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Ekiti:Again, Suspected Kidnappers Strike, Abduct Traditional Ruler |The Source

By
Ayodele Oni
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Kidnappers
Kidnappers

By Ayodele Oni

The restive and agrarian Ilemeso community in Ekiti State was ignited,Thursday,  evening following the abduction of the Traditional Ruler of the town by suspected kidnappers.

It was gathered that Oba David Oyewumi, the Obadu of Ilemeso-Ekiti in Oye Local Government, was kidnapped in his Palace by gunmen.

Eye witness account explained that the gunmen scaled the fence of the Palace located at the centre of the town and shot severally to scare away the people, and proceeded to whisk away the Oba.

The incident is coming barely seven days after another first class monarch, Elewu of Ewu Ekiti, Oba Adetutu Ajayi, escaped death by whiskers.

Oba Ajayi was shot by yet to be identified gunmen that ambushed him while he was returning from Ayetoro Ekiti, where he had gone to drop off a relation.

The Monarch is still under intensive care at a privately owned hospital in Ado Ekiti, after some bullets had been extracted from his body.

Ilemeso Ekiti, is less than 10 kilometers to Isan Ekiti, Governor Fayemi’s hometown, where a manager with a filling station was, also, kidnapped last week.

The Alawe of Ilawe Ekiti, Oba Ajibade Alabi, who is the Chairman, Ekiti state Traditional Rulers’ Council, has expressed worry at the increasing rate of banditry, kidnapping and other forms of criminal activities in Nigeria and called on Security agents to increase the tempo of reducing the menace of crime throughout the country.

Following the increase in the menace of Kidnappings in the Oye, Isan, Ilejemeje axis of the state, due to closeness of the area to Kwara state, residents have called for more security presence in the area as  Amotekun corps seem to be helpless.

The State Police Command is yet to react to the latest incident of kidnapping in the State.

EFCC Releases Okorocha |The Source

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The Source
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Okorocha and EFCC

By Charles Igbo

After spending two nights in its custody, the Economic and Financial Crimes Commission, EFCC, has released the former Governor of Imo State, Senator Rochas Okorocha. He faced interrogation, and made statements.

Though the terms of release was not known at the time of this report, this magazine gathered that he was given an administrative bail.

Announcing the release of the Senator representing Imo North at the Senate, his Media Adviser, Sam Onwuemeodo, said that his Principal was released Thursday afternoon, and had gone back to his house.

Recall that Okorocha was arrested on Tuesday, April 12, 202, in his Unity House, Abuja, office, by EFCC Operatives, and was detained at the Commission’s Wuse 2 office.

While some reports said he was arrested after a five-hour standoff with the Operatives who had been on his trail, after he, allegedly, continuously ignored the Commission’s invitation, Onwuemeodo said he went to the EFFC on invitation.

Speculations are that he was arrested over the alleged monumental fraud committed during his tenure as Imo Governor, including an allegation of money laundering to the tune of billions of Naira.

But Onwuemeodo said he was only invited for some clarifications, considering that the forner Governor and the EFCC already are in court, especially, as there is a new boss at the Commission.

In a statement, Thursday evening, announcing Okorocha’s release, Onwuemeodo celebrated it, saying that his boss lived upto his promise to fully cooperate with the EFCC.

Onwuemeodo said it didn’t matter how long Okorocha stayed with the EFCC. The important thing,  he notes, is that he has been given the opportunity to answer to the avalanche of petitions to the Commission against him.

Following, is the full text of Onwuemeodo’s press release entitled;

RE: SENATOR ROCHAS OKOROCHA, HAS GONE HOME FROM THE EFCC OFFICE:

“With  Gratitude to  God Almighty , we are delighted to inform the general public  that , the former governor of lmo state, and by the GRACE OF GOD, the Senator Representing lmo West senatorial District, Owelle Rochas Okorocha,  is out of the office of the Economic and Financial Crime Commission, EFCC and he is now in his house .

“He left the Commission’s office,   on the afternoon of Thursday, April 15, 2021.

“It should  be recalled that , we had , in our  reaction to  his trip  to the EFCC office,  on the invitation of the Commission assured  that , the former lmo State  Governor,  would fully cooperate with the agents of the Commission , since it was operating within the arm-pit of the law establishing it.

“And we are happy to inform  that,  the Distinguished Senator,  lived upto that vow or promise.  We didn’t bother about whether  he spent 24 hours or 48 hours at the Commission’s office.   We were only keen in his having the needed opportunity to   address the allegations contained in the avalanche of  petitions written by the lmo State Government,  against the former governor.

