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Nigeria On The Verge Of Bankruptcy — Emir Sanusi Drops Bombshell

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The Emir of Kano, Muhammad Sanusi 11, on Tuesday declared that Nigeria is on the threshold of bankruptcy following unfavourable economic policies such as subsidizing petroleum products and electricity tariffs.

The former Governor of the Central Bank of Nigeria, who spoke during the ongoing 3rd National Treasury Workshop organized by the office of the Accountant General of the Federation, holding in Coronation Hall, Government House, Kano, advised President Muhammadu Buhari’s Administration to cancel subsidy on petroleum products and electricity tariffs if the economy must stabilize.

According to him: “The country is bankrupt and we are heading to bankruptcy.

“What happened is that the Federal Government do pay petroleum subsidy, pay electricity tariff subsidy, and if there is rise in interest rates, Federal Government pays.

“What is more life-threatening than subsidy that we have to sacrifice education, health sector and infrastructure for us to have cheap petroleum?

“If truly President Buhari is fighting poverty, he should remove the risk on the national financial sector and stop the subsidy regime, which is fraudulent.”

Emir Sanusi insisted that Buhari must tell Nigerians the fact about the economic situation and also act quickly on it because the nation is already bankrupt.

According to him: “Since I have decided to come here, you have to accept what I have said here.

“And please, if you do not want to here the truth, never invite me.

“So let us talk about the state of public finance in Nigeria.

“We have a number of very difficult decisions that we must make and we should face the reality.

“His Excellency, the President, said in his inaugural speech that his government would like to lift 100 million people out of poverty.

“It was a speech that was well received not only in this country, but worldwide.

“The number of people living with poverty in Nigeria are frightening.

“By 2050, 85 per cent of those living in extreme poverty in the world will be from the African continent.

“And Nigeria and the Democratic Republic of Congo will take the lead.

“Two days ago, I read that the percentage of government revenue going to debt services has risen to 70 per cent.

“These numbers are not lying.

“They are public numbers.

“I read them in the newspapers.

“When you are spending 70 per cent of your revenue on debt servicing, then you are managing 30 per cent.

“And then, you continue subsidising petroleum products and spending N1.5 trillion per annum on petroleum subsidy!

“And then we are subsidising electricity tariff.

“And maybe, you have to borrow from the Capital Market or the Central Bank of Nigeria to service the shortfall in the electricity tariff.

“Where is the money to pay salaries?

“Where is the money for education?

“Where are other government projects?”

The Royal Father lamented that for 30 years, successive governments have had this project called petroleum subsidy, insisting that this is the right time to stop it so as to save the nation’s economy.

Speaking during the workshop, the Accountant-General of the Federation, Ahmed Idris, noted: “The overall objective of the workshop is to promote accountability and transparency in all facets of the nation’s public finance and management architecture.

“It is expected that participants should appreciate that accountability and transparency remain major watchwords for prudent financial management practices and are, therefore, major prerequisite for economic growth and development.”

Idris charged participants to strive towards identifying the challenges to accountability and transparency the management of public funds, improving independent revenue base and profile of government, as well as proffering revenue diversification for governments at all levels so as to cut down the cost of governance.

In his address, the chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, identified corruption as the bane of the country’s economic woes.

He warned public and private office holders to desist from corrupt practices, stating that his office has zero tolerance to corruption.

According to Magu: “Transparency and accountability are twin sisters of good governance.

“They are the tools to tackle corruption.

“It is true that we can leave a good legacy.”

Magu, however, called on the Federal and States Accountant-Generals to take the lead in the fight against corruption, adding that they must insist the right thing be done in their offices.

In his address, the Kano State Governor, Dr. Abdullahi Umar Ganduje, who was represented by his Deputy, Dr. Nasiru Yusuf Gawuna, said Kano State was the first to establish the Treasury Single Account in its bid to fight corruption and block leakages.

According to Ganduje, the state also put in place the Anti Corruption and Public Complaint Commission to checkmate corrupt practices of public servants in the state.

The Nation.

BIG STORY

Yahaya Bello: EFCC Confirms Refund Of $760,000 From American International School Abuja

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The American International School in Abuja has reimbursed the Economic and Financial Crimes Commission (EFCC) for the amount of $760,910 that it was previously paid by former Kogi State Governor Yahaya Bello for his children’s advanced school fees.

Dele Oyewale, the EFCC spokesperson, verified this on Saturday.

The school requested the anti-graft agency’s “authentic banking details” in a letter dated October 24, 2022, in order to pay the reimbursement “as part of investigation into the alleged money laundering activities by the Bello family.”

The sum of $845,852 was said to be paid to the school between September 2021 and October 2022. The school said it deducted the educational services rendered between the period, with the remaining amount being $760,910.

