Kogi Gov's Nephew Docked For N3bn Fraud, Remanded in Prison

The Economic and Financial Crimes Commission, EFCC on Wednesday, February 8, 2023, arraigned one Ali Bello, a nephew of Kogi State Governor, Yahaya Bello, before Justice Obiora Egwuatu of a Federal High Court Abuja.

Bello was docked alongside Abba Adauda, Yakubu Siyaka Adabenege, Iyada Sadat, Rashida Bello (at large) on 18 count charge bordering on criminal misappropriation and money laundering to the tune of N3,081,804,654.00 (Three Billion, Eighty One Million, Eight Hundred and Four Thousand, Six Hundred and Fifty Four Naira.

Bello, Adaudu, Adabenege, Sadat and Rashida (at large) sometime in June, 2020 in Abuja procured E- Traders International Limited to retain the aggregate sum of N3,081,804,654.00 (Three Billion, Eighty One Million, Eight Hundred and Four Thousand, Six Hundred and Fifty Four Naira) which sum they reasonably ought to have known forms part of proceeds of unlawful activity. 

Similarly, the defendants sometime in November, 2021 in Abuja procured E-Traders International Limited to transfer the aggregate sum of $570,330 (Five Hundred and Seventy Thousand, Three Hundred and Thirty United States Dollars) to account number no; 426-6644272 domiciled in TD Bank, United States of America, which sum they reasonably ought to have known forms part of proceeds of unlawful activity to with: criminal misappropriation, and thereby committed an offence contrary to section 15(2)(d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.

The defendants pleaded “not guilty” to all the charges preferred against them.

In view of their pleas, Prosecuting Counsel, Rotimi Oyedepo, SAN, urged the court to give a trial date to enable the prosecution to prove its case.

However, defence counsel, Ahmed Raji SAN, prayed the court to grant his client bail pending the hearing and determination of the case.

Justice Egwuatu adjourned the case till 13 February, 2023 and ordered that the defendants be remanded in a Correctional Centre pending the determination of the bail application.

Wole Arisekola Commends Supreme Court For Invalidating CBN Deadline On Old, New Naira Notes Swap

Ibadan-born businessman, public affairs analyst and publisher of Ireland-based journal, The Street Journal magazine, Mogaji Wole Arisekola has commended the Supreme Court’s decision to temporarily halt the move by the Federal Government to ban the use of the old naira notes from February 10, 2023.

The celebrity infopreneur in a press release personally signed by him on Wednesday expressed his displeasure over Central Bank of Nigeria’s monetary policy, noting that it is imposing hardship on Nigerians.

He explained further that the ten-day extension by the Federal Government is insufficient to address the challenges of Nigerians swapping their old Naira notes for new ones.

Arisekola in the official statement also extended his profound appreciation to IMF for advising the CBN to relax its widely criticized policy, urging the apex bank to consider the harrowing effects its decision is having on the low income earners.

It would be recalled that a seven-member panel led by Justice John Okoro, stopped the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara and the case has been accordingly adjourned to Wednesday, February 15, 2023.

“I see this development as victory for our fragile democracy and also victory for light over darkness and evil. Of course our judiciary must also be commended for showing patriotism and standing by the downtrodden Nigerians who are faced with harrowing effects of this naira scarcity since its mindless introduction.

“Unfortunately this ugly incident has attracted violent protests across the country with some financial institutions shutting down their facilities to avoid mob attacks which could possibly lead to lynching and arson.

“I must also express my gratitude to IMF for lending its voice to this ill-timed CBN policy; Ari Aisen, IMF’s resident representative for Nigeria is a hero at a time like this, he has genuinely shown that he is sensitive to the plight of ordinary Nigerians.

“This is an opportunity for President Muhammadu Buhari to prevail on CBN Governor, Godwin Emefiele to retrace his steps in the interest of ordinary Nigerians who are already impoverished. Without sounding immodest the current situation has depleted the goodwill ordinary Nigerians had for Buhari, same people who gave him their votes for two consecutive times.

“Mr President, a stitch in time saves nine. The is the time for you to swiftly engage all critical stakeholders and use your good offices to workout modalities in saving the country from socio-economic hardships and unprecedented civil unrest. Moreover the wise decision you take now will equally help to bequeath on Nigerians an election that can be adjudged free and fair, peaceful, credible and transparent.”

