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BREAKING: Emefiele gets N300m bail over new Naira note printing

by Folarin Kehinde
written by Folarin Kehinde

Former Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has been granted a N300million bail following his arraignment on a four-count charge of printing new naira notes without observing due process.

Emefiele pleaded not guilty when the charge brought against him by the Economic and Financial Crimes Commission (EFCC) was read.

The ex-Governor of the CBN is the sole defendant in the charge before Justice Maryanne Anenih of the High Court of the Federal Capital Territory (FCT) in Maitama.

Other conditions attached to the bail include that he should produce two sureties who must each possess titled property within the Maitama area of the Federal Capital Territory (FCT).

Justice Anenih ordered the defendant to deposit his travel documents with the court and should not travel outside the country without the permission of the court.

The judge adopted the conditions attached to a similar bail earlier granted Emefiele by Justice Hamza Muazu (another judge of the High Court of the FCT), before whom he is being tried on another criminal case.

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Business

BREAKING: CBN suspends charges on cash deposits until September 30, 2024

by Folarin Kehinde
written by Folarin Kehinde

The Central Bank of Nigeria has directed banks to stop charges on cash deposits until September 30, 2024.

The apex bank disclosed this in a circular dated May 6, 2024, signed by its Director of Banking Supervision, Adetona Adedeji.

Customers of some of the Deposit Money Banks raised concerns that the banks have begun collection of processing fees for cash deposits as of May 1.

Our correspondent sighted this in an email shared by one of the customers of the banks.

Based on the bank’s move, two per cent was to be charged on deposits above N500,000 for individuals, while corporate account holders were to be charged two per cent on deposits above N3m.

According to the latest circular to financial institutions and non-financial institutions, CBN said the processing fees have been suspended.

The circular read, “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for Corporates as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019,” CBN said.

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Business

JUST IN: FG unveils plans to launch New National ID Card

by Folarin Kehinde
written by Folarin Kehinde

The Nigerian Federal Government, through the National Identity Management Commission, NIMC, in collaboration with the Central Bank of Nigeria, CBN and the Nigeria Inter-bank Settlement System (NIBSS), has unveils plans to launch an innovative identity solution with payment functionality for all types of social and financial services.

Head of Corporate Communications at NIMC, Kayode Adegoke, disclosed this in a statement on Friday.

He explained that AfriGO will power the National ID card, layered with verifiable National Identity features, and is backed by the NIMC Act No. 23 of 2007.

According to NIMC, the card will address the demand for physical identification, enabling cardholders to prove their identity, access government and private social services, facilitate financial inclusion for disenfranchised Nigerians, empower citizens, and encourage increased participation in nation-building.

“Only registered citizens and legal residents with the National Identification Number (NIN) can request the card.

“The card, which will be produced according to ICAO standards, is positioned as the country’s default national identity card. In addition to this functionality, cardholders can use the cards as debit or prepaid cards by linking them to bank accounts of their choice.

“The card shall enable eligible persons, especially those financially excluded from social and financial services, to have access to multiple government intervention programs”, the Commission stated.

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Headlines

BREAKING: Armed robbers shot CBN staff dead, three others inside Abuja supermarket

by Folarin Kehinde
written by Folarin Kehinde

Suspected dare-devil men of the underworld on Tuesday evening struck at the popular Abdullahi Supermarket in One Man Village, near Mararaba in Nasarawa State, killing four customers, including a staff of the Central Bank of Nigeria, CBN.

The CBN staff identified through his identity card as Daniel Adefemi Okunade was shot in the head and died immediately.

Three others gruesomely murdered along with him could not be identified as of the time of this report.

An eyewitness account said that the robbery operation lasted less than two minutes during which the CBN staff, who is said to be the choir master of the Christ Apostolic Church (CAC) also in One Man Village, was gunned down.

He was said to have had a stop over at the Supermarket to buy bread for his family when the robbers found their way into the ever busy store and took lives out of the four customers.

His Toyota Venza Car parked outside the Supermarket was not touched by the men of the underworld.

The late Okunade was said to be returning from work when he met his untimely death in the hands of the suspected robbers.

At the time of this report, the atmosphere in the area was tense as people kept trooping into the Supermarket to identify the robbery victims.

Meanwhile, police operatives from New Nyayan Divisional Police Station have moved the corpse of the robbery victims to the Mararaba Medical Center mortuary in Mararaba.

No information has yet been made public by the police on the incident.

However, hundreds of sympathizers, including church members, have been trooping to the house of the late CBN staff to sympathize with his family.

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Headlines

CBN MPC meeting postponed for second time in two months

by Folarin Kehinde
written by Folarin Kehinde

The Central Bank of Nigeria, CBN, has postponed the meeting of its Monetary Policy Committee, MPC, for the second time since September 2023.

