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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 Internationa

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

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.

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....

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 monitori

S upreme 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