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Emiefele Escapes Nigeria through Seme Border: Zenith Bank-Cult boys in MINT, NIRSAL, others jittery over a can of worms being unearthed LeadingReporters

Breaking: Emiefele Escapes Nigeria through Seme Border: Zenith Bank-Cult boys in MINT, NIRSAL, others jittery over a can of worms being unearthed

by Leading Reporters August 30, 2023

written by Leading Reporters

Goerge Emiefele, the younger brother of the embattled Central Bank of Nigeria, Godwin Emiefele has escaped to London en route to the United States of America, through Cotonou, LeadingReporters can exclusively report. His escape follows his inability to secure a court order interdicting the Department of State Security Services and the Attorney General of the Federation from arresting and prosecuting him.

Goerge who until his escape worked with NEM Insurance PLC, through the help of the Central Bank Governor had unfettered access to the coffers of the Nigeria, Security and Minting Company, popularly called MINT where the sum of N1.5billion was constantly wired to him under the guise of Annual Premium.

Our investigation further revealed that George Emiefele who, until his escape was the DGM marketing in NEM Insurance collected the sum of N80million every month from Tawada Nigeria Limited (an affiliate of CBN responsible for the production of inks and raw materials used in printing currencies and other security documents) as coverage for marine insurance.

To ensure that such transaction was not traced to him, Goerge in connivance with the former Managing Director of Nigeria Security, Printing and Minting Mr Abbas Umar Masanawa (who is currently under investigation by the Department of State Security Services DSS), and the current MINT MD, Halilu Ahmed, fronted another insurance company called Assured Capital Insurance Brokers Limited from where the monies are paid and forwarded to him.

A source who is in the know of the behind-the-scenes deals revealed to LeadingReporters that Goerge ran the deal with his kinsman Joseph Ebete, the general manager of Assured Capital Insurance Brokers Ltd. Goerge as well extended his looting spree to other agencies, companies, and affiliates of the Central Bank of Nigeria.

George Emiefele, according to information unveiled by LeadingReporters leveraged his relationship with Central Bank of Nigeria Governor, Godwin Emiefele milked all the agencies and companies affiliated with the Central Bank of Nigeria such as MINT, Tawada, NIRSAL,

Meanwhile, information available to LeadingReporters has revealed that Godwin Emiefele’s boys, popularly referred to as Emiefele Zenith-Bank-Cult boys in top management positions in MINT, NIRSAL, Tawada are all jittery. A source said that Emiefele boys are doing everything possible in MINT and NIRSAL to cover links and alter records in favour of the embattled Central Bank Governor Godwin Emiefele.

An insider source who is part of the team investigating Godwin Emefiele hinted that a lot happened under the watch of the embattled CBN Governor and that soon, Nigerians would be surprised to know the level of impunity, recklessness and untamed corruption that occurred under Emiefele’s Watch.

August 30, 2023 0 comments

Africa & World

Breaking: Gabonese military officers announce they have seized power

by Leading Reporters August 30, 2023

written by Leading Reporters

A group of senior Gabonese military officers appeared on national television in the early hours of Wednesday and said they had taken power, minutes after the state election body announced President Ali Bongo had won a third term.

Appearing on television channel Gabon 24, the officers said they represented all security and defence forces in the Central African nation. They said the election results were cancelled, all borders closed until further notice and state institutions dissolved.

Loud sounds of gunfire could be heard in the capital Libreville, a Reuters reporter said, after the television appearance.

There was no immediate comment from the government of the OPEC-member nation. There were no immediate reports on the whereabouts of Bongo, who was last seen in public when he cast his vote in the election on Saturday.

“In the name of the Gabonese people … we have decided to defend the peace by putting an end to the current regime,” the officers said in a statement.

As one officer read the joint statement, around a dozen others stood silently behind him in military fatigues and berets.

The servicemen introduced themselves as members of The Committee of Transition and the Restoration of Institutions. The state institutions they declared dissolved included the government, the senate, the national assembly, the constitutional court and the election body.

August 30, 2023 0 comments

Headlines

BREAKING: Tinubu appoints new board members, management team for NDDC

by Leading Reporters August 29, 2023

written by Leading Reporters

President Bola Tinubu has appointed board members and a management team for the Niger Delta Development Commission (NDDC).

According to a statement by Ajuri Ngelale, presidential spokesperson, on Tuesday, Chiedu Ebie was appointed the chairman of the board of the commission while Samuel Ogbuku is the managing director and chief executive officer (CEO).