The EFCC is prosecuting Bello on 19 counts bordering on alleged money laundering, breach of trust, and misappropriation of funds to the tune of N80.2 billion. The matter is before Justice Emeka Nwite of the Federal High Court in Abuja.

EFCC chief Ola Olukoyede, who vowed to prosecute Bello or resign, alleged that the embattled ex-governor withdrew $720,000 from the state’s accounts to pay his child’s school fees in advance just before he left office on January 27, 2024.

The anti-graft commission had declared Bello wanted after his successor, Governor Usman Ododo allegedly whisked him away on April 17, 2024, preventing EFCC operatives to arrest him (Bello) when they laid siege to his Abuja residence.

Meanwhile, a Kogi State High Court sitting in Lokoja has ordered EFCC chairman to appear in court on May 13, 2024, to show cause why an order of committal should not be made against him for allegedly disobeying court order.

The EFCC boss is facing a contempt charge for carrying out “some acts upon which they (the EFCC) have been restrained” by the Court on February 9, 2024, pending the determination of the substantive Originating Motion.

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Yahaya Bello: Kogi Court Summons EFCC Chairman Olukoyede Over Alleged Contempt

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Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), has been directed by a Kogi State High Court in Lokoja to appear in court on May 13, 2024, to provide justification for not having an order of committal placed against him for allegedly defying a court order.

A contempt charge has been brought against the EFCC chairman for executing “some acts upon which they (the EFCC) have been restrained” by the Court on February 9, 2024, while the Originating Motion’s merits are being determined.

Justice I. A. Jamil, delivering a ruling in Suit No: HCL/68M/2024 and Motion No: HCL/190M/2024, ordered that “the said act was carried out by the Respondent (EFCC) in violation of the order, which was valid and subsisting when they carried out the act. That same act of the Respondent amounts to Contempt.

EFCC operatives had laid siege on the residence of the immediate past Governor of Kogi State, Alhaji Yahaya Bello, as early as 8 am on April 17, 2024, with a bid to arrest him, despite a court order restraining them from taking such action, pending the determination of the Originating Motion.

Justice Jamil’s order was based on a motion ex-parte filed by Yahaya Bello through his lawyer, M.S. Yusuf, where he prayed to the court for an order to issue and serve the Respondent (EFCC Chairman) with Form 49 Notice to show cause why Order of committal should not be made on Olukoyede.

Having listened to the arguments of the Applicant’s counsel, the submission and the exhibits attached in the Written Address, Justice Jamil granted Yahaya Bello’s prayers and ordered Olukoyede to be summoned to appear before the court to answer the contempt charge.

Delivering his order on the motion on April 25, 2024, Justice Jamil said, “The applicant’s application before me is to the effect that the Respondent has carried out some acts upon which they have been restrained by this Court on the 9th of February, 2024, pending the determination of the substantive motion on Notice before this Court.

“That the said act was carried out by the Respondent in violation of the order which was valid and subsisting when they carried out those acts. That same acts of the Respondent amount to acts of contempt.

“That the Respondent should be summoned to appear before this Court to answer to the contempt charge.

“It’s against the above facts that this Court hereby grants the prayers sought in line with the principle of “Audi Ultra Patem”. To wit:

“An order of this Honourable Court for the issuance of Form 49 Notice to show cause why an order of committal should not be made against the Executive Chairman of the Respondent – Economic and Financial Crimes Commission (EFCC).

“An order for service of Form 49-Notice to show why an order of committal should not be made on the Executive Chairman of the Respondent – Economic and Financial Crimes Commission (EFCC) at EFCC Corporate Headquarters, Plot 301/302, Research and Institution District, Abuja.

“This matter is adjourned to the 13th of May, 2024 for the Respondent’s Chairman to appear before this Court in answer to form 49 ordered to be served on him.”

 

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Naira Depreciates Because I Was Out Of The Country — Odumeje

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The Mountain of Holy Ghost Intervention and Deliverance Ministry’s Prophet Chukwuemeka Ohanemere, popularly known as Odumeje, declared that he had returned to Nigeria in an effort to halt the dollar’s appreciation relative to the Nigerian Naira.

Odumeje, in a video recorded at the airport while returning from London, boasted: “This is Indaboski Bahose. The war and the battle. A man full of power and activities. The only man who tells you, “I will bring down a dollar,” and he gets it done. When I left the country, dollar began to rise; now, I am back, I will continue where I stopped.”

In a video recording of one of his church programmes a few weeks ago, the self-acclaimed prophet had claimed that the exchange rate of dollar to naira came down because of one of his powers, which he dubbed ‘Abidoshaker.’

His claims came on the heels of the Nigerian currency’s significant gains after exchanging at N1,920 per dollar.

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