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Reps Approve Buhari’s Request For Another 1Trilion Naira Loan From CBN

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The House of Representatives has approved the request by President Muhammadu Buhari to secure an additional N1 trillion loan from the Central Bank of Nigeria (CBN) to fund the 2022 supplementary budget.

The CBN has already violated its enabling law by loaning the federal government more than the approved limit, PREMIUM TIMES reported. This did not, however, deter the lawmakers from approving the fresh loan from the central bank.

Also, the House suspended the request to securitize the N22.7 trillion Ways and Means loans pending more details from the Executive.

On Tuesday, the House Committees on Finance, Banking and Currency, and Aids, Loans and Debts Management jointly presented a report recommending the approval of the restructuring of N1 trillion additional Ways and Means advances for implementation of the 2022 Supplementary Appropriations Act as passed by the National Assembly.

Also, the committees recommended further engagement with the Executive to allow for thorough and detailed work and submissions on the larger part of the Advances which amounts to N22.7 trillion.

Mr Buhari had in a letter in 2022 requested that the N22.7 trillion Ways and Means loan should be converted to a 40-year bond with a moratorium of three years

The N1 trillion is expected to be used to fund the N819.5 billion 2022 supplementary budget which the lawmakers approved last December.

Speaking on the report, Speaker Femi Gbajabiamila informed his colleagues that the other report will be considered subsequently after their recess.

In December, there was a mild drama in the Senate over the consideration of the report, prompting the Senate President, Ahmad Lawan, to step down the report.

Earlier reports had it that the chamber was thrown into a chaotic session for minutes during the consideration of the report which was presented by the chairman of the Senate Committee on Finance, Adeola Olamilekan.

Many lawmakers who opposed the president’s request either said it was against the laws or wondered why the National Assembly was not notified when the amount was taken from the central bank.

BIG STORY

NDPC Fines MultiChoice N766m For ‘Violating Privacy Of Subscribers’

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The Nigeria Data Protection Commission (NDPC) has imposed a fine of N766.24 million on MultiChoice Nigeria, the parent company of DStv and GOtv, for “violating the privacy of subscribers and their friends”.

In a statement on Sunday signed by Babatunde Bamigboye, head of legal, enforcement and regulations at NDPC, the commission explained that the sanction followed an investigation launched in the second quarter of 2024.

NDPC said MultiChoice was found to have breached the Nigeria Data Protection (NDP) Act after an inquiry into alleged violations of the privacy rights of its subscribers and the illegal cross-border transfer of personal data belonging to Nigerians.

“NDPC found, among others, that Multichoice violated the data privacy rights of subscribers and their friends who are not necessarily subscribers,” the commission stated.

“The Commission also found that Multichoice carries out illegal cross-border transfer of personal data relating to data subjects in Nigeria.

“The depth of data processing by Multichoice is patently intrusive, unfair, unnecessary and disproportionate. This is a grave affront to fundamental right to privacy as enshrined in section 37 of the 1999 Constitution of the Federal Republic of Nigeria.

“Nigeria is entitled to protect her citizens, and data sovereignty under both international and extant municipal laws – as these have far-reaching implication for rule of law, national security and economic growth.

“In line with its standard remediation procedure, the Commission directed Multichoice to carry out appropriate remedial measures. However, the Commission found the measures undertaken by Multichoice in this regard unsatisfactory.

“For want of cooperation, the Commission has directed Multichoice to pay N766,242,500 for violating the Nigeria Data Protection Act.”

NDPC also stated that Vincent Olatunji, the national commissioner of the agency, has directed that every outlet through which MultiChoice collects Nigerians’ personal data be investigated for possible non-compliance.

Olatunji emphasized that any outlet processing personal data in violation of the NDP Act would be subject to a penalty as stipulated by the Act.

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BIG STORY

US Court Jails Nigerian Pastor Over $4.2million COVID-19 Fraud As Monarch Forfeits Properties

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They appeared before Justice Christopher Boyko at the US District Court of Ohio.

A Nigerian pastor, Edward Oluwasanmi, has been sentenced by a United States District Court to 27 months in prison for defrauding the COVID-19 relief fund.

