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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

Naomi Campbell Gets 5-Yr Ban From Being Charity Trustee In UK For “Using Funds On Spa Treatment”

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Naomi Campbell, the British supermodel, has been banned from serving as a charity trustee in England and Wales for five years.

The UK Charity Commission found that her charity, Fashion for Relief, was “poorly governed and managed financially” by its trustees.

The investigation, conducted from April 2016 to July 2022, revealed that only 8.5% of the funds raised were spent on charitable grants.

Additionally, charity funds were reportedly used for Campbell’s stays in luxurious hotels, spa treatments, and cigarettes.

Campbell responded to the findings in an interview, expressing her concern and claiming she was not aware of these expenses, as she had entrusted the charity’s management to a legal employer. She said, “I was not in control of my charity.”

Veronica Chou and Bianca Hellmich, other trustees, were also sanctioned.

Hellmich was banned for nine years for receiving unauthorized funds, while Chou was banned for four years.

Tim Hopkins, part of the investigation team, stated that Campbell and the other trustees had failed in their legal duties.

Approximately £344,000 has been recovered, and an additional £98,000 of charitable funds has been protected.

The recovered funds were used to make donations to other charities and settle liabilities.

Campbell founded Fashion for Relief in 2005 with the aim of relieving poverty.

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BIG STORY

Why Tinubu Shouldn’t Trust His “Kitchen Cabinet” — Former Communications Adebayo Shittu

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A former Minister of Communications, Adebayo Shittu, has advised President Bola Tinubu against trusting some of his closest advisors when it comes to recommending individuals for ministerial positions, particularly as he prepares for a cabinet reshuffle.

Shittu shared his insights during an appearance on Channels Television’s Politics Today programme on Thursday.

He highlighted that some members of the President’s kitchen cabinet, who should ideally seek out technocrats for ministerial roles, have their own vested interests and may only suggest candidates who align with their personal agendas.

“You cannot trust anybody, even if you are talking of kitchen cabinet,” Shittu remarked, noting that some current cabinet members have not met expectations.

He elaborated, “This will be the first time he (Tinubu) would be recruiting people from all parts of the country most of whom he may never have met in life.

But he may just be riding on the recommendation, perhaps, of interested power blocs within the party who would give information and sell their candidate for one reason or the other.”

Shittu emphasized, “Mr President has an opportunity to decide what he wants. If you are not there and if he does not tell you exactly what he wants, it would be very difficult but I think one failing in our system in this country is that when people are appointed, or about to be appointed, we don’t have a kind of orientation exercise which perhaps will take a week or two weeks to school those to be given jobs to understand the priorities of their employer.”

Since taking office, Tinubu has appointed 48 ministers as of August 2023, shortly after his inauguration.

The Senate quickly screened and confirmed these ministers. However, one minister, Betta Edu, faced suspension in January, while another, Simon Lalong, transitioned to the Senate.

Calls for a cabinet reshuffle have intensified, with many Nigerians expressing dissatisfaction over the performance of several ministers amid rising inflation, a challenging economic landscape, and increasing insecurity.

This week, presidential spokesman Bayo Onanuga indicated that the President would indeed be reshuffling his cabinet but did not specify a timeline for this reorganization.

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FG To Toll Lagos-Ibadan Expressway, Second Niger Bridge, Others — Works Minister David Umahi

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Minister of Works, Dave Umahi, announced that the Federal Government will begin tolling all major roads in the country upon the completion of construction and renovation projects.

During an Inter-Ministerial Press Briefing in Abuja, part of activities marking Nigeria’s 64th independence anniversary, Umahi mentioned that roads such as the Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kano Road, and Makurdi-9th Mile would be tolled.

Umahi emphasized that tolling would generate significant revenue for the government, adding that private sector involvement is being sought to fund the construction and tolling of these roads.

He said that the Keffi-Makurdi Road would be the first to be tolled, and the Ministry of Works is working with the Ministry of Finance to implement a paperless payment system for tolls.

He assured that enhanced security, solar lighting, and reduced travel times on these roads would increase public confidence and encourage payment of tolls.

Umahi further stated that the current administration, under President Bola Tinubu, has taken a more professional approach to road development, treating it as an investment.

The administration inherited 300 damaged roads and bridges, and new construction projects will begin across the six geopolitical zones starting October 1, 2024.

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