“Remember also that,  we had alluded that,  EFCC was not a slaughter house, but a responsible lnstitution, established for the good of the nation and her people.  And Okorocha being in his house today, only confirmed our hypothesis that, indeed, the Commission’s office is not  an abattoir.

“We thank Nigerians who had called or sent messages of solidarity, encouragement and support for the Senator.  We thank those who had also done same,  from outside the Country.

“For lmo people who had organised themselves in groups,   offering prayers of intercession, we say to them , thank you. May the Good LORD,  continue to bless them all.

“To the media, may God grant you  all, all you need to grow from strength to strength.

“We also pray for EFCC and its management.  Together, we must change the growing perspection on the side of some Nigerians,  that once any public figure is at the EFCC , either by invitation or by arrest, it is something ominous . That should not be the case.

“Finally, we shall continue to be law- abiding. Thank you.”

Being invited and/or arrested by the EFCC has become like rites of passage for most ex-Governors. A number of them are being prosecuted in Court  while two of them, Joshua Dariye of Plateau State, and Jolly Nyame of Taraba State, are serving jail sentences.

James Ibori, former Governor of Delta State, served his own jail in  the United Kingdom after being found guilty of money laundering.

Governor Uzodinma, From Where Do You Get Funds? |The Source

By
The Source
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Willie Amadi

By Willie Amadi

“What has happened in the Capital City and other Local Governments is a road revolution.This particular road has a world class underground ballon drainage system of eight to twelve metres depth

“I am an indigene of Owerri municipal. By way of introduction I am a lawyer by profession and the Federal Commissioner, Public Complaints Commission Nigeria and the only High Chief of the whole five autonomous communities in Owerri municipal. I have lived here for the past 20 years and understand the character of flooding in this area. We have been under constant massive deluge during each rainy season.

“I want to thank the Governor for singling out this particular road within six months in office and completing it. After Wethedral road, Chukwuma Nwoha is the next connecting road across the entire municipality and the Owerri Federal constituency.

Governor Hope Uzodinma of Imo State
Governor Hope Uzodinma of Imo State

“This road serves as an artery to so many local governments from this point of the city. It is quite heart warming that the governor took up to dualize this road with street lights, walk ways and beautiful synages. I want to congratulate and appreciate you for that.

“I keep wondering where you get the funds for these rapid and simultaneous quality road construction. I speak on behalf of the public who complained at the inception  of your administration. The public seem to be happy now and I urge you to keep the faith.

During the administration of Ikedi Ohakim, the current Commissioner for works Chief Barrister Ralph Nwosu  and I, with His  Excellecy  Dr. Ikedinachi Ohakim, came to this point with consultants, looked at the problem of this place and decided that an underground drainage system will save the flooding of Federal Housing, Aladinma and Prefab Housing estates.

“Many landlords, co-landlords sold their properties and left. I could’nt leave. Late Izuonye Izugbokwe, who was a Town Planner and Engineer vacated his compound and sold it. But today, most people who sold thiers are regreting it and many more people are happy today for not selling their houses.

Governor, I want to thank you for what you have done. As you reconstruct and rebuild the roads in Owerri Municipal; As you dualize the roads in Owerri; As you create happiness  here, may the good Lord give you and your family happiness in Jesus name.

Barr. Amadi,  Federal Commissioner, Public Complaints Commission Nigeria, spoke on behalf of the Residents of the Chukwuma Area of Owerri, on the occasion of the commissioning of the strategic road by the Governor Hope Uzodinma Government on Tuesday, April 12, 2020.

Ondo Govt To Fmr. Deputy: No Law Stipulates Pension, Gratuity Or Any Benefit For Ex Govs, Depts |The Source

By
Ayodele Oni
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Agboola Ajayi

By Ayodele Oni

The Ondo State Government, on Thursday, replied the former Deputy Governor, Mr Agboola Ajayi over his claim that he is entitled to vehicles as a former number two citizen of the state.

The State Commissioner for Information, Mr Donald Ojogo, in a statement in Akure insisted that “while it is apt to say that in some States, Pension Laws regulating the welfare of erstwhile Governors, Deputies and Speakers of State Assemblies (in some cases) have been passed and implemented, it is a known fact that no such Law exists in Ondo State.

“To the best of our knowledge as Government, the State Executive Council had neither deliberated, nor passed any such policy decision in respect of Ajayi’s allusions.

“Even if such law exists, it is only sensible that proper documentations are effected rather than the brazen act of lawlessness exhibited by Ajayi.