Isa Abdulmumin, the director of corporate communications of the apex bank, confirmed that the MPC meeting will not be held.

Since the appointment of Olayemi Cardoso, the meeting of the MPC – a monthly monetary policy decision-making body – has been shifted twice

Leading reporters gathered that during the 292nd MPC meeting held on July 24th and 25th, the bank decided to tighten the economy by raising the interest rate to 18.75 per cent from 18.50 per cent amid rising Inflation.

Meanwhile, with Nigeria’s inflation soaring to 27.33 per cent in October from 24.08 per cent in July, the Country’s economy awaits the MPC decision.

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DSS Scare: MINT hides deluxe cars acquired for Executive Director leading reporters
Investigation

DSS Scare: MINT hides deluxe cars acquired for Executive Directors

by Leading Reporters
written by Leading Reporters

The Ahmed Halilu-led Nigeria Security, Printing and Minting, popularly called MINT is in deep waters and doing everything to cover tracks of its perennial corruption and wastefulness. This time, according to information unveiled by LeadingReporters, posh cars acquired for top management staff have been relocated and hidden away from the MINT main factory to a secret corner in Tawada Nigeria Limited.

The latest moves follow the invitation of the top management staff of the Central Bank of Nigeria and its affiliate, the Nigeria Security, Printing and Minting (MINT), by the Department of State Security Services DSS.

Recall that DSS arrested the Governor of the Central Bank, Mr. Godwin Emiefele following reports of untamed corruption that characterized his leadership. Others, invited include the former Managing Director of Nigeria Security, Printing and Minting Abbas Umar Masanawa. The duo of Emiefele and Masanawa were arrested and detained. Masanawa has been however granted conditional bail while investigation continues, according to information available to this platform.

Others invited by DSS are the Deputy Governors of the Central Bank of Nigeria and the current Managing Director of MINT, Ahmed Halilu.

A close source who is in the know informed this platform that no sooner Halilu was questioned and interrogated by DSS than he ordered that the vehicles, previously parked conspicuously in MINT factory be relocated to a more inaccessible corner in their subsidiary company, Tawada Nigeria Limited.

The source said that Mr. Halilu is covering all tracks that may lead to more discovery of the perennial anomaly that has characterized MINT, including a missing N25 billion which allegedly missed from the coffers of MINT.

Halilu, whose tenure has elapsed is one of the Central Bank Governor’s associates who joined him from the Zenith Bank. He took over as the Managing Director when his predecessor, Abbas Umar Masanawa resigned to contest for the governorship election of Katsina State.

Mr. Masanawa worked with Emiefele in Zenith Bank, just like Mr. Halilu and allegedly use his personal company called Preferred Global Company Limited to corner billions of Naira from MINT into secret accounts in Zenith, against the Code.of Conduct Act.

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Headlines

BREAKING:Tinubu Appoints Jim Obazee, EX-FRCN Boss to Probe CBN

by Leading Reporters
written by Leading Reporters

Tinubu Appoints Jim Obazee, EX-FRCN Boss Who Almost Sacked Pastor Adeboye From RCCG To Probe CBN

President Bola Tinubu has appointed a Special Investigator to probe the Central Bank of Nigeria (CBN) and Related Entities.

In a letter sighted by Leading Reporters, the president named Jim Osayande Obazee, the Chief Executive Officer, Financial Reporting Council of Nigeria (FRCN), as the investigator.

The President asked the Special Investigator to investigate CBN and key Government Business Entities (GBEs).

He also said Obazee would report directly to his office.

“In accordance with the fundamental objective set forth in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), this administration is, today, continuing the fight against corruption by appointing you as a Special Investigator, to investigate the CBN and Related Entities. This appointment shall be with immediate effect and you are to report directly to my office.”

“The full terms of your engagement as Special Investigator shall be communicated to you in due course but, require that you immediately take steps to ensure the strengthening and probity of key Government Business Entities (GBEs), further block leakages in CBN and related GBEs and provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public).

“You are to investigate the CBN and related entities using a suitably experienced, competent and capable team and work with relevant security and anti-corruption agencies to deliver on this assignment. I shall expect a weekly briefing on the progress being made,” the letter read.

The president also sent a copy of his directive suspending Godwin Emefiele as Governor of the CBN on June 9, 2023.

Emefiele has been in DSS custody since then. He was arraigned in court last week and granted bail but the secret police rearrested him.

Obazee had in the past led major investigations Central Bank of Nigeria (CBN); Bank of Industry (BOI); Zenith Bank of Nigeria Plc; Guaranty Trust Bank Plc and Access Bank Plc.

