Nelson Ugwuagbo

Nigerian entrepreneur, Cubana Chief Priest, has arrived at the Federal High Court sitting in Ikoyi, Lagos State for the continuation of his naira abuse trial.

On April 16, the Economic and Financial Crimes Commission (EFCC) filed a three-count charge against him over alleged naira abuse.

He was arraigned the following day at the Federal High court in Lagos.

When the charges were read during court sitting, the social media celebrity pleaded not guilty to them.

Kehinde Ogundare, the judge, thereafter granted him bail in the sum of N10 million with two responsible sureties in like sum.

The judge ruled that the bail conditions must be perfected within seven days.

Cubana was released to his lawyer who must give an undertaken to produce him later. He will be remanded in a correctional facility if his lawyer fails to do so.

The President of the Trade Union Congress, Festus Osifo, on Wednesday, said it was unethical for Nigerians to pay high electricity tariffs.

The TUC also urged the Nigerian Electricity Regulatory Commission to reverse the increase in electricity tariff within one week.

Speaking during the 2024 Workers’ Day in Abuja, Osifo expressed dissatisfaction with the epileptic power situation in the country, which is affecting the country’s economic growth.

He said it’s imperative that any nation incapable of effectively and efficiently managing its energy resources faces certain ruin.

He said, “One of the pivotal factors constraining our nation is our glaring incompetence in managing this sector for the collective welfare of our citizens.

“Power, regardless of its source, remains paramount in kickstarting any economy, while oil and gas are indispensable for robust energy success in every country. “

According to him, the plight of the power sector remains unchanged over a decade after privatisation of the sector.

“The reasons are glaringly evident. As long as those who sold the companies remain the buyers, Nigerians will continue to face formidable challenges in the power sector.

”It is unethical to force Nigerians to pay higher tariffs for non-existent electricity.

“Estimated billing is an extortion and a daylight robbery against Nigerians, ” he said.

Recall that NERC approved an increase in electricity tariff for customers under the Band A classification.

The Vice Chairman, NERC, Musliu Oseni, said the increase will see the customers paying N225 kilowatt per hour from the current N66.

It was gathered that customers under Band A are those enjoying 20 hours of electricity supply daily.

The Police Command in Nasarawa State says it has apprehended three fake Economic and Financial Crimes Commission, EFCC, personnel.

The command’s Police Public Relations Officer, PPRO, DSP Ramhan Nansel, made the disclosure in a statement made available to newsmen on Wednesday in Lafia.

Mr Nansel said that on April 17, at about 3:45 p.m., the command received a distressed call that four persons in a green-coloured Toyota Corolla, with registration number: Abuja: YAB 509 TT, abducted a student of Federal Polytechnic Nasarawa.

“The suspects robbed and abducted one ND II student at their lodge behind Government College, Nasarawa Local Government Area.

“On receipt of the call, the police immediately gave the suspects a hot chase and a road block was mounted at Laminga junction to stop them from escaping with the victim, but they hit the barrier and fled.

“Police operatives at Anguwan Madugu mounted another road block, which the suspects sighted from a distance, abandoned their operational vehicle and the abducted student and fled,” Mr Nansel stated.

The police spokesperson said that luck, however, ran out of one of the suspects, as he was caught and beaten mercilessly by an angry mob before the arrival of the police, while others fled.

He said that the suspect was rescued from the mob and rushed to the Primary Healthcare Centre, Laminga, where he died while receiving treatment.

Mr Nansel added that the operational vehicle of the suspects was recovered and taken to the station where a search was conducted and two identification cards identifying the fleeing members of the syndicate were recovered.

He said that follow-up investigation into the case led to the arrest of three other members of the gang who were residents of Custom Quarters and Up Market area, Masaka.

The police spokesperson said that one iPhone 12 Promax, Huawei and one Tecno Spark 5 earlier robbed from some of their victims and fake EFCC identification cards were recovered from them as exhibits.

He said that the suspects had confessed to being the syndicate responsible for robbing and terrorising student areas in Keffi and Nasarawa Local Government Areas.

Mr Nansel said that the Commissioner of Police in the state, Umar Nadada, had directed that the case be transferred to the Criminal Investigations Department, CID, Lafia, for further investigation.

The suspects, he said, would be charged to court upon conclusion of investigation.