His associate, the Apetu of Ipetumodu, Oba Joseph Oloyede, forfeited his property to the US government while awaiting a court ruling set for August 1.

Oluwasanmi and Oba Oloyede were arrested in early 2024 for fraudulently obtaining $4.2 million in COVID-19 relief funds.

They were charged with 13 counts, including conspiracy to commit wire fraud, wire fraud, conspiracy to defraud, money laundering, and engaging in monetary transactions involving criminal proceeds.

They were brought before Justice Christopher Boyko at the US District Court of Ohio.

Reports indicated both men pleaded guilty to some of the charges under a plea agreement.

According to court documents, Judge Boyko sentenced Oluwasanmi on Wednesday, July 2, to 27 months on counts one, 11, and 12 of the indictment.

The sentences will run concurrently.

The court also ordered Oluwasanmi to pay a $15,000 fine and report to the U.S. Marshal Service.

The court stated, “Supervised release three years on each of counts 1 and 11-12, all such terms to run concurrently, with standard and special conditions.”

It also declared, “As a result of the foregoing offenses, defendants Joseph Oloyede and Edward Oluwasanmi shall forfeit to the United States: all property, real and personal, which constitutes – or is derived from – proceeds traceable to the commission of the wire fraud, wire fraud conspiracy offenses; all property constituting, or derived from, proceeds the defendants obtained, directly or indirectly, as the result of the wire fraud, wire fraud conspiracy offenses and any and all property, real and personal involved in the money laundering offenses, and any property traceable to such property.”

Oluwasanmi will forfeit a commercial property located at 422 South Green Road, South Euclid, Ohio. Meanwhile, the court scheduled Friday, August 1, for the sentencing of Oloyede after the monarch pleaded guilty to counts one and 13 of his indictment.

On Monday, April 21, Oba Oloyede, a US-based accountant and information systems professional crowned Apetu in July 2019, entered his guilty plea before the court.

Oba Oloyede and Oluwasanmi were accused of submitting fake applications for the Paycheck Protection Programme and Economic Injury Disaster Loans under the US Coronavirus Aid, Relief and Economic Security Act between April 2020 and February 2022.

They allegedly used falsified tax and wage documents to obtain funds intended to help struggling businesses during the pandemic.

The Act was meant to offer emergency financial relief to Americans facing the economic consequences of COVID-19 by providing loans to small businesses and nonprofits.

Oba Oloyede was alleged to have used some of his companies, including Available Tax Services Incorporated, Available Financial Corporation, and Available Transportation Company, to commit the fraud.

Following the monarch’s disappearance, the Osun State Government said it would wait for the conclusion of his trial before deciding on any action.

The state Commissioner for Information and Public Enlightenment, Kolapo Alimi, said, “A person is innocent until a court convicts them. So, we don’t want to jump the gun; let us wait for the court’s pronouncement on the matter.”

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UK Grants Duty-free Access To 3,000 Nigerian Products Under New Trade Scheme

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The United Kingdom has revealed that more than 3,000 Nigerian products, such as cocoa and cashew, are now eligible to enter the UK market either duty-free or at reduced tariffs. The Country Director for the UK Department for Business and Trade, Mark Smithson, announced this development as part of the UK’s Developing Countries Trading Scheme (DCTS) in a recent video released by the UK in Nigeria.

“Up to 3,000 products from Nigeria qualify for low tariff or no tariff access to the UK through the Developing Countries Scheme, one of the most generous trading schemes in the world,” Smithson stated.

He added that the UK has streamlined the process for Nigerian exporters, making it simpler to trade a wide range of goods, including cocoa and textiles.

Smithson urged Nigerian exporters to take advantage of this opportunity.

“The UK is open and looking to do business with Nigeria. So why don’t you go to the website and find out more about the Developing Countries Trading Scheme and begin to trade with us?”

The DCTS, launched in 2023, replaced the UK’s former Generalised Scheme of Preferences. It aims to lower tariffs and simplify trading regulations for over 60 developing countries, Nigeria included.

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