“In effect, Government finds Ajayi’s characteristic grandstanding amusing. To say the least, this act of self-help and undiminishing trait of covetousness is an affront. Nothing represents an unpretentious theft than the illegal appropriation of an unauthorised property.

“It is, therefore, not only for public good, but shall equally serve a veritable reputation laundry stunt if Ajayi could be courageous enough to provide the Law which he quoted to have hidden under.

“Government wishes to implore the Police to take appropriate measures to recover the vehicles in the possession of Ajayi. They are Government property he is illegally holding on to, without authorization.

“As a Government, it is instructive to put the records straight even as the public is owed an obligation of civility, refrain from self-help as well as procedural decency.

“This, in effect, necessitated Government’s adherence to due process by informing the Police authorities, of the need to recover the vehicles in question from Ajayi.

“The resort to this is without prejudice to the abundance of numerous lawful machineries at the disposal of Government to act accordingly.

“The former Deputy Governor’s excuse in public domain is that he had only two vehicles in his possession. He equally considers same, in his reasoning, as pension packages as a former Deputy Governor of the State.”

Governor Akeredolu and his former Deputy were at loggerheads in the later part of the Governor’s first tenure. Ajayi resigned from the party-APC – under which two of them came into office, and defected to first, the PDP, and a month later, the ZLP. He did not quit his office as a Deputy Governor.

He, indeed, contested against the Governor in the Governoship election under the ZLP. Ajayi lost woefully.

N60b: Obaseki Says FG Playing The Ostrich; End Fiscal Rascality, He Urges |The Source

By
Akinwale Kasali
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Godwin Obaseki

By Akinwale Kasali

Edo State Governor, Godwin Obaseki has brushed aside the Federal Government’s denial that it did not print the sum of N60 billion to support State Allocation for the month of March,  2021.

Obaseki’s revelation, which shook the nation, and exposed how bad the economy is, was made when he spoke to the Edo State Transition Committee at the weekend.

He had said; “When we got FAAC for March, the Federal Government printed additional N50 -N60 billion for us to top-up to share.”

But on Wednesday, after the Federal Executive Council meeting presided over by Vice President Yemi Osinbajo, the Minister for Finance, Budget and National Planning, Zainab Ahmed, had dismissed Governor Obaseki’s statement as untrue. She said no such money was printed, and insisted the money came from the FG’s generated revenue.

However, Governor Obaseki, brushed the denial aside, and stood by his submission  that money was printed. Accusing the FG of playing the ostrich in a post on his official twitter handle, he advised, while saying he would not join issues with anybody,  that the FG ends financial recklessness.

Obaseki: “We believe it is our duty to offer useful advice for the benefit of our country

“The Minister of Finance, Budget and National Planning, @ZShamsuna should rally Nigerians to stem the obvious fiscal slide facing our country.

“Rather than play the ostrich, we urge the government to take urgent steps to end the current monetary rascality so as to prevent the prevailing economic challenge from degenerating further.

“We believe it is imperative to approach the Nigerian project with all sense of responsibility and commitment and not play to the gallery because ultimately time shall be the judge of us all.”

Obaseki was in the financial sector before he joined politics, and is not likely to be ignorant of the financial state of the Nation.

Anti-Corruption Group, HEDA, Says UK, UAE Enable Corruption In Nigeria |The Source

By
Akinwale Kasali
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HEDA

By Akinwale Kasali

“In Dubai, 34 ex-Governors own 71 houses; seven Senators own 33, while 13 Federal Ministers own 26.”

Human and Environmental Development Agenda, HEDA, an Anti-Corruption Group, in partnership with MacArthur Foundation, has revealed that more than 130 choice assets have been bought with looted funds in Dubai, United Arab Emirates (UAE), by some ex-governors, ministers, politically exposed persons, PEPs, through illicit financial flows, IFF, from Nigeria.

The said assets are as a result of corruption practices, by which the common wealth of Nigerians are looted and laundered outside the shores of Nigeria to the United Arab Emirates and United Kingdom.

A research and report carried out by HEDA and Dr. Gbenga Oduntan, from University of Kent in United Kingdom, identified four key areas through which the nation’s resources are looted.

Speaking on “Ilicit Financial Flows, With A Critical Review of UK and UAE Policies, Laws And Practices in Financial Professional Institutions”, Dr. Oduntan said “bribery and corruption, proceeds from commercial tax evasions, illicit activities engaged in by corporations and business ventures and proceeds derived from criminal activities are   major conduit pipe for Illicit financial flow.”