More to follow…

August 29, 2023 0 comments

Business

Fidelity Bank records highest earnings per share on the NGX for H1 2023

by Leading Reporters August 28, 2023

written by Leading Reporters

For the second year running, leading financial institution, Fidelity Bank Plc, has emerged as the company with the highest earnings per share on the Nigerian Exchange Limited (NGX) based on half-year financial figures.

According to a report by BusinessDay, Fidelity Bank, Seplat Energy, Total Energies, Okomu oil, Presco, Dangote Cement, MTN Nigeria, BUA Foods, First City Monument Bank (FCMB) and Geregu Power emerged as the companies with the highest earnings per share within the review period.
Earnings per share (EPS) is a company’s net profit divided by the number of common shares it has outstanding.

It also indicates how much money a company makes for each share of its stock and is a widely used metric for estimating corporate value.
A higher EPS indicates greater value because investors will pay more for a company’s shares if they think the company has higher profits relative to its share price.

Fidelity Bank recorded an earnings per share of N184 in the first half of 2023 from N79 in the first half of 2022.

The shares outstanding stand at 32.01 million, with a price which stood at N7 and a traded volume of 32.15 million as of 12:59 p.m. on Friday.

The bank’s profit for the period stood at N53.3 billion in the first half of 2023 from N22.84 billion in the similar period of 2022.

Fidelity Bank’s cash and cash equivalents rose to N501.54 billion in the first half of 2023 from N276.07 in the first half of 2022.
It would be recalled that the bank’s shareholders recently approved a capital raising exercise via a Public Offer for up to 10 billion Ordinary Shares and Rights Issue of up to 3.2 billion Ordinary Shares representing one new share for every 10 shares held to new and existing shareholders respectively.

August 28, 2023 0 comments

Headlines

Acting CBN governor, Deputies sued over refusal to declare assets

by Leading Reporters August 28, 2023

written by Leading Reporters

The Network Against Corruption and Trafficking Foundation (NACAT) has taken legal action against Mr Folashodun Shonubi, the acting Governor of the Central Bank of Nigeria (CBN), and Mr Edward Adamu, a Deputy Governor at the bank.

LeadingReporters learned that NACAT alleged that both individuals failed to declare their assets to the Code of Conduct Bureau (CCB).

The lawsuit, filed in a Federal High Court in Abuja by NACAT’s legal representative, John Ainetor of Festus Keyamo Chambers, also names the Chairman of the Code of Conduct Bureau as a defendant.

The basis for the lawsuit is Section 1(1) and (2) of the Freedom of Information (FOI) Act, 2011.

The lawsuit was designated as FHC/ABJ/CS/1182/2023 and is dated August 25, 2023.

An affidavit accompanying the initial motion ex parte, sworn by Stanley Ugagbe, the operational manager of NACAT, asserted that the respondents adamantly declined to reveal certain documents.

According to Ugagbe, in their roles as public officials, the second and third respondents are legally obligated to declare any interests they hold in specific companies when taking up their positions as acting Governor and Deputy Governor.

What he said

He said:

“The applicant has a right under the Freedom of Information Act, 2011, to access the Assets and Liabilities Declaration Forms of the second and third respondents in the records of the first respondent, concerning the declaration of the second and third respondents’ interests in the said companies.
“The applicant has made a demand under the Freedom of Information Act, 2011 to the respondents for them to produce the Assets and Liabilities Declaration Forms, where the second and third respondents declared their interests in the said companies, but the respondents failed, refused and neglected to produce the said documents.”

The applicant argued that court intervention was necessary to enforce the request made to the first and second respondents, in line with Section 1 (3) of the Freedom of Information Act.

The applicant’s requests were based on the fact that it had previously sent letters on July 3, 2023, and August 14, 2023, seeking the documents from the respondents, but they declined to comply.

The Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi and a Deputy Governor of the CBN, Mr. Edward Adamu have been dragged before a Federal High Court in Abuja, over their alleged failure to declare their assets to the Code of Conduct Bureau (CCB).

The other defendant in the suit filed by the Network Against Corruption and Trafficking Foundation (NACAT), was the Chairman, Code of Conduct Bureau (CCB).

The applicant premised the suit on the strength of Section 1(1) and (2) of the Freedom of Information (FOI) Act, 2011.

The Acting Governor, CCB Chairman and the Deputy Governor were 1st, 2nd and 3rd respondents in the suit marked: FHC/ABJ/CS/1182/2023 and dated August 25, 2023.