The Organised Labour has given the Federal Government till May ending to finalise the process of implementing the new national minimum wage for workers.

The President of the Nigeria Labour Congress, NLC, Mr Joe Ajaero, made the demand on Wednesday in Abuja at the 2024 edition of the International Workers Day.

This year’s celebration focuses on ‘Ensuring Safety and Health at Work in a Changing Climate’.

The labour leader warned that if the negotiation is not concluded by the ending of May, there may not be industrial peace in Nigeria.

Ajaero said the process of fixing a new national minimum wage was still ongoing and had witnessed robust engagements.

“All parties in the tripartite process are well represented and the engagement has been robust.

“We have placed our demand of N615, 000 only before our social partners while we await their offer.

“If, however, the negotiation of the minimum wage is not concluded by the end of May, the trade union movement in Nigeria will no longer guarantee industrial peace in the country,” he said.

Ajaero also said labour had placed a demand that the new Act would have a two-year life span with an agreement for automatic adjustments in wages any time inflation exceeded 7.5 per cent.

He said the union further demanded that every employer with up to five workers should pay the new minimum wage.

Ajaero called for the strengthening of monitoring and compliance mechanisms in order to penalise non-complying state governments.

He said that Nigerian workers deserve to have a national minimum wage that approximated a living wage.

The coordinator, Abuja Metropolitan Management Control (AMMC), Chief Felix Obuah has warned contractors maintaining and security street lights in Abuja to lighten up the city or risk termination of their contacts.

Obuah while speaking in Abuja on Tuesday at an interactive session with the contractors expressed worry over the spate of darkness that has engulf the city despite not owing the contractors.

Obuah explained that having personally monitored the city, he discovered that it is still in darkness, adding that agreement made with AMMC on maintaining and securing the facilities has not been fulfilled.

“Why must we continue to patronize and pay you when the job is not being done? It is unacceptable and I said instead of sitting down in my office and sub charging you for not doing your job, there is a need for us to have this meeting to know what the challenges are.

“it is your duty to guide and maintain these facilities if the bulbs are dead, it is your duty to replace them and from what we have seen I don’t think any of you have lived up to that agreement that you entered with AMMC and if you continue like this I tell you, i don’t care we will backlist the contractors and if you have even applied we make sure you don’t get it but get a new contractor who can meet up to expectation.”

He further promised to support the contractors and slug out all pending issues militating against the maintanace and security of the street light in the city.

Some bank customers have expressed panic as the Central Bank of Nigeria bans mobile money operators including fintech firms from onboarding new customers.

However, the Bank Customers Association of Nigeria backed the CBN directive.

The new directive will affect fintech companies such as OPay, Palmpay, Kuda Bank, and Moniepoint, from opening new accounts until further notice.

Reliable sources from three major fintechs who requested not to be mentioned as they were not permitted to speak, confirmed the development to The PUNCH on Monday.

The CBN’s move was linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which have been under scrutiny in recent months over concerns around money laundering and terrorism financing.

It was gathered that the CBN had summoned some of the heads of fintechs to Abuja to discuss issues around KYC last week.

The CBN has not yet publicly commented on the directive to the fintech firms.

Several calls made to the telephone line of the CBN spokesperson, Hakama Ali Sidi, were not responded to as of the time of filing this report.

Also, the directive coincided with the court order that the Economic and Financial Crimes Commission (EFCC) obtained to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.

The 85-page court order (document), which listed the bank account details suspected to be involved in illicit activities.

Justice Emeka Nwite, in a ruling on the ex-parte motion, moved by counsel for the anti-graft agency, Ekele Iheanacho, also granted the commission’s application to conclude the investigation within 90 days.

Part of the court document read, “That the applicant’s (EFCC) application is hereby granted as prayed.

“That an order of this honorable court is hereby made freezing the bank accounts stated in the schedule below, which accounts are owned by various individuals who are currently being investigated in a case involving the offenses of unauthorised dealing in foreign exchange, money laundering, and terrorism financing, to the extent that the investigation will be for a period of 90 (ninety) days.”

