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Emefiele Didn’t Get Approval For Naira Redesign — Former CBN Director Umar Tells Court

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Godwin Emefiele, the immediate past governor of the Central Bank of Nigeria (CBN), is on trial. Ahmed Umar, a former director of operations at the apex bank, on Tuesday, told the court that Emefiele’s late 2022 naira redesign was not approved by the Committee of Governors.

Recall that Emefiele was charged by the Economic and Financial Crimes Commission (EFCC) on May 15 before Federal Capital Territory High Court Judge Maryanne Anenih with offences related to purportedly illegal redesign and printing of the new naira notes.

In the charge marked CR/264/2024, the EFCC alleged that Emefiele carried out the naira redesign policy without the approval of the  CBN Board and President, Buhari.

The anti-graft agency said without the approval of the CBN Board and the President Muhammadu Buhari, Emefiele spent N18.96bn for the printing and swapping of new naira notes worth N684.5m.

It alleged that Emefiele, “knowingly disobeying the direction of Section 19 of the CBN Act, 2007”  approved “the printing of N375,520,000.00 pieces of colour swapped N1,000 notes, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria, among other things.”

The EFCC, at the trial opening on Tuesday, fielded ex-CBN Director of Operations,  Umar, as its first witness.

Led in evidence by the EFCC prosecutor,  Rotimi Oyedepo (SAN), Umar told the court that his department in 2022 was directed to come up with the new design for the naira.

“The management of CBN directed my department to come up with a memo on the design of the naira note sometime in August 2022.

“We prepared the bill with the Committee of Governors and passed it through the line Deputy Governor Operations, which he forwarded to the Governor and it was listed for consideration by the Committee of Governors.”

The ex-director, who told the court that he joined CBN 35 years ago and retired in July 2023, explained that the Committee of Governors comprised five members, including the CBN Governor as chairman.

The witness told the court that the naira redesign memo was presented to the Committee of Governors for their consideration/ review on October 26, 2022, but the committee did not approve it.

Umar said, “We humbly requested the implementation of the amendment. (But) the extract from the COG did not approve item one and item three. While item two was modified to include N200 denomination, the proposal for the exercise in 2023 wasn’t approved by the COG.

“The procedure requires the Board of Directors to recommend to the President for design and form.

“The design shall be contained in the currency after the approval of the President then the production of the currency will commence.”

Justice Anenih, admitted in evidence, the Certified True Copy of the memorandum filed by the Operations Department and marked it as Exhibit A.

The EFCC, in the charges, accused Emefiele of spending N4.4bn to print “coloured swapped N500 notes.”

According to the EFCC, Emefiele spent N3.4bn to print “137,070 pieces of coloured N200 notes.”

The EFCC said Emefiele carried out the alleged actions between October 2022 and March 2023 in Abuja in clear violation of Section 19 of the CBN Act.

The EFCC alleged that Emefiele disobeyed the direction of the law with the intent to cause injury to the public with the manner in which he implemented the naira swap policy.

Emefiele was also accused of unlawfully approving the withdrawal of N124.8bn from the Consolidated Revenue Fund of the Federation.

The ex-apex bank chief, however, denied all the allegations, pleading not guilty.

BIG STORY

NCC Unveils Initiative To Combat Fraud, Spam Messaging

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The Nigerian Communications Commission has unveiled a draft regulatory framework aimed at addressing fraud, spam, and other challenges in the “Application-to-Person” messaging sector.

The telecom regulator made this announcement in a statement on Friday.

The proposed framework was introduced during a virtual Stakeholders’ Forum, a key step towards enhancing the sector’s integrity and ensuring a fair, transparent environment for all parties involved.

The draft framework, presented by the acting Head of Legal and Regulatory Services at the NCC, Mrs. Chizua Whyte, on behalf of the Executive Vice Chairman, Dr. Aminu Maida, seeks to regulate the A2P messaging space.

A2P messaging, used for notifications such as bank alerts, promotional campaigns, and government updates, has become a vital communication tool in Nigeria.