Specifically, the group is requesting for the documents wherein Shonubi deliberately refused to declare interest in the following companies: Intameks Ltd– RC13086; Kirby’s Place Resources Ltd – RC1215845; The Pekaboo Company Ltd – RC1395011; Ehlkuhile Investment Ltd– RC857442; Iscopeng Ltd – RC1431044; and Kilima Technologies Ltd – RC1218250.

Similarly, the applicant is demanding the assets and declaration forms of Adamu, wherein he failed to declare his interest in the following Companies: Pinnacle Solutions Network Ltd – RC698688; Elad Global Resources Limited – RC933366 and Global World Frontier Services Nig. Ltd – RC772500.

An affidavit in support of the originating motion ex parte deposed to by Stanley Ugagbe, the operational Manager of NACAT stated that the respondents had vehemently refused to avail them of the documents.

Ugagbe, averred that the 2nd Respondent was listed as a Director in the following Companies: Intameks Ltd– RC13086; Kirby’s Place Resources Ltd – RC1215845; The Pekaboo Company Ltd – RC1395011; Ehlkuhile Investment Ltd – RC857442; Iscopeng Ltd – RC1431044; and Kilima Technologies Ltd – RC1218250.

Also, the deponent claimed that the 3rd Respondent was listed as a Director in the following Companies: Pinnacle Solutions Network Ltd – RC698688; Elad Global Resources Limited – RC933366 and Global World Frontier Services Nig. Ltd – RC772500.

As public officers, Ugagbe stated, the 2nd and 3rd Respondents have statutory obligations to declare in their Asset Declaration Forms, the interests they have in the above-named companies, while assuming their respective offices as acting Governor and Deputy Governor of the CBN.

“That the applicant has a right under the Freedom of Information Act, 2011, to access the Assets and Liabilities Declaration Forms of the 2nd and 3rd Respondents, in the records of the 1st Respondent, with respect to declaration of the 2nd and 3rd Respondents’ interests in the said companies.

“That the applicant has made demand under the Freedom of Information Act, 2011 to the respondents, for the Respondents to produce the Assets and Liabilities Declaration Forms where the 2nd and 3rd Respondents declared their interests in the said Companies, but the Respondents failed, refused and neglected to produce the said documents.

“The applicant submitted that it needed the intervention of the court to compel the 1st and 2nd respondents to grant the request of the Applicant, in accordance with Section 1 (3) of the Freedom of Information Act.”

The applicants predicated their prayers on the ground that they had written letters dated 3rd July, 2023, and 14th August, 2023, requesting the Respondents to produce the said documents but they refused.

“The respondents have failed, refused and neglected to produce the said documents requested from them, contrary to section 4 (a) of the Freedom of Information Act, 2011,” the counsel stated.

As public officers, the counsel submitted that the 2nd and 3rd Respondents have statutory obligations to declare in their Asset Declaration Forms, the interests they have in the above stated companies, while assuming their respective offices as Acting Governor and Deputy Governor of the CBN.

NACAT is a non-governmental organisation, a pro-democracy civil society organisation, whose objectives include contributing to the global war against corruption, financial crimes, terrorism and economic sabotage.

Alex Enumah in Abuja

August 28, 2023 0 comments

Headlines

DSS Arrests NIRSAL Boss, Masanawa Over Alleged Conspiracy With Suspended Central Bank Gov, Emefiele To Loot Printing, Minting Company

by Leading Reporters August 24, 2023

written by Leading Reporters

Masanawa’s arrest reportedly stemmed from his role as the managing director of Nigerian Security Printing and Minting Company (NSPMC).

The Department of State Services (DSS) has arrested the Chief Executive Officer of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Abbas Umar Masanawa, for allegedly conspiring with the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to loot printing and minting corporation.

Our reports that sources in the secret police said that Masanawa was taken into custody three weeks ago and had remained in the DSS custody while their investigation continued.

It was however not immediately clear whether or not the NIRSAL boss had hired lawyers to represent him in the case.

Masanawa’s arrest reportedly stemmed from his role as the managing director of Nigerian Security Printing and Minting Company (NSPMC).

Masanawa resigned from NSPMC after it was reported that he wanted to run for governorship election as a member of the ruling All Progressives Congress (APC) while still in office as the printing and minting boss.

The NSPMC which is a subsidiary of the CBN is responsible for printing and minting Nigeria’s currency notes, coins and high-level security documents.

