Connect with us

BIG STORY

Naira Scarcity: CBN Begs Nigerians, Vows To Stop PoS ‘Extra’ Charges

Published

on

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has appealed to Nigerians to show understanding, adding that the redesigned notes will circulate and be accessible.

The apex bank also pledged to stop Point of Sale charges as the February 10 deadline for the swapping of old naira notes with new ones approaches.

Emefiele made the appeal at a special media briefing on the new naira notes, on Friday, in Lagos.

He noted he could see the protests and arguments surrounding the difficulty citizens were facing in accessing the new notes.

“I understand the agitation and I’m begging in God’s name, we are on our knees begging people to please show understanding. They should be calm.

“In our meetings with the banks, we have told them to set up tents and chairs, give people numbers, which I’m sure some people will say it is old fashioned.

“But at this time that we’re trying to get the currency in circulation amongst everybody, people have to have numbers and they come in under a queueing arrangements that when you come in you get served, if it finishes, just be patient.

“By tomorrow, when you come back, they will start from where they stopped, you will not be cheated.

“Let’s just be calm and adopt a good queueing system, the assurance we give is that it will eventually go round.

“Eventually the limits will be raised and eventually the limits will be removed and people will be able to conduct their business transactions in a way that it has always been in the past,” Emefiele said.

On high charges by the Point of Sale agents on every transaction made by their customers, the apex bank governor urged banks to stop the charges on the PoS.

“I am going to be calling a meeting with the banks this evening or by tomorrow, if those charges go to or those charges have been charged through the bank, we are going to have an arrangement with even telcos to see how those charges can actually at this time be stopped.

“Those charges at this time should be stopped. So, if we know whatever you are making that you’re not making because we stopped it, we can collect it somewhere and look for a way to pay you.

“But we don’t want you to continue to create pain on those who want to use alternative channels when they cannot have cash in their pocket.

“We will go into this later this night or even tomorrow, we’re going to call a meeting of both the banks and the mobile networks; at this time nobody should be charged, if you are charged, we will need to know about it.

“But we would want this service to continue to be offered. Whatever it is in terms of volume and number that you have carried out. We will look for away to pay you your money,” he said.

NAN reports that the redesigned naira notes comprising N200, N500 and N1,000, came into use on Dec. 15, 2022, after they were unveiled by President Muhammadu Buhari, on Nov. 23, 2022 in Abuja.

The CBN had earlier fixed Jan. 31 as deadline for the collection of old naira notes, but later extended the time limit to Feb. 10.

The CBN governor had said the extension was to allow Nigerians that had naira legitimately earned and trapped the opportunity to deposit their money for exchange.

The governor had ordered banks to load their Automated Teller Machines with the new naira notes to ensure Nigerians had access to them.

 

Credit: NAN

BIG STORY

I’m Willing To Appear In Court, But Scared Of EFCC’s Arrest — Yahaya Bello

Published

on

Former governor of Kogi State, Yahaya Bello, has opened up on his failure to appear before a federal high court in Abuja, says it’s due to fear of arrest by the Economic and Financial Crimes Commission (EFCC).

Recall that the EFCC sought to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2 billion.

Although the arraignment was initially scheduled for April 18, Bello was absent from court on the day.

At the resumed court session on Tuesday, Adeola Adedipe, a member of Bello’s legal team, said his client would have appeared in court but was worried about being taken into custody.

“The defendant wants to come to court but he is afraid that there is an order of arrest hanging on his head,” Adedipe said.

He asked the court to revoke the warrant of arrest issued on April 17 against the former governor.

Adedipe argued that the charge had not been served on his client as required by law at the time the warrant of arrest was made.

“As at the time the warrant was issued, the order for substituted service had not been made. That order was just made this morning,” he said.

“A warrant of arrest should not be hanging on his neck when we leave this court,” counsel to the defendant added.

However, Kemi Pinheiro, EFCC’s lawyer, argued that for the arrest warrant to be vacated, the former governor must be arraigned and take his plea.

Earlier, Emeka Nwite, presiding judge, made an order directing that the defendant should be served the charges by substituted means through his lawyers.

The court has fixed May 10 to rule on the application to vacate the warrant of arrest.

Continue Reading

BIG STORY

BREAKING: EFCC Arrests Former Aviation Minister Hadi Sirika Over Alleged N8bn Nigeria Air Fraud

Published

on

The Economic and Financial Crimes Commission has arrested former Minister of Aviation, Hadi Sirika, over an ongoing N8,069,176,864.00 money laundering probe.