The EFCC, in the motion marked FHC/ABJ/CS/543/2024 dated and filed April 24 by Iheanacho, was heard by the judge the same day in the interest of national interest. “The motion was brought pursuant to Section 44(2) and (K) of the 1999 Constitution; Section 34 of the EFCC Establishment Act 2004; Section 7(8) of the Money Laundering Prevention and Prohibition Act, 2022; and under the inherent jurisdiction of the court.”

The President of the Bank Customers Association of Nigeria, Uju Ogubunka, backed the CBN’s move to suspend new account opening on the affected platforms.

It was gathered that the strict regulations that govern deposit money banks must apply to fintechs,  and microfinance banks in order to ensure the integrity of the financial institutions.

He said, “Anything that can disrupt the system should not be permitted. If the platforms are being used for things that are against the regulations, I think the CBN decision is OK. I don’t see anything wrong with that. It behoves on the companies now to get their KYC right.

“Let them do what they are supposed to do. KYC applies to banks and other financial institutions that deposit money. It should also apply to them so that the regulators can understand what is going on and hold them accountable.”

On the other hand, Emmanuel Odunsi on X (formerly Twitter) welcomed the move, citing the need for better KYC processes to prevent scams and fraudulent activities.

“Their KYC isn’t that great. Lots of scammers are using their apps to defraud people.

“Most of the accounts were created by mining phone numbers, with subscribers’ permission. Almost every phone number has been linked to an account,” Odunsi said.

In October 2023, Fidelity Bank blocked transfers to OPay, Palmpay, Kuda, and Moniepoint due to concerns around KYC processes.

In response, the CBN introduced new KYC rules for all financial institutions in November 2023, which appeared to target fintech startups.

A source from Moniepoint said the company had complied with the directive, effectively halting new account creation on their platform. However, the source denied having anything to do with KYC.

“It’s just a regulation from the CBN, and we’ve complied. The real question is, why are fintechs always targeted,” he source argued.

“It has nothing to do with KYC; I am aware that the CBN communicated, but this particular issue dwells on accounts related to cryptocurrency transactions,” the source revealed.

The CBN has an ambitious target to increase overall financial inclusion to 95 per cent of the adult population by 2024.

With the new order, the target may be affected, as the company processes about 100 new accounts every day.

The source argued that fintechs had played significant roles in deepening financial inclusion in the country.

The company had deployed robust and reliable digital payment infrastructure that has facilitated an average monthly transaction value of $12bn for about 1.6 million businesses, it said last year.

It was gathered that there was a CBN directive for fintechs to reassess their KYC processes.

This is causing a temporary pause in onboarding new customers, the source stated.

She clarified that the KYC review was a collaborative effort with the CBN, and fintechs were awaiting further instructions without a specified timeline for resolution.

Another source at OPay, who also declined to be named, said they were following the CBN’s directive and could not comment further.

“We don’t really have anything to say. It’s just a directive that we are following. The CBN has issued their directive.“

Fintech companies have faced increased regulatory scrutiny over their account opening processes.

Customers worry

However, some customers have also used social media, both on X (formerly Twitter) and Facebook, to express their worries and opinions on the matter.

Some customers are anxious about the safety of their funds, with Warisenibo Jumbo suggesting it’s best to transfer their money out of Opay.

Oye Niran wondered if their Moniepoint account was safe, stating, “Hope my Moniepoint account is safe.”

Larry Leanz questioned the rationale for keeping money on these platforms.

“But is it still safe to keep money there?, Leanz questioned.

Weeks after announcing an increase in the electricity tariff of Band A customers, the Nigerian Electricity Regulatory Commission (NERC) has adjusted the price of a single phase meter from N58,661.69 to N81,975.16.

NERC also adjusted the price of three phase meter from N109,684.36 to N143,836.10.

The adjustments were contained in an order entitled “The deregulation of meter prices for meters deployed under the Meter Asset Provider Scheme” which was signed by NERC chairman, Engr Sanusi Garba and the commissioner in charge of legal licensing compliance, Barrister Dafe Akpeneye, on Monday, April 29, 2024.

According to the duo, the cost of single phase and three phase meters for MAPs, inclusive of all other associated costs of installation and warranties shall continue to be at the regulated rates approved by the commission.

NERC said the Meter Asset Providers (MAPs) and Local Meter Manufacturers Associations (LMMAs) have requested a further review of meter prices in consideration of significant changes in NGN/USD foreign exchange rate and inflation rate since the last price review in September 2023 and the significant changes in these macroeconomic variables has constrained their ability to supply meters at the approved regulated price.

