My Blog

Category: Economy

  • More Troubles for Emefiele as FG amends charges

    More Troubles for Emefiele as FG amends charges

    Fresh troubles appear to be in the offing for former Governor of the Central Bank of Nigeria CBN, Godwin Ifeanyi Emefiele as the Federal Government again amended the charges against him on offences allegedly committed while in office.

    The earlier charges have been increased from six to 20, bordering on forgery, conferring of corrupt advantage, and criminal breach of trust among others.

    The Federal Government had initially filed 19 charges against the former CBN governor bordering on N6.9bn procurement fraud but pruned it down to six to the tune of N1.2bn which he is currently standing trial on.

    In the amended charge, Emefiele was accused of obtaining the sum of $6.2m by pretence by falsely representing the Secretary to the Government of the Federation.

    The government said the offence was contrary to section 1(1) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and punishable under section 1(3) of the same Act.

    The charge read, “That you, Godwin Ifeanyi Emefiele male, adult, and Odoh, Eric Ocheme (Still at large) on or about the 8th day of February 2023 in Abuja, within the jurisdiction of this Honourable Court knowingly obtained by false pretence, the sum of Six Million, Two Hundred and Thirty Thousand United State Dollar ($6,230,000.00) by falsely representing that the Secretary to the Government of the Federation vide a letter dated 26th January, 2023 with Ref No. SGF.43/L.01/201 requested the Central Bank of Nigeria to provide a contingent logistic advance in the sum of $6,230,000.00 “in line with Mr. President’s directive” which representation you knew to be false and you thereby committed an offence.”

    He was also accused of conniving with one Eric Ocheme who has been at large to commit forgery.

    The government said the offence was contrary to section 96 (1) and punishable under section 364 of the Penal Code Law, Cap 89 Laws Federation, 1990.

    It read, “That you, Godwin Ifeanyi Emefiele male, adult, and Odoh, Eric Ocheme (Still at large) sometime in January 2023 in Abuja, within the jurisdiction of this Honourable Court agreed amongst yourselves to cause to be done an illegal act to wit: forgery of a document titled: RE: PRESIDENTIAL DIRECTIVE ON FOREIGN ELECTION OBSERVER MISSIONS dated 26 January 2023 with Ref No. SGF.43/L.01/201 and you thereby committed an offence.”

    Emefiele was also accused of conferring corrupt advantage on his wife Omoile Margret and Brother In-law Omoile Macombo by awarding a contract for the renovation of a portion of the CBN Governor’s residence in Lagos to the tune of N99.8m.

    The government said the offence was contrary to Section 19 of the Corrupt Practices and Other Related Offences Act 2000.

    The charge read, “That you, Godwin Ifeanyi Emefiele, male, adult, sometime in March 2020 within the jurisdiction of this Honourable Court did use your position as Governor of the Central Bank of Nigeria to confer a corrupt advantage on your wife, Omoile Margret, and brother-in-law Omoile Macombo by awarding a contract for the external renovation of the CBN Governor’s Residence lying, being and situate at No. 2 Glover Road, Ikoyi, Lagos in the sum of 99,826,452.47 to Messrs. Architekon Nigeria Limited, a company wherein the duo are directors and majority shareholders and you thereby committed an offence. ”

    Emefiele’s counsel, Mathew Bukka, SAN, pleaded with the court for time, adding that the amended charge was served on them on Wednesday.

    The trial judge, Justice Hamza Muazu, adjourned the matter till Friday January 19, for fresh plea of Emefiele to be taken in the new charges.

  • FG Expands Power Generation at Kanji, Commissions additional 300KWp Project

    FG Expands Power Generation at Kanji, Commissions additional 300KWp Project

    Further to the Renewed Hope agenda to provide adequate , reliable, and quality electricity to businesses and households in the country, the Federal Government has commissioned a 300KWp Solar PV pilot project in Kainji , Niger State.

    While commissioning the project, the Minister of Power, Chief Adebayo Adelabu said the project will increase power generation capacity, lower electricity costs while also fostering enhanced collaboration between the main concessionaire, Mainstream Energy Solution and its Chinese partner, HEDC in the renewable energy field.

    A statement by Bolaji Tunji, Special Adviser, Strategic Communication and Media Relations to the Minister stated that the power project comes with 675KWh Battery Energy Storage System (BESS), which is an integral part of the extension of 1G3 and 1G4 under the rehabilitation of the 1G9 in Kainji HPP project.