It said that “Nigeria’s oil and gas sector is belived to have contributed 92.9 per cent of the total amount in Illicit Financial Flows”, insisting that the “chances of Nigeria recovering most of its looted cash are very low because of conditions attached to the release of such funds.”

He highlighted report on the “UAE component of the three country (Nigeria, UAE and the UK) comparative study of fixing Illicit Financial Flows,” which was submitted to the Executive Chairman of the Economic and Financial Crimes Commission, Mr. Abdulrasheed Bawa in Abuja.

Although the report did not reveal the identity of the Politically Exposed Persons (PEPs) with the assets in Dubai, the Chairman of HEDA, Olanrewaju Suraj, said the onus falls on the Economic and Financial Crimes Commission,EFCC to unravel them.

Suraju stressed that “it is so sad that our funds are being looted and stashed abroad” and that those we see as ‘messiah’ talking about UK are those shielding the corrupt minded political class.

“We are not even talking of assets in the UAE identified with some military officers.” he said.

The report claimed that Nigerian Politically Exposed Persons (PEPs) and other corrupt public officers took advantage of UAE’s soft system to launder funds, and are aided by the UK.

The report said: “The sheer recklessness of a system which allows Politically Exposed Persons (PEPs) including 34 Nigerian ex-governors to own 71 properties, seven senators to own 33 properties, and thirteen Federal ministers to buy and own 26 properties is apparent. In the circumstances this is a case of res ipsaloquitor- the facts speak for itself.

“A 2012 report stated that Nigerians had invested up to $6 billion in real estate in Dubai over three years, including whole floors of apartment blocks.61 As bad as things are with respect to dirty money being funnelled into properties in the UK particularly in London, Dubai is qualitatively worse.”

The report  blamed the rush to stash funds in the UAE by top Nigerians to the weak financial system and its openness to investors.

The report said: “The finding reached is that the shortcomings in the practices of financial and professional bodies of the UAE are deep, substantive and troubling.

“Corrupt Nigerian elite have managed to evade detection and massively invested into the UAE property market particularly in Dubai. As argued by Barnaby Pace.

“We know that the criminal and corrupt set up bolt-holes around the world in which to stash their dirty cash, with Dubai being a favoured spot for many….”

“Dubai is also a preferred destination for trade-based money laundering (TBML –IFF) and political corruption money laundering from Nigeria, precisely because the city is seen as a soft touch for PEPs and their associates.

“There is deliberate orchestration to make Dubai an Eldorado for property investors looking for a place to store wealth considering that construction and real estate sectors in the UAE contributed 20% to GDP as of 2016.”

The report quoted a study as saying “There are not the same checks on the sources of money coming into Dubai as there are in London and elsewhere”

“The lack of qualitative and mandatory beneficial ownership reporting system exacerbates the UAE’s significant shortcomings in relation to the interaction between luxury property market and “Dubai and other Emirates in the UAE operate a more laissez faire philosophy and the UAE generally has shaped itself into a vast bohemian desert investment space.

“Bribery, corruption, illegal resource exploitation, and tax evasion are the main channels of IFFs especially in relation to Nigeria- UK relationship in the country’s extractive industries. Much more damage is done to Nigeria’s financial interest by other countries as well.

“Indeed Nigeria’s oil and gas sector contributes 92.9 per cent of the total amount of IFFs the country records yearly through companies and persons operating in the highly porous yet important sector.

“In stolen crude oil deals alone Nigeria suffered more than $12 billion in losses to the US between 2011 and 2014. Another $3 billion was lost to China and $839.5 million to Norway in the same period.

“The damage done from within by bureaucratic mischief is very significant as well. Unfortunately, there is also under-reporting of production volumes and oil lifting by the NNPC and Department of Petroleum Resources (DPR).

“For instance, it has for long been known that the effective lobbying by oil companies is a large aspect of the stalled progress of the Petroleum Industry Bill (PIB) for nearly 20 years now because “the oil majors have been particularly vocal on potentially losing tax exemptions as a result of this law”.

The report made some recommendations including a generation of PEPs annually by the Federal Government with their data shared with some international agencies and development partners.

It added: “A comprehensive list of Nigerian PEPs should be generated annually. This data should be shared with its development partners, particularly the UAE, and the UK.

“Extradition remains a highly useful mechanism for governments and Nigeria must do its best not only to retain the treaties it has presently but most work to develop even more.