Garba and Akpeneye said the commission has noted the need for the efficient pricing of meters to respond more quickly to changes in macroeconomic parameters, particularly exchange rates.

“The commission has further taken cognisance of the constraints/challenges faced by MAPs and LMMAs and therefore approved the deregulation of prices of meters deployed under the MAP scheme with effect from 1 May 2024,” the order stated.

“The commission hereby orders: with effect from 1 May 2024, all prices of meters under the MAP scheme shall be determined through a competitive bidding process with customers provided with a choice of authorised vendors.

“The combined effects of sections 8(1 )(c), 8(1 )(d), 16(1 )(h), 31 and 32(1 )(b) of the Regulations on the regulated pricing of meters deployed under the MAP scheme is hereby derogated.

“The cost of prices of meters deployed under the MAP scheme is HEREBY DEREGULATED to enable end.use customers acquire meters from MAPs.”

NERC noted that the choice is based on competitive open market prices determined from transparent bidding frameworks.

The order noted that all MAP permits holders are henceforth eligible to provide services and transact for the provision of meters and metering services with any DisCo in the Federal Republic of Nigeria with their existing permit. 

According to the commission, the lifting of the restriction on permitting to operate in all DisCos is subject to the mandatory requirement for MAPs to comply with the associated DisCo specific requirements/specifications.

The commission added that all DisCos shall ensure the effective and seamless integration of smart meters deployed by MAPs with the DisCo’s head-end systems and meter data management systems.

It further noted that all DisCos shall provide a publicly accessible online portal on their website where prospective MAPs can view the DisCo’s technical specifications and commercial terms for participation as a MAP within its network area.

Garba and Akpeneye said all  DisCos are required to conduct a thorough test and confirmation of specifications for new meters proposed by a prospective MAP and concluded no later than 20 working days from the date the proposed MAP fulfils all the requirements specified on the online portal to participate within its network area. 

The Governor of Edo State, Godwin Obaseki, has approved a new minimum wage of N70,000 for civil servants in the state.
The governor revealed this while commissioning the new Labour House in Edo state on Monday.

According to him, the new wage comes into effect on May 1st, 2024. This significant increase in the minimum wage is aimed at improving the living standards of civil servants and their families in Edo state.

The new Labour House, which was commissioned by the governor, will serve as the headquarters for labor unions and organizations in the state. This move demonstrates the state government’s commitment to supporting the welfare and rights of workers.

The announcement of the N70,000 minimum wage has been widely welcomed by civil servants and labor unions in Edo state, who have long advocated for a higher minimum wage to keep up with the rising cost of living.

Scores of people were reportedly killed in a recent attack by suspected Fulani herdsmen in the Nimbo community in Uzo-Uwani Local Government Area of Enugu State.

The attack took place late on Sunday evening and resulted in the loss of lives, leaving many others critically injured.

It was gathered that the assailants launched the attack on mourners at Ugwuijoro Nimbo community, leaving behind a trail of tears and sorrow.

Among the victims were Okeh Simon Ugwu Oruku, Okeh Chukwuebuka, Julius Ogbonna Odiegwu, and Gabriel Ugwor Ezea.

It could be recalled that Nimbo was also attacked in 2016, leading to the death of scores. The incident attracted a nationwide outrage then.

However, neither the police command nor the state government has yet issued an official statement regarding the latest occurrence as of the time this report was filed.

The flag bearer of the ruling All Progressives Congress (APC) in the November Ondo Governorship Election, Governor Lucky Orimisan Ayiedatiwa will on Monday April 29 receive his certificate of return from the party.

He was declared winner of the April 20 APC governorship shadow election by the Governor Usman Ododo-led 7-man primary election committee.

This is coming three days after the National Chairman of the party, Dr Abdullahi Umar Ganduje, appealed to aggrieved aspirants who participated in the shadow poll to support the party’s candidate in the governorship poll.

The presentation of the certificate is slated for 4 pm  after the weekly meeting of the National Working Committee (NWC) at the national Secretariat of the party in Abuja.

APC Deputy National Organising Secretary, Nze Chidi Duru confirmed that the presentation will hold today by 4 pm.

Details Shortly…