A source privy to Masanawa’s arrest was quoted by Peoples Gazette as saying, “He was conspiring with Godwin Emefiele to loot the printing and minting agency,” adding, “We are still tracing billions they stole.”

However, it was not immediately clear why President Bola Tinubu approved Masanawa’s detention without first suspending him from office, especially since his detention for the past three weeks has crippled NIRSAL’s ability to operate.

Meanwhile, the DSS spokesperson Peter Afunaya reportedly said “No comment,” when asked about Masanawa’s arrest.

Masanawa’s arrest came after Tinubu appointed an anti-graft expert, Jim Obazee, to uncover fraud at the CBN and other federal agencies.

The Obazee-led team is said to have initiated a probe into all relevant agencies that are said to have connived with the CBN and its sprawling parastatals.

In May 2022, SaharaReporters reported that as NSPMC boss, Masanawa had picked up the N50 million APC governorship nomination and expression of interest forms ahead of the primaries for the 2023 elections.

In addition to printing banknotes and postal orders of Nigeria, NSPMC also prints some electoral materials for the Independent National Electoral Commission.

The company, also referred to as The MINT, was established in 1963 by the Nigerian government in partnership with De La Rue of the UK and is under the Central Bank of Nigeria.

It began full operation in 1965, producing currency notes and coins for the CBN as well as a wide range of security documents for the government, commercial banks, and blue-chip companies, among others.

Earlier in 2022, the Auditor General for the Federation in its 2019 report indicted the mint company under Masanawa for N162 billion in financial infractions.

According to the AuGF, the management of the Nigerian government-owned company could not account for the said amount.

The report said N91.1 billion, which appeared in the consolidated financial statements of the minting company for the year ended 31st December 2018 could not be verified and reconciled with the Assets Register due to the non-existence of a proper Non-Current Asset Inventories Ledger.

It also said that Inventories of Raw Materials amounting to N4,459,141,000.00 and Consumables amounting to N2,364,112,000.00 could also not be verified due to the non-existence of proper Inventory Receipts & Issues ledger.

The report said, “In all, a total of N97,918,703,000.00 reported in the company’s financial statement could not be confirmed. The above anomalies could be attributed to weaknesses in the internal control system at the Nigerian Security Printing and Minting Plc.”

The AuGF report also said the sum of N48,931,124,278.37 was overcharged against the Statement of Financial Performance of the company for the years 2016 and 2019 with no verifiable evidence to justify these expenses as most of the figures contained in the Statement of Financial Performance were different from the balances obtained from the Trial Balance.

The report said that the minting company spent about N14.43 billion on salaries and allowances for its staff between 2016 and 2019 without the approval of the National Salaries, Income and Wages.

It also said that in contravention of the Pension Reform Acts, the company paid salaries to its workers without fully deducting only 5% from the workers as against the minimum 8% as stipulated in the law.

The report added that the company failed to deduct about N432.812 million contributory pension from its workers within the period.

August 24, 2023 0 comments

Headlines

Full List: President Tinubu releases Portfolio’s of Minister’s designate

by Leading Reporters August 16, 2023

written by Leading Reporters

Nyesom Wike – FCT Minister

Festus Keyamo – Minister of Aviation

Adebayo Adelabu- Minister Of Power

Adegboyega Oyetola – Minister of Transportation

Dele Alake- Minister of Solid Minerals

Muhammed Idris – Minister of Information

Mohammed Badaru- Minister of Defence

Minister of State, Defense – Bello Mattawale

Minister of Agriculture and food security -Abubakar kyari

Minister of Youths- Abubakar Mohmoh

Minister of Communications and Digital Economy – Bosun

Minister of Foreign Affairs – Yusuf Tuga

Minister of Finance and Coordinating Minister of the Economy – Wale Edun

Minister of Works- Dave Umahi

Coordinating Minister of Health and Social Welfare – Ali Pate

Minister of Humanitarian affairs and poverty alleviation – Betta Edu

Minister of Sports – John Eno

Ministry of Marine and Blue Economy – Bunmi Tunji Ojo

Minister of Budget and Economic planning – Atiku Bagudu

Minister of Water resources and sanitation – Joseph utsve

Minister of Steel development – Shuaibu Audu

Minister of State, Agriculture – Sabi Abdullahi

Minister of Trade and investment – Doris Anieete

Minister of State, Petroleum Resources – Heineken Lokpobiri

Minister of Petroleum Resources – Yet to be allocated

Minister of Labor and employment – Simon Lalong

Minister of Special duties – Zapahnnaih Gazzalo

Minister of Transportation- Adegboyega Oyetola

Minister of Tourism – Lola Adejo

Minister of Culture and creative economy – Hannatu Musawa

Minister of Justice and Attorney General of the Federation – Lateef Fagbemi

Minister of State, Health and Social Welfare – Tunji Alausa

Minister of Women Affairs – Uju Kennedy

Minister of Environment – (Kaduna slot)