“The task of tracing the foreign investment practices of Nigerian PEPs in this way will have to take on a historical perspective. For instance, a former military governor of Ogun State is identifiable as owning up to six properties with a total purchase price of over $2 million.

“Article 236 (1) of the Federal Penal Code deals with the offence of accepting a bribe as a public official. There are similar provisions targeting bribery of a foreign public official and this is of great significance in reducing the space for bribe offences internationally and particularly in the developing world.

“Private sector bribery is unlawful under Article 236 b (2) of the Federal Penal Code. Public servants are defined under the Law as any persons in a federal or local position, whether legislative, executive, administrative or judicial, whether appointed or elected. (Article 5, Federal Penal Code).”

It asked the Central Bank of Nigeria(CBN) to evolve better ways of monitoring financial transactions of PEPs and other businesspersons.

It said: The CBN would therefore, need to take a more effective approach with targeted measures not only to negotiate instruments but also to engage in better monitoring of financial transactions of PEPs and other businesspersons.

“Looking at what we have discovered so far, the CBN has not satisfactorily established and performed its supervisory functions not only over banks particularly in the case of certain types of customers (e.g., non-resident or offshore customers, PEPs but there are also shortcomings in oversight in relation to Private Investment Companies (PIC), MNCs and shell companies; offshore entities; cash-intensive businesses and import or export companies).

“ The CBN must do better particularly in its role as an assessor of the adequacy of financial institution’s systems to manage the risks associated with senior local/foreign political figures, but it must do better in instilling an expectation of probity among corporate management and their ability to implement effective risk-based due diligence, monitoring and reporting systems.

“The imposition of sanctions against banks including prosecution of their employees together with the institution is an essential part of creating a better-disciplined national financial system that is less susceptible to mischief from within and without. The journey to a full grant of autonomy to the NFIU is not yet complete although credit is due to the country’s authority for the implementation of the Nigeria Financial Intelligence Unit Act 2018, which established the NFIU as an independent entity.”

Despite its recommendations, the report said the chances of recovering looted funds are very low.

It said: “The harsh reality is that Nigeria may never even find out just how many hundreds of billions of looted assets it has suffered over the decades and certainly since its independence as a sovereign state. The chances of having the losses restored in meaningful ways are extremely low.

“Sadly, even recent scandals with ample documentary trail have led to little or no asset recovery. The practice of some Western nations including the UK in insisting on exacting and retaining arbitrary sums as during asset recovery requests from weaker states is particularly abhorrent. Nigeria and other developing state have a duty to posterity to resist this practice.

“Similarly, the practice of demanding and attaching conditionalities outside the confines of international law to the return of illegally transferred wealth is abominable.

“These practices are not products of law and equity but are expressions of the asymmetries in international relations, which permit a certain group of privileged states to add insult to the injuries of weaker states in the sheer context of things.”

While receiving the report, the EFCC Chairman, Bawa, said: “I want to assure you, that we are going to study the report to add value to those areas where it is within our mandate; we will look at it and ensure that justice is done.

“The country has been cheated for quite a long time, people saddled with the responsibility of governance in this country have succeeded in doing it selfishly by taking these funds out of the shores of this country.

“It is one thing for properties to be taken to the UAE and the UK, it is another thing that we here in Nigeria are ensuring that you don’t have the opportunity to take them out in the first instance. That is why we want to be proactive in our approach to law enforcement and the fight against corruption in this country.

“All the people that are taking these funds out of the shores of this country are not doing that alone; there are conspirators, engineers helping them, professionals are helping them, accountants and financial institutions are helping them. We are not trying to look at what happened before but we are determined the future will be better.

“And then of course part of our mandate to ensure that proceeds of crime are identified and repatriated for the benefit of all Nigerians. It is not an easy task, it is something that cut across jurisdictions.

“The UK and the UAE have their own laws, processes and procedures, but we have a lot of bilateral and multi-lateral agreements that we are signatories to; to discuss about issues of information sharing, investigation as well as repatriation of ill-gotten assets.”

Police Recruitment Starts Soon – PSC Chair, Smith; Decries Proliferation Of Investigative Units |The Source

By
Ayodele Oni
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Police Service Commission
Police Service Commission

By Ayodele Oni

Chairman of the Police Service Commission (PSC), Alhaji Musiliu Smith says recruitment into the Nigeria Police Force, NPF, will soon begin.

Smith, also, called for synergy between the PSC and the NPF in the interest of the nation.

Alhaji Smith spoke when he received in audience the Acting Inspector General of Police, Usman Baba Alkali and some senior officers of the Force in Abuja.