Global Excellence Publisher, Mayor Akinpelu Loses Mom

The death has been announced of Alhaja (Mrs.) Osenatu Kehinde Akinpelu, mother of cerebral journalist and publisher of Global Excellence magazine, Mr. Mayowa Abiodun Akinpelu a.k.a. Mayor Akinpelu.

Mama Akinpelu was said to have passed on in the early hours of Tuesday 7th February, 2023, at age 98. She has since been buried according to Islamic rites.

According to the family, the 8th day Fidau prayer will hold on Tuesday, 14th February, 2023, at the family house in Ikorodu, Lagos State.

JUST IN: Buhari, Emefiele In A Close Door Meeting After Supreme Court Order

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is reportedly in a closed-door meeting with President Muhammadu Buhari at Aso Rock in Abuja.

The meeting is coming shortly after a Supreme Court ruling on Wednesday ordered that the old naira notes should remain in circulation beyond the February 10 deadline earlier announced.

The apex court gave the fresh order barely two days before the deadline for the naira swap announced by the CBN.

In a unanimous ruling, a seven-man panel of the Supreme Court led by Justice John Okoro, granted the interim injunction after an ex parte filed by Kogi, Kaduna and Zamfara state governments.

The highest court also held that the Federal Government and the apex must not continue with the deadline pending the determination of a notice on notice in respect of the issue on February 15.

Details soon....

CBN To Withdraw POS Operators License Over High Charges

The Central Bank of Nigeria (CBN) Tuesday said it would withdraw the licenses of Point of Sale (PoS) agents found culpable of inflating the charges on customers who withdraw money from their POS in the state.

Daily Trust reports that POS operators in the state are collecting between N1000, N1500 and N2000 charges for every N5000 and N10,000 withdrawn by customers and N300 charges for every N1000.

Director, CBN Risk Management department, Blaise Ijebor, disclosed this yesterday while speaking with journalists on efforts of the apex bank and state government on ensuring the availability of cash in circulation.

According to him, the approved charge for every N5,000 is N100 and anything done contrary to the approved charges by the agents due to the current cash crisis is tantamount to punishing their fellow citizens.

According to him, they are aware that POS agents are engaging in all sorts of sharp practices by charging customers up to 30 percent before giving them money.

“We are monitoring the situation and anyone caught would have his or her license withdrawn and would not be in the business because we are going around with the Economic Financial Crimes Commission (EFCC).

“Customer should not be agitated, there is no need for any tension because your money is safe in the bank for now just get the little cash you need while using alternative means available to make payment”

While assuring that the CBN is working with the state government to improve the situation, he said they have disbursed closed N1 billion to banks between Sunday and Tuesday so that the people can make a withdrawal

Ijebor: “We gave banks about N400m on Sunday, N200m on Monday, and on Tuesday(Today), we have given N460m. So, we are pushing out money.”

Supreme Court Suspends CBN Deadline On Old, New Naira Notes Swap

Supreme Court on Wednesday ordered a suspension of the deadline for the swapping of old to new Naira notes by the Central Bank of Nigeria (CBN).

The Supreme Court issued an interim injunction restraining the Federal Government from suspending the acceptance of the old Naira notes on the Friday February 10, 2023 deadline.

Kaduna, Zamfara, and Kogi State on Monday instituted a suit against the Federal Government at the Supreme Court over the scarcity of old and new Naira notes due to the CBN naira redesign policy.

The state governments said they are worried about the effects the CBN naira redesign policy is having on the residents of their states.

Consequently, they are seeking a restraining order by the Supreme Court to compel the government and CBN from implementing the policy.

The states filed an ex-parte motion through their lawyer, AbdulHakeem Uthman Mustapha (SAN), and are urging the Supreme Court to grant them an interim injunction stopping the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of ending the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the Naira may no longer be legal tender on February 10, 2023.

“Unless this Honourable Court intervenes, the Government and people of Kaduna, Kogi and Zamfara State will continue to go through a lot of hardship and would ultimately suffer great loss as a result of the insufficient and unreasonable time within which the Federal Government is embarking on the ongoing currency redesign policy,” Mustapha said.

The states said there has been a shortage in the supply of the new naira notes in Kaduna, Kogi and Zamfara States and that citizens who have dutifully deposited their old naira notes have increasingly found it difficult and sometimes next to impossible to access new naira notes to go about their daily activities.

The states said the CBN policy is imposing a lot of hardship on Nigerians and insisted that the ten-day extension by the Federal Government is still insufficient to address the challenges of Nigerians swapping their old Naira notes for new ones.

The case has been adjourned to Wednesday, February 15, 2023.