    The Minister who said efforts were progressing in achieving President Tinubu’s turnaround agenda on supply of reliable and quality power said the Power Ministry’s objective is to meet power demand by ensuring improved distribution and transmission infrastructure to minimize technical and commercial losses, closing the metering gap and resolving theliquidity, power theft and vandalism challenges.

    The Minister also said the destruction of some power towers around the country has been reported to the National Security Adviser (NSA) in order to strengthen security around the power infrastructure.
    “It is of no use to expend so much energy in providing power facilities if the delivery channel is weak, that is why the Ministry is concentrating on improvement of the transmission and distribution capacity.”

    On power theft and destruction of power infrastructure, Adelabu again emphasized the need for Nigerians and the different Communities where the facilities are located to protect them.
    “What is the essence of government and private companies expending resources on these power facilities while some elements within the society will deliberately move to destroy the facilities which are national assets. What we witnessed towards the end of 2023 was disheartening. Some of the power towers were brought down with loss of lives, in some cases, this is quite unfortunate. We should take it as a personal and collective responsibility to protect the infrastructure”. He added that plans are also underway to wield the big stick onpower theft through adequate legislation in order to serve as deterrent to others.

    The Minister also revealed that efforts have begun to bridge metering gaps in the country. “Presently, we have about 12 million electricity users, but only about five million are metered. As we are all aware, the President set up the Presidential Mass Metering Initiative of which I am the chairman, we are working assiduously on this initiative to bridge the metering gap.”

    Adelabu gave government’s assurance to continue to provide enabling environment for the private sector to leverage on opportunities inherent in government policies, incentives and regulations for sustainable power supply for economic development and improvement of the standard of living of Nigerians, especially rural dwellers adding that government had also come up with relevant policies and programmes in order to provide direction in ensuring power availability to the people.

    Speaking earlier, Managing Director of Mainstream Energy Solution, Engineer Lamu Audu said the project is in line with the National Renewable Energy and Energy Efficiency policy of the Federal government which sets out the blueprint to increasing the country’s renewable energy development by 2030.

    He said the pilot project is the beginning of Mainstream’s integration of Variable Renewable Energy into its core business, adding that plan is at an advanced stage to build a 450MWp and 150MWp Solar PV at Kainji and Jebba Hydro Power Plants (HPPs).

    Audu called on government to continue to provide the enabling environment that would attract more funding from private investors.

  • CBN Appoints New Executives for Union Bank, Keystone Bank, and Polaris Bank

    CBN Appoints New Executives for Union Bank, Keystone Bank, and Polaris Bank

    The Central Bank of Nigeria has announced the appointment of new executives for Union Bank, Keystone Bank, and Polaris Bank. 

    The decision comes after the dissolution of the board and management teams of these financial institutions.

    The appointments, effective immediately, were disclosed in a statement signed by the CBN’s acting Director of Corporate Communications, Sidi Ali Hakama. 

    The appointees will now oversee the operations of the respective banks.

    Union Bank Appointments:

    Yetunde Oni: Managing Director/Chief Executive Officer
    Mannir Ubali Ringim: Executive Director

    Keystone Bank Appointments:

    Hassan Imam: Managing Director/Chief Executive Officer
    Chioma A. Mang: Executive Director

    Polaris Bank Appointments:

    Lawal Mudathir Omokayode Akintola: Managing Director/Chief Executive Officer
    Chris Onyeka Ofikulu: Executive Director

    The decision to dissolve the boards and management teams was attributed to non-compliance with Sections 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020. The CBN emphasized that the actions of these banks posed a threat to financial stability.

    Despite the changes, the CBN assured depositors that their funds in the affected banks remain secure and unaffected by this decision.

  • Unpaid Bills: TCN Issues 14-Day Suspension Notice to Ajaokuta Steel Company Ltd

    Unpaid Bills: TCN Issues 14-Day Suspension Notice to Ajaokuta Steel Company Ltd

    The Transmission Company of Nigeria (TCN) has taken decisive action against Ajaokuta Steel Company Limited (ASCL) due to non-compliance with market rules, issuing a 14-day disconnection notice. 

    According to TCN’s statement, ASCL has accumulated a substantial debt of N33.71 billion as of November 2023, with N30.85 billion owed for energy and capacity supplied by Nigerian Bulk Electricity Trading PLC (NBET) and N2.22 billion to service providers.

    Despite prior notifications and interventions by the Minister of Power to rectify the defaults, ASCL’s non-compliance remains unresolved. 

    TCN has demanded the settlement of outstanding invoices and the provision of bank guarantees within the specified 14-day period to avoid disconnection from the National Grid, as per Section 45 of the Market Rules.