Minister of State, FCT – Mairiga Mahmud

August 16, 2023 0 comments

Headlines

BREAKING: Tinubu releases portfolio, names Wike As FCT Minister

by Leading Reporters August 16, 2023

written by Leading Reporters

Nyesom Wike – FCT Minister

Festus Keyamo – Minister of Aviation

Adebayo Adelabu- Minister Of Power

Adegboyega Oyetola – Minister of Transportation

Details later

August 16, 2023 0 comments

Entertainment

Nigeria Arts and Culture Festival holds in Belgium September

by Leading Reporters August 13, 2023

written by Leading Reporters

In its bid to promote Nigeria’s culture and boost the tourism industry, the Embassy of Nigeria in Belgium in collaboration with Nigerian community/associations in Belgium, and the Nigeria Tourism Development Authority, NTDA, will next month in Antwerp, Belgium hold Nigeria Arts and Culture Festival.

According to Nigerian Ambassador to Belgium, Mr. Obinna Chiedu Onowu, the festival with the theme “Unity 2023” will feature arts and culture exhibition, Nigerian dance, music, foods, and movies among others.

Onowu disclosed in a statement made available to our correspondent in Abuja that officials of European Union, Organisation of African, Caribbean and Pacific States, as well as other friends of Nigeria will grace the event that will be held at the Antwerp Cricket Center on September 2, adding that event is free for the public.

“The cultural event will introduce Nigeria, its diverse culture, arts and music to Belgian, African, Caribbean and other communities in Antwerp. It also serves as a unifying factor, bringing together , all Nigerian associations to celebrate those cultural values that unite the people of Nigeria, hence the theme Unity 2023,” he stressed.

The Ambassador said Nigeria remains the most culturally diverse nation in Africa, and rich in songs, dance, drama, costumes, art and craft products, adding that “many Nigerians have distinguished themselves in the areas of music. Film, art and crafts and have put the country on global map.”

Onowu explained that the present administration in Nigeria is committed to the diversification of the economy and the development of the tourism sector.

It would be recalled that in June this year, the Embassy of Nigeria in Belgium in conjunction with Belgium Luxembourg Nigeria Chamber of Commerce, BLNCC, Afrinex, and A-Law organised Nigeria Belgium Luxembourg Business Forum which attracted over 200 businesses in Europe and Nigeria

The event brought together key industry players and government officials and focused on agric-business, renewable energy, health, construction/ infrastructure, financial services and other sectors of the economy.

August 13, 2023 0 comments

Headlines

CBN spent N3.2 trillion on fraudulent, opaque ‘operating expenses’ under Buhari .

by Leading Reporters August 13, 2023

written by Leading Reporters

The financial statement published this week and the first of its kind since 2015 said CBN filed over N3.2 trillion as “other operating expenses” under Emefiele.

The financial statement published this week and the first of its kind since 2015, said CBN filed over N3.2 trillion as “other operating expenses” under suspended governor Godwin Emefiele.

The so-called other operating expenses may contain opaque policies, including intervention funds, unsanctioned dealings and other clandestine and illegal expenditures. It is also susceptible to bogus and dubious expense filings.

CBN reported it spent N254 billion on “other operating expenses” in Mr Buhari’s first year in office.

The financial statement revealed that CBN filed N173.6 billion in 2016 — they reported N155 billion in 2017, N190 billion in 2018, and N247 billion in 2019.

The figures jumped to N442.5 billion in 2020. They increased tremendously and doubled the following year as CBN reported N884 billion, while N888 billion was spent on the so-called other operating expenses in 2022, amounting to N3.2 billion for eight years.

Mr Emefiele has been accused of manhandling the nation’s highest bank and splashed N100 million on the All Progressives Congress (APC) presidential primary ticket in the February 25 general election race.

A few weeks into his tenure, President Bola Tinubu suspended Mr Emefiele, citing allegations of corruption regarding his office. He was subsequently arrested and charged to court by the State Security Service (SSS).

August 13, 2023 0 comments

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