A statement by the spokesman of the Commission, Mr Ikechukwu Ani, said the Chairman reiterated the need for the two Federal concerns to work together to solve the nation’s security challenges.

Alhaji Smith, who prayed for a successful tenure for the Acting Inspector General of Police, assured him of the Commission’s guidance and support but noted that the IGP should listen to, and carry his Management team along in the discharge of his duties.

“You should encourage and benefit from team work with your management team; let them be free to advise you; listen to them,” adding that members of the management team should not be afraid to advise him but should also not mislead him.

“Be truthful to the IGP, give him his due respect and the Nigeria Police will make a lot of progress.”

Alhaji Smith announced that recruitment into the Nigeria Police Force would soon begin after issues relating to the exercise are resolved in the interest of the Commission, the NPF, and in the greater interest of the nation.

He decried the proliferation of investigative units in the Nigeria Police Force and demanded that the Acting IGP quickly look into it to save the Police Force of the huge embarrassments these units bring to the force.

According to him, there must be proper monitoring of Police investigative units to stem the atrocities its officials commit in the line of duty, stressing the need to quickly treat cases of misconduct by these Officers.

“It is this set of Officers that have continued to damage the image of the Force and you should quickly get these bad eggs out of the Force.

“You should also ensure sanity among the ranks and file and even the officers.”

The PSC Chairman charged the new police boss to give  training a priority and build strong intelligence base so as to detect and control crime.

He called for the revival of the Police Detective College in Enugu so that it will provide the required platform for training in intelligence gathering.

The  IGP urged the Commission to go beyond recruitment and promotion and assert its authority to make the Nigeria Police Force better.

He noted that the Commission should go ahead to produce the Police Force the nation needs using the reward and punishment  procedure, adding that the area of discipline has been neglected in the Force.

Alkali said the Force would be happy to work with products of the Commission’s recruitment and said the 35 Police training schools in the country should be made to be busy with all year programmes.

Banks Groan Under N8trn CRR

By
Bayo Bernard
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0

By Fola James

The managing director of Sterling Bank Plc, Abubakar Suleiman stuck his neck out, last October when he criticized the CBN for squeezing commercial banks profitability with the continuous increase of the Cash Reserve Requirement, CRR. According to him, the banks will find ways out of the problem, but that the cash available to them has been significantly reduced.

The apex bank imposed the CRR after the banks failed to comply with the Loan to Deposit Ratio, LDR which required Deposit Money Banks, DMBs to maintain a minimum 60 percent of their customers’ deposit for economic development.

Suleiman spoke after the apex bank sequestered the new generation bank N8 billion of its customers’ deposit as punishment for violating the regulatory instrument, an action that obviously did not go down well with the Sterling Bank chief executive at the time, who despite the decision of other commercial banks CEOs to remain cautious on the issue, spoke out to condemn the excessive use of the instrument by the Godwin-Emefiele government bank.

Suleiman criticized the CBN for using the CRR to limit banks’ profit margin because “Beyond the fact that it represents a significant accumulation of liquidity that has not yet been deployed, which means that the banks increasingly have access to liquidity if they ever need it, it would be a squeeze on profitability to the extent that what goes into CRR cannot go into treasury bills or bond,” he said.

In the month under review, the CBN debited erring banks  over N1.4 trillion as Zenith Bank Plc, UBA, and Access Plc, topping the list with a total deduction of (N290bn), Plc (N160b), and (N140bn) respectively, deducted from their account.

Other banks affected in the CRR deduction include FBN (N95bn), GTB (N55bn), Polaris (N30bn), Keystone (N30bn), Standard Chartered Bank (N24bn), Fidelity (N15bn), FCMB (N11bn), Ecobank (N11bn), Stanbic (N10bn), WEMA (N10bn), Coronation (N3.9bn), Sterling (N8bn), Citi (N6bn), Union (N5bn), Providus (N5bn), RMB (N5bn), FSDH (N1.5bn), NOVA (N1bn) Globus (N3bn) and Unity Bank (N7bn).

The regulator earlier on October 9, 2020, debited banks of CRR worth N462.7 billion for breach of its lending policy.

Emefiele justifies the CRR thus “We give them incentives that when they lend to the Small and Medium Enterprises (SMES), and private sectors, they will be granted certain dispensations to make them happy while failure to comply will result into taking 50 percent of the un-lent portion of their loans into the CRR.”