    Failure to rectify these defaults within the stipulated timeframe may lead to disconnection, and if left unresolved after 30 business days, the Market Operator may terminate ASCL’s Market Participation Agreement, escalating the matter to the Nigerian Electricity Regulatory Commission (NERC) for further action.

    This action by TCN follows a hint in the NERC’s 2022 annual report regarding the potential disconnection of Ajaokuta Steel from the national grid due to its significant indebtedness of N25.06 billion.

  • Economy: President Tinubu Enforces 60% Cut in Official Travels

    Economy: President Tinubu Enforces 60% Cut in Official Travels

    President Tinubu has taken a significant step towards curbing government expenditure by enforcing a sharp reduction in travel expenses for all government officials.

    This decision, disclosed by Ajuri Ngelale, the presidential spokesman, aims to reduce both domestic and international travel costs by 60%.

    Addressing State House Correspondents on Tuesday at the Presidential Villa in Abuja, Ngelale highlighted that the directive was a cost-cutting measure specifically targeted at official travels.

    The reduction in travel expenditure will not spare any government office, affecting the President, Vice President, First Lady, ministers, and their respective entourages.

    “This directive from Tinubu mandates a substantial reduction in state entourages,” Ngelale emphasized, clarifying that it is not a mere request but a firm directive from the office of the President. The move will impact the President’s office, the Vice President, and all appointees.

    The breakdown of the enforced travel reductions indicates a substantial decrease in the number of individuals allowed on both foreign and local trips:

    Foreign Trips:
    – President: 20 persons
    – Vice President: 5 persons
    – First Lady: 5 persons

    Local Trips:
    – President: 25 persons
    – Vice President: 15 persons
    – First Lady: 10 persons

    This directive signals a proactive effort by the administration to streamline expenses and ensure more prudent use of public funds in official travels, echoing Tinubu’s commitment to fiscal responsibility and efficient governance.

  • NNPCL Dismisses Rumors of Impending Fuel Price Increase

    NNPCL Dismisses Rumors of Impending Fuel Price Increase

    The Nigerian National Petroleum Company Limited (NNPCL) has quashed rumors circulating on social media regarding an alleged plan to increase petrol prices to N1,200 per litre.

    Responding to the speculations, the NNPC clarified that there are no imminent plans to hike fuel prices despite widespread discussions on various platforms.

    The NNPC’s Group Communications Officer, Olufemi Soneye, issued a rejoinder today, affirming that the company has not engaged in any conflicts related to this matter. 

    The statement emphasized the inaccuracy of a headline from The Punch, terming it “unfortunate.”

    Additionally, NNPC addressed inquiries about subsidy reductions, clarifying that the subsidy has indeed been completely eliminated.

    “NNPC Ltd emphasises it has not clashed with any party. The Punch headline is deemed unfortunate. The publication sought confirmation on the alleged subsidy reduction, to which NNPC responded that the subsidy has been entirely removed.”

    This response comes amidst heightened concerns and mixed reactions among the public due to the challenging economic conditions prevalent in the country. 

  • Emefiele Drags CBN Investigator To Court Over Damning Allegations 

    Former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has vehemently denied allegations made against him by a Special Investigator appointed by President Bola Tinubu.

    Emefiele labeled the accusations as “satanic, baseless, defamatory, and false.”

    In a statement released on Sunday, Emefiele expressed his intent to initiate legal proceedings to clear his name from the damaging claims contained in the report. 

    His legal representative, Maxwell Okpara, confirmed the authenticity of the statement, underscoring the seriousness of Emefiele’s response.

    The investigator’s report, which allegedly accused Emefiele of various financial misconducts, including the opening of 593 foreign bank accounts without proper authorization, stirred controversy.

     Notably, it claimed substantial amounts held in UK banks without proper approvals and questioned the legitimacy of the recent naira redesign.

    Emefiele strongly refuted these allegations, asserting that he had complied with necessary protocols, including obtaining Presidential approval, and passing on necessary documents during the investigative process. 

    He particularly emphasized that the redesign of the naira had received explicit authorization from former President Muhammadu Buhari.

    Furthermore, Emefiele distanced himself from allegations of withdrawing $6.23 million from the CBN vault based on a falsified presidential directive. 

    He maintained his lack of knowledge and involvement, challenging the investigator to make public the purported documents and his statements during the inquiry.

    Regarding the numerous foreign accounts allegedly opened, Emefiele categorically denied any involvement or knowledge of such activities, stressing that CBN departments held the authority for such operations within their legal mandates.