He has also participated in 16 technical committees including 1. Technical Committee on Accounting in the Petroleum Industry – Upstream Activities; Technical Committee on Accounting for Insurance Business; Technical Committee on Accounting for Statement of Cash Flows; Committee on Implementation Guide to Accounting for Leases and Technical Committee on Accounting in the Petroleum Industry – Downstream Activities among others.

Recall that Obazee, in connection with the implementation of the controversial corporate Governance Code 2016 made the headlines when Pastor Enoch Adeboye relinquished his position as the General Overseer of RCCG and announced Pastor Joseph Obayemi as the new overseer of the church.

The code limits the tenure for heads of religious groups and civil rights organisations to 20 years. He pushed for the implementation against Buhari’s wish.

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Leading Reporters CBN Reviews Tenure Of MDs, DMDs, EDs, Non-Executive Directors of Banks, Other Financial Institutions Image
BusinessHeadlines

Emefiele: To sweep MDs, DMDs, EDs, Non-Executive Directors of Banks, Other

by Leading Reporters
written by Leading Reporters

The Central Bank of Nigeria (CBN) document revealed that tenure of Executive Management and Non-Executive Directors of banks and financial institutions, saying the move would strengthen the governance practices in the banking industry.

The new guidelines specifies the tenure of Managing Directors, Deputy Managing Directors as well as Executive Directors.

According to  the circular, “The tenure of Executive Directors (ED), Deputy Managing Directors (DMD) and Managing Directors (MDs) shall be in accordance with the terms of their engagement approved by the Board of Directors of banks, subject to a maximum tenure of ten (10) years.

“Where an Executive who is a DMD becomes the MD/CEO of a bank or any other DMB before the end of his/her maximum tenure, the cumulative tenure of such Executive shall not exceed twelve (12) years.

“However, for an Executive (ED) who becomes a DMD of a bank or any other DMB, his/her cumulative tenure as ED and DMD shall not exceed 10 years.

“Non-Executive Directors (NEDs), with the exception of Independent Non-Executive Director (INED), shall serve for a maximum period of twelve (12) years in a bank, broken into three terms of four years each.

“EDs, DMDs and MDs who exit from the Board of a bank either upon or prior to the expiration of his/her maximum tenure, shall serve out a cooling-off period of 1 year before being eligible for appointment as a NED to the Board of Directors.

“NEDs who exit from the Board of a bank either upon or prior to the expiration of his/her maximum tenure of 12 years (3 terms of 4years each), shall serve out a cooling-off period of 1 year before being eligible for appointment to the Board of Directors of any other DMB.

“The cumulative tenure limit of EDs/DMDs, MDs and NEDs across the banking industry is 20 years.”

The circular added that the tenure requirements takes effect from 24th February, 2023.

Leading Reporters was unable to determine if any of the country’s bank management is affected by this review as at the time of writing.

However, a source in the banking sector said this move will force persons at ED, DMD, and MD level to leave early so that younger bankers can aspire to be at these positions instead of migrating to Canada, Europe, or America.

CBN Reviews Tenure Of MDs, DMDs, EDs, Non-Executive Directors of Banks, Other Financial Institutions
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ExclusivesHeadlines

Corrupt CBN Deputy Governor Adamu Lametek schemes to replace Emiefele: Holds secret meetings with power brokers

by Leading Reporters
written by Leading Reporters

That the times are rough for the Central Bank Governor Godwin Emiefele is not in doubt.  Aside from being on the radars of Nigeria’s secret police on allegations of terrorism financing, his closest associates are already selling out in a bid to drown him and take over the mantle of leadership in the apex bank.  At the fore of this betrayal journey, according to information unveiled LeadingReporters is Mr. Edward Lametek Adamu.

Information unearthed by LeadingReporters revealed that Mr. Lametek had previously retired from the Central Bank of Nigeria.  However, the Central Bank Governor Godwin Emiefele, in a bid to retain him rushed to President Muhammadu Buhari upon Lametek’s retirement and urged the President to extend a political appointment to Mr. Adamu as Deputy Governor of the Central Bank of Nigeria.  A request, President Muhammadu Buhari granted him.

Our findings however revealed that the retention of Mr. Adamu is in violation of the Nigeria Civil Service circular dated 27th July, 2009, Ref No. HCSF/EMS/EIR/B.63694/T2/96 with the subject “INTERPRETATION OF PUBLIC SERVICE RULES ON COMPULSORY RETIREMENT AGE/YEARS OF SERVICE IN RELATION TO TENURED APPOINTMENT OF the SERVICE OFFICERS.

The circular stated that career officers who have not retired or choose not to retire from service, before the commencement of their tenured appointment must leave office on the attainment of the mandatory AGE/YEAR of service for retirement.