Over N5 trillion was deducted directly from erring commercial banks accounts in 2019, but the figure has risen significantly to over N8 trillion in the 2020 financial year, an over 59 per cent increase compared to 2019. Deposit Money Bank, DMBs are therefore, not finding this funny at all, considering that they could face more sanctions from the regulatory authority this year, as their appetite to invest in treasury bills to maximize profit is likely to grow, particularly after the COVID 19 headwind that disrupted banking operations last year.

More banks are talking. For instance, Guarantee Trust Bank, GTB said the bank could have made use of the N565 billion deducted from its account by the CBN to earn more money but, “CRR increase of 127.4% (₦565.1bn), funded through improved Naira liquidity largely from OMO maturities impaired the Group’s ability to take maximum advantage of opportunities to optimize its earnings potential.

In spite of the sanctions the Segun Agbaje-led bank said it appropriated other means ‘to cushion the impact of CRR on earnings through optimization of its US$ liquidity and Revaluation Gains,” which amount to US$1.15bn following the devaluation of Naira against US$.”

According to Zenith Bank Plc, the CRR “coupled with the low-interest yield environment helped reduce our cost of funding from 3.0% to 2.1% and also reduced our interest expense. However, the low-interest environment also affected net interest margin, which declined from 8.2% to 7.9% in the current year due to the re-pricing of interest-bearing assets.”

In January this year, the CBN hit commercial banks with N600 billion debit after complaining of excess cash in the interbank money market, IMM to the tune of over N1 trillion within the first few weeks of the new year, which the apex bank blamed on the increase of inflow of treasury bills also known as Open Market Operations, OMO by banks.

Banks’ demand for treasury bills within the first month of the year rose to close to N700 billion even though the apex bank was only ready to sell bills worth N60 billion, forcing the regulator to implement two Cash Reserve Ratio, CRR debits of N600 billion in two tranches of N400 billion and N200 billion.

The apex bank, had in 2020, increased the CRR to 27. 5 percent from 22.5 percent after complaints that commercial banks in the country were using their idle cash for forex round tripping, rather than lending funds to the real sector of the economy. Keen analysts in the sector insist that it will be difficult for DMBs to deny the allegations, adding that the regulator is using the instrument to control the nation’s rising inflation.

Meanwhile, critics of the Emefiele-led bank said the ‘seized’ cash is being used by the CBN to fund federal government budget deficit.

Possession Of Govt Vehicles: I Am Waiting For Police – Ondo Former Deputy Governor, Ajayi |The Source

By
Ayodele Oni
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Agboola Ajayi

By Ayodele Oni

Immediate past Ondo State Deputy Governor, Mr Agboola Ajayi, has said that he is still waiting for Police invitation over allegation that he was still holding on to some government vehicles, two months after the expiration of his tenure.

The ex number two citizen of the State also confirmed that he is in possession of two official vehicles and not four as claimed by an Aide to Governor Rotimi Akeredolu.

The State Government had, on Tuesday, announced that it has written a petition to the State Police Command to assist in retrieving four Government vehicles still in the possession of the former Deputy Governor.

The vehicles are: Land Cruiser SUV, New Toyota Hilux, New Toyota Hilux and Toyota Hilux.

But in a statement,  the Media aide to the ex Deputy Governor, Allen Sowore, explained that all vehicles in his care had been returned since February 23rd, the day his tenure ended, except two vehicles- a Land Cruiser and a Hilux Jeep.

Agboola stated that he is entitled to those two vehicles just like other former Deputy Governors in the State.

According to the statement, one of the vehicles being demanded was at a mechanic workshop at Okitipupa, while the other was still with the dealer because full payment has not been made.

“The former Deputy Governor has joined senior citizens in this state. He should be accorded such respect.

“On February 23rd when his tenure ended, civil servants came and collected all government vehicles except a Land Cruiser and Hilux jeep which are part of his statutory benefits.

“He is to go home with those two vehicles.

“He is not holding onto any government vehicle. All other former Deputy Governors in this state are using government vehicles.

“Nobody should because of politics use indecent language on the former Deputy Governor.

“Let the police invite him. He will explain himself. He is not afraid. One of the other two vehicles had accident. It is at Okitipupa, while the dealer is yet to deliver the second one.”

On Tuesday, April 14, Governor Akeredolu was quoted as saying that he would embarrass the former Deputy Governor over the vehicles if he fails to return them.

There is no love lost between the two Ondo sons.

Why Twitter Shunned Nigeria – PDP |The Source

By
Adesina Soyooye
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By Adesina Soyooye

Nigeria’s main opposition political party, the People’s Democratic Party, PDP, has lamented the choice by Twitter to locate its African Headquarters in Ghana, instead of Nigeria.