However, the sector faces significant challenges, including consumer protection concerns, fraud, and data privacy issues, as well as an unequal distribution of value within the ecosystem.

“The international A2P messaging space in Nigeria faces gaps that have led to issues such as fraud, spam, and data privacy concerns. These challenges threaten the sustainable growth of this communication tool,” the NCC said.

The regulator emphasised its commitment to fostering innovation while ensuring a secure, transparent environment for businesses, consumers, and service providers.

The proposed framework aims to address these challenges by protecting consumers, promoting fair competition, and holding service providers accountable.

“This forum marks a pivotal step towards addressing these challenges,” the NCC said. “We are here to engage with all stakeholders—operators, aggregators, businesses, service providers, and consumers—to refine the framework and ensure it meets the needs of the entire ecosystem.”

The NCC stressed the importance of inclusivity and collaboration in creating an effective regulatory environment.

The commission’s efforts are focused on promoting a sustainable A2P messaging ecosystem that enables business innovation, enhances communication efficiency, and supports Nigeria’s socio-economic growth.

Stakeholders were encouraged to provide feedback and contribute ideas during the forum to help shape the final framework.

The NCC reiterated its commitment to creating a regulatory environment that supports innovation while safeguarding the interests of all stakeholders in the A2P messaging sector.

For further updates, the NCC urged stakeholders to remain engaged throughout the regulatory process, stressing the importance of cooperation in shaping the future of A2P messaging in Nigeria.

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JUST IN: Oil Marketers Reduce Petrol Price By 11.8% To N939.50 Per Litre

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Oil marketers sourcing “Premium Motor Spirit”, “PMS”, also known as petrol, from the Dangote Petroleum Refinery have reduced the price by 11.8 percent to N939.50 per litre, down from N1,060 per litre.

As of Thursday, December 19, petrol was still being sold at N1,060 per litre in Lagos and surrounding areas.

However, by Friday, MRS, a leading marketer, along with others, had adjusted their prices, now selling at N939.50 per litre.

It’s worth noting that the Dangote Petroleum Refinery had earlier lowered the ex-pump price of petrol to N899.50 per litre, down from N970 per litre.

According to the refinery, this price reduction is intended to offer much-needed relief to Nigerians ahead of the holiday season.

Anthony Chiejina, the Chief Branding and Communications Officer of Dangote Group, made this announcement.

“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on “PMS” (“petrol”). From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM,” Chiejina said.

‘‘Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”

 

More to come…

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BIG STORY

EFCC Allocates N18bn For Allowances, N5bn For Travels In Proposed 2025 Budget

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The Economic and Financial Crimes Commission (EFCC) has announced plans to allocate N18 billion for allowances in 2025.

This figure is part of the proposed 2025 budget currently under consideration and awaiting approval by the national assembly.

As per the appropriation bill, the EFCC’s total budget for 2025 stands at approximately N62.2 billion.

This budget includes personnel costs (N38.6 billion), overheads (N20.9 billion), and capital expenditure (N2.2 billion).

Within the allowance budget, N1.7 billion is designated for “non-regular allowances,” while “regular allowances” are set at N16.7 billion.

Other proposed expenditures for the EFCC include welfare packages (N1.4 billion), fuel and lubricants (N2 billion), financial charges (N1.2 billion), construction and provision of office buildings (N1.1 billion), and maintenance services (N2.1 billion).

The EFCC also plans to allocate N4.9 billion for “local travel and transport,” with “international travel and transport” expected to cost N1.7 billion.

The proposed budget includes N800 million for the purchase of fixed assets.

On Wednesday, President Bola Tinubu unveiled the N49.7 trillion 2025 “Budget of Restoration: Securing Peace and Rebuilding Prosperity.”

In his address to the national assembly, Tinubu stated that it was time “we rewrite Nigeria’s narrative together.”

The primary focus of next year’s budget will be the defence, infrastructure, health, and education sectors.

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