    Emefiele concluded by reaffirming his commitment to a transparent investigation into the accusations while emphasizing his readiness to pursue legal action to refute the defamatory claims against him.

  • Exclusion of Mambilla Power Project from 2024 Budget Intentional – Minister

    The Minister of Power, Chief Adebayo Adelabu, confirmed on Monday that the much desired Mambilla Power Project was deliberately excluded from the 2024 budget of the federal government. He affirmed however, that the exclusion was not only deliberate, but intentional.

    Addressing the Joint Committee of the Senate and House of Representatives Committee on Power, chaired by Senator Enyinnaya Abaribe, Chief Adelabu clarified that the absence of the Mambilla Project was a deliberate choice due to a significant legal dispute involving the federal government and Sunrise Power and Transmission Company Limited (SPTCL).

    Recall that the legal battle started on October 10, 2017, when SPTCL accused the government of breaching a contract.

    The minister highlighted that the contention was over an irregularity on the contract award. He stated that then Minister of Power, Dr Olu Agunloye, bypassed the due process by awarding the contract a day after the federal cabinet allegedly advised him to seek alternative funding sources. This created the loophole that necessitated Sunrise to take legal action against the government.

    The ongoing litigations have stalled the progress of the Mambilla Project since 2007 when Sunrise contested a bid process for civil works announced by the government.

    Adelabu emphasized to the legislative body that the deliberate omission of the Mambilla Project from the 2024 budget was due to its involvement in international arbitration. Until the legal matters are resolved, no progress can be made on the project.

    On the relatated subject of the Zungeru Hydro Power Project, the Minister assured that it was nearly completed, standing at 99.8% readiness. He outlined plans to commence operations and integrate it into the national grid once concessionary fees are settled.

    According to him, the major challenge in the power sector is not primarily generation but distribution, citing a significant loss of power during distribution due to outdated facilities of existing power distribution companies.
    Adelabu proposed an unbundling solution, stressing the need for states to actively participate, especially in the distribution aspect.

    Senator Abaribe expressed concern about the sustainability of free off-grid power ventures, while commending the Minister for his comprehensive understanding of power sector developments.

    In his closing remarks, Senator Abaribe pledged to scrutinize the budget and explore collaboration opportunities, requesting a three-year summary of the ministry’s budget performance for evaluation.

  • CBN Warns Against Counterfeit Notes

    In light of Nigeria’s ongoing currency shortage, the Central Bank of Nigeria has issued a stern warning to the public regarding the prevalence of counterfeit Naira banknotes.

    Issuing a notice titled ‘Beware of Counterfeit Naira Banknotes in Circulation’ on Friday, the apex bank urged Deposit Money Banks, Financial Houses, Bureau de Change, and citizens to heighten their vigilance and adopt necessary precautions.

    The CBN emphasized its collaboration with law enforcement agencies to apprehend those involved in circulating fake notes, especially higher denominations, often used in transactions across major cities, notably in food markets and commercial centers.

    Quoting Section 20(4) of the CBN Act (2007) as amended, the bank highlighted the severe penalties, including imprisonment for not less than 5 years, for falsifying or counterfeiting Naira notes.

    The statement urged the public to report any suspected individuals dealing with counterfeit notes to the nearest police station or CBN branch. It further advised financial entities and the public to take stringent measures to halt the acceptance and circulation of fake notes.

    Meanwhile, concerns over Naira scarcity heightened in parts of Abuja, where Automated Teller Machines (ATMs) failed to dispense cash, exacerbating the challenges faced by residents in the nation’s capital.

  • FCT To Experience Darkness As Transmission Company Announces Maintenance

    By Doris Israel Ijeoma

    The Transmission Company of Nigeria (TCN) is set to conduct planned maintenance on three 33kV feeders in Kubwa Substation. 

    As a result, several parts of the Federal Capital Territory, including Kubwa, Bwari, and surrounding areas, will experience a power outage today. 

    The maintenance, announced by TCN’s General Manager of Public Affairs, Ndidi Mbah, will occur from 10:00 am to 5:00 pm on Monday, December 4.

    The interruption in power supply through the Abuja Distribution Company is expected to last for seven hours, with services expected to resume promptly after the completion of the maintenance work.

    “Consequently, there will be power interruption on the feeders mentioned, affecting power supply through AEDC to its customers within Kubwa, Bwari and environs for seven hours.

    “Power supply will be restored to the affected areas as soon as maintenance is completed,” the statement read.