Most Nigerians were, at  once, shocked and aghast, when Twitter’s founder, Jack Dorsey announced on Monday that his company’s African  Headquarters would be located in Ghana.

Considering the population of Nigeria, and the number of Nigerians who subscribed to Twitter, not a few people think it is a snub on Nigeria and a vote of confidence on Ghana by Twitter. They, also.  think it is a thumbs down on Nigeria, a country which is not only the most populous black country, but which, also, claims to be Africa’s largest economy. “It is a shame. It is a vote of confidence on Ghana’s economy and infrastructure, and security”, an industrialist told this magazine.

About 39.6 million Nigerians, a number larger than Ghana’s population are subscribed to Twitter. But the country’s infrastructure deficit, and the worsening insecurity, do not recommend it to any serious   international investor.

The PDP agrees with these opinions, and blame the  President Muhammadu Buhari Government for the snub.

In a statement by the Party, signed by its National Publicity Secretary, Kola Ologbondiyan, the PDP said it was ashamed of what Nigeria has been reduced to under the APC and President Buhari.

Said the PDP, “Indeed the decision by Twitter to bypass  Nigeria to locate its African Operational base in Ghana is another sad commentary of how our Nation, which was hitherto a global investment hub under the PDP, has now been so degraded in global economic competitiveness under the APC.”

Following is the full text of PDP’s statement entitled:

Buhari, APC’s Misrule Pushed Twitter to Locate African HQ In Ghana Instead of Nigeria, Says PDP

“The Peoples Democratic Party (PDP) laments that the unabating misrule of the Buhari Presidency and the All Progressives Congress (APC) pushed Twitter to take its African Headquarters to Ghana instead of Nigeria, despite the fact that Nigeria has far more twitter traffic and more business prospects than Ghana.

“The PDP says Twitter’s preference for Ghana over Nigeria was occasioned by inconsistent economic policies, obnoxious suppression of free speech, stifling of online freedom and open internet by the Buhari administration and the APC.

“This is in addition  to infrastructural decay, massive corruption and manifest failure of the Buhari Presidency and the APC to address the escalated insecurity brought upon our nation by their incompetent watch.

“Indeed the decision by Twitter to by-pass Nigeria to locate its African operational base in Ghana is another sad commentary of how our nation, which was hitherto a global investment hub under the PDP, has now been so degraded in global economic competitiveness under the APC.

“Nigerians were heavily despaired on Monday when the founder of Twitter, Jack Dorsey, announced that his company will be setting up its headquarters on the continent in Ghana despite Nigeria’s domineering twitter traffic in the sub region.

“With an estimated 39.6 million twitter subscribers in Nigeria, which is bigger than the population of Ghana, Nigeria ought to be the destination, but for the anti-people policies of the APC administration.

“It is sad that our nation has continued to lose huge foreign direct investments, which would have brought in more economic opportunities, especially for our youths, just because the Buhari Presidency and the APC lack the capacity to deliver on good governance.

“The preference by Twitter for Ghana over Nigeria has further demonstrated that the Buhari administration’s claims on ease of doing business in Nigeria are mere media hypes.

“Moreover, if President Buhari and the APC have the interest of the struggling youth demography of our nation at heart, they ought to have taken the necessary proactive steps to ensure that Twitter brought this huge investment to Nigeria, particularly given that we have the highest number of Twitter users on the continent.

“It is indeed disturbing that the Buhari administration is taking no decisive steps to address the worsening situation in our country, which has become the world poverty capital under their watch.

“The incompetence, insensitivity, corruption and laid-back attitude of the Buhari administration have continued to bring woes to our nation with an escalated 33% unemployment rate, closure of over 40 million hitherto vibrant businesses with millions of families now unable to afford the basic necessities of life.

“It is painful that despite our national potentials, President Buhari administration has not shown the required commitment of engaging foreign investors and captains of industries to attract investments as being done by Presidents of other countries.

“Instead the Buhari Presidency is only interested in accumulating foreign loans and mortgaging the future of our nation.

“It has therefore becomes clearer that our nation cannot achieve any headway with the APC on the saddle.

“The PDP therefore charges Nigerians to remain focused as we collectively rally on the opportunities granted by democracy to rescue our nation from the stranglehold of APC misrule.”

In the recent past months, a couple of companies have left Nigeria. A couple of weeks ago, Shoprite, a South African Group said it has concluded plans to divest its shares in Nigeria.

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