just 6% of the money for the pilot phase. This smacks of deceit.”
Mr Umahi had, during his media rounds at select TV stations on Thursday, said the road project would cost N15.6 trillion ($13bn at an exchange rate of N1,200/$1) while the rail which will pass through the road would be costed separately.
The minister also said the project would not be PPP but that the government would be providing 15%-30% counterpart financing.
Responding to Mr Umahi’s revelation, Atiku said the tentative cost was the equivalent of the total budget of all 36 states of the federation combined.
He said, “The total budget of all 36 federation states for 2024 is about N14 trillion. If you add that of the FCT, the entire budget of all sub-nationals is N15.91 trillion. This is scandalous. Worse still, they have already awarded the contract but are still not sure of the level of the counterpart funding component of the federal government!
“Umahi had said in September 2023 that Gilbert Chagoury’s Hitech had the money to construct the highway and would be PPP. Hitech was to build, operate, and transfer it back to the Nigerian government after years of tolling.
“It was reported by every media organisation, including those owned by Tinubu. It was based on this proposal that Hitech was picked. Why did Umahi then turn around to claim that it was not to be a PPP but that the government would pay 15%-30%?”
The former Vice President noted that in the 2024 budget, the project was captured as the Lagos-Port Harcourt coastal highway and was put at a cost of N500m.
“Although the National Assembly approved N500m for the project this year, the Tinubu administration has released N1.06tn. That is more than 200 times what is in the Appropriation Act. This is what happens when the National Assembly fails in its duties,” he added.
Atiku said it was curious that the N15.91 trillion announced by Mr Umahi did not include the cost of the railway component. He, therefore, wondered how much the project would cost if the railway component is included.
“If N15.6 trillion is for the road component alone, then the total cost could be far higher when the railway is included. We want to know the cost of the railway,” he said.
The PDP presidential candidate also lambasted Mr Umahi for admitting that the project was given to Gilbert Chagoury’s Hitech construction company without competitive bidding.
He asked Mr Umahi to stop trying to deceive Nigerians with the claim that only Hitech was competent enough to do the project, wondering if it is the same that has been grappling with the execution of its projects in Lagos.
The former vice president stated, “The essence of competitive bidding is so that Nigerians can get the best value for money. It is so that you can compare prices and pick the company that can afford the project. It is wrong for him to have concluded that only Hitech could handle this project when such a project has been done by other reputable firms in the United States, China and South Africa.
“He claims he didn’t know there was a business relationship between Gilbert Chagoury and Tinubu, but this is another lie because Tinubu has publicly acknowledged this fact.”
Atiku also accused the works minister of attempting to deceive Nigerians as regards the appropriation for the project.
He called on members of the National Assembly to be alive to their responsibilities instead of acting like an annexe of the presidency.
The PDP candidate stated, “Until I exposed the dubious nature of this project, no member of the National Assembly thought it wise to investigate. The total cost was never made known until now. The fact that there was no bidding was never made known until I blew the whistle.”
The former vice president also knocked Mr Umahi for claiming that no money had been released yet to Hitech, which he described as another lie.
“On March 31, 2024, Umahi came on Channels Television’s Sunday Politics programme where he pointedly said that the sum of N1.06tn was released to Hitech. Only for him to say on TVC on April 11 that the same money had not been released. Which one is true, and which one is false?”
Signed:
Atiku Media Office
Abuja
11th April, 2024.