The indicted former Minister of Aviation arrived at the Federal Capital Territory Command of the EFCC at about 1:00 pm on Tuesday, The PUNCH is reporting.

Our correspondent, who was at the Wuse office of the EFCC, observed the embattled former minister’s arrival at the anti-graft agency’s Abuja office.

Following his arrival at the command, Sirika is currently meeting with EFCC investigators to answer questions on alleged fraudulent contracts awarded by him to a company known as Engirios Nigeria Limited, owned by his younger sibling, Abubakar Sirika.

Impeccable anti-graft sources who spoke on the condition of anonymity, because they were not authorized to speak, confirmed the development to our correspondent on Tuesday.

“Yes, that was Hadi Sirika who was taken into our FCT custody. He is currently meeting with EFCC investigators over the alleged N8,069,176,864.00 aviation ministry contract fraud,” a source revealed.

Another source noted, “The N8,069,176,864.00 aviation ministry contract fraud was carried out in connivance with his younger brother, Abubakar Sirika, through the latter’s company.”

In February, It was exclusively reported that the EFCC was investigating the activities of the Aviation Ministry under former Minister Sirika for conspiracy, abuse of office, diversion of public funds, and contract inflation.

A credible source who spoke with our correspondent on Tuesday revealed that the anti-graft commission is investigating the activities of the Aviation Ministry for conspiracy, abuse of office, diversion of public funds, and contract inflation.

Others are criminal breaches of trust and money laundering amounting to N8,069,176,864.00 during Sirika’s tenure in office.

The sum is said to be for four aviation contracts from the former minister to a company known as Engirios Nigeria Limited, owned by his younger sibling, Abubakar Sirika.

Apart from being listed as the company’s Managing Director and Chief Executive Officer, Abubakar is said to be the sole signatory to the company’s two accounts, domiciled in Zenith and Union Banksy.

It was further revealed that the ex-minister’s younger brother, Abubakar Sirika, has been arrested and detained by the commission in connection with N3,212,258,930.18 paid to his company, Engirios Nigerian Limited’s, bank account by the former minister.

It was noted that there is no trace of work done on any of the contract items to date.

The source said Abubakar Sirika, who was arrested on Sunday, February 4, has since been assisting the commission in its probe of the Aviation Ministry’s financial expenditures during Mr Sirika’s tenure.

The EFCC investigator said, “We’re investigating an N8,069,176,864.00 money laundering case linked to former Aviation Minister Hadi Sirika.

“Hadi awarded contracts to his brother Abubakar, knowing that the latter is a civil servant, a deputy director on Level 16 in the Federal Ministry of Water Resources, where he has been working since 2000 till date.

“The first of the contracts from the former minister to Engirios Nigeria Limited was on August 18, 2022, for the construction of the Terminal Building in Katsina Airport, at a cost of N1,345,586,500.00. The second was awarded on November 3, 2022, for the establishment of the Fire Truck Maintenance and Refurbishment Center in Katsina Airport, valued at N3, 811,497,685.00.

“The third contract was on February 3, 2023, for the procurement and installation of lifts, air conditioners, and a power generator’s house in Aviation House, Abuja, at the cost of N615,195,275.000, while the fourth was awarded on May 5, 2023, for the procurement of Magnus aircraft and a simulator for the Nigerian College of Aviation Technology, Zaria, at the cost of N2, 296,897,404.00.

“Out of the total contract sum, the ex-minister paid out N3,212,258,930.18 to his younger brother’s Engirios Nigerian Limited, who, upon receipt of the payment, transferred it to different companies and individuals. There is no trace of work done on any of the contract items to date.

“Abubakar Sirika is currently in our custody at the Headquarters, and he is providing us with more useful information on the financial activities of the Aviation Ministry under the supervision of his older brother, Hadi Sirika.”

Continue Reading

BIG STORY

JUST IN: CBN Resumes Forex Sale To BDCs At N1,021/$

Published

on

The Central Bank of Nigeria has resumed the sale of foreign exchange to Bureau De Change operators. In this latest move, the apex bank is selling to them at an exchange rate of N1,021 per dollar.

Additionally, the CBN has directed BDCs to limit their sales to an amount not exceeding 1.5 per cent above the purchase price.

This information was disclosed in a circular uploaded to the CBN’s website on Tuesday.

Details later…

Continue Reading

Most Popular