Investigation launched by concerned Nigerians revealed that Lametek upon retirement was paid all his entitlements and retirements benefits, despite staying put in office.  He attained the age of 60 on the 22nd of June, 2019 and did not exit office before being appointed a Deputy Governor of CBN.

Between 15th of March, 2018 and 6th of November, 2018, Mr Lametek received N645,546,983 as part of his severance package, through his GTBank Account No 0023956749. Till date, Mr. Adamu has been in the employ of CBN collecting all entitlement and waiting for another severance package and entitlement at the expiration of his tenure as deputy governor.

Other allegations of corruption are that Adamu Lametek sits on the board of other private companies, which is contrary to the Code of Conduct Act (CCB&T Act, 5th Schedule, Part 1, Paragraph 1-11 to the 1999 Constitution of the Federal Republic of Nigeria which specifically bars civil and public servants from engaging in professions, trade and other enterprises that puts his activities against his official duties.  One of the companies is ELAD CONSULTS LTD.  The company, according to an investigation has been used for activities that contravene the laws of the Federal Republic of Nigeria.  

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Headlines

Buhari Writes Senate: Seeks Confirmation For Acting CJN, Others

by Folarin Kehinde
written by Folarin Kehinde

President Muhammadu Buhari has written to the Senate, seeking a confirmation of the nomination of Justice Olukayode Ariwoola as the substantive Chief Justice of Nigeria (CJN).

This is to replace the former Chief Justice Ibrahim Tanko Muhammad who resigned on June 27, due to health reasons.

The president’s request was contained in a letter dated July 5, 2022, which he sent to Red Chamber.

The letter was read by the Senate president, Ahmad Lawan, at the start of plenary yesterday.

The letter reads: “Pursuant to Section 231(1) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), I forward for confirmation by the Senate, the appointment of Hon. Justice Olukayode Ariwoola as the Chief Justice of Nigeria.

“While I hope that the submission will be considered in the usual expeditious manner, please accept, Distinguished Senate President, the assurances of my highest consideration.”

In another letter to the Senate dated July 21, 2022, President Buhari requested the upper chamber to confirm the nomination of Dr. Suleiman Agha Afikpo as commissioner representing the South-East zone, at the National Hajj Commission of Nigeria.

He explained that the request is in accordance with the provision of Section 3(2) of the Hajj Commission Act. Cap. 321, Laws of the Federal Republic of Nigeria 2004.

The Senate also received a request from President Buhari, to confirm the re-appointment of four nominees as Non-executive directors of the Board of the Central Bank of Nigeria (CBN).

The request was contained in a latter dated July 21, 2022, and read at the start of plenary by Senate President Lawan.

The president, in the letter, explained that the request to confirm the nominees was made in accordance with Section 10(3)(a) of the Central Bank of Nigeria (Establishment) Act 2007.

The nominees for confirmation include: Prof. Mike Idiahi Obadan (South South), Prof. Justitia Odinakachukwu Nnabuko (South East), Prof. Ummu Ahmed Jalingo (North East), and Mr. Adeola Adetunji (South West).

President Buhari also wrote to the Senate, requesting lawmakers to confirm 19 nominees as Resident Electoral Commissioners for the Independent National Electoral Commission (INEC).

The confirmation request to the upper chamber which was contained in a letter dated July 25, 2022 was read at plenary by Senate President Lawan yesterday.

President Buhari, in the letter, said that the request for the confirmation of the nominees was in accordance with the provisions of Section 154 (1) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

He explained that the nomination of five (5) Resident Electoral Commissioners are for renewal, while the other fourteen (14) are fresh appointments.

The nominees for confirmation include Ibrahim Abdullahi (Adamawa – Renewal); Obo O. Effanga (Cross River – Renewal); Alh. Umar Ibrahim (Taraba – Renewal); Dr. Agboke Mutiu Olaleke (Ogun – Renewal); and Prof. Samuel E. Egwu (Kogi – Renewal).

Others are Onyeka Pauline Ugochi (Imo); Prof. Muhammad Lawal Bashir (Sokoto); Prof. Ayobami Salami (Oyo); Amb. Zango Abdussamadu Abdu (Katsina); Mrs. Queen Elizabeth Agwu (Ebonyi); and Dr. Agundu Oliver Tersoo (Benue).

Also to be confirmed are Yomere Gabriel Oritsemlebi (Delta); Prof. Yahaya Makarfi Ibrahim (Kaduna); Dr. Nura Ali (Kano); Agu Sylvia Uchenna (Enugu); Ahmed Yushau Garki (FCT); Barr. Hudu Yunusa (Bauchi); Prof. Uzochukwu Ikemefuna Chijioke (Anambra); and Mohammed B. Nura (Yobe).

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