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Insecurity: Fulanis Not Criminals; Fish Out Rogue Herdsmen –NGF |The Source

By
Akinwale Kasali
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0

By Akinwale Kasali

The Northern Governors Forum, NGF, has expressed its disappointment at the generalization from certain quarters that Fulanis are criminals.

The NGF has challenged States in the South to fish out criminal herdsmen, isolate them,  and make them face the wrath of the law.

The Northern Governors expressed worries that the activities of criminal elements were being used to tag a particular ethnic group criminals.

Chairman of the Forum, Governor Simon Bako Lalong of Plateau State, in a statement, said the NGF believes strongly in the rights of Nigerians to reside wherever they so desire without any molestation or discrimination.

It warned that there could be danger to peaceful coexistence and national unity if a particular ethnic group is being molested and discriminated upon.

Lalong said instead of tagging a particular ethnic group as criminals, and subjecting them to danger, criminal elements among them should be exposed, isolated, and made to face the law.

The Northern Governors Forum called for calm across the country and cautioned citizens, particularly those in the South West and East, which is the most affected areas, who might have been aggrieved or targeted, to exercise restraint.

The Forum noted that the country is currently going through a lot and escalating such tensions would definitely not resolve any grievances, but rather aggravate the situation to levels that could threaten national security.

“Leaders across political, ethnic, religious and community lines should avoid utterances and actions that further fan the embers of distrust, hate, violence and retaliation which can easily escalate the situation and cause chaos.

“Relevant Government officials, traditional rulers and opinion moulders must also send the right signals to those who want to take the laws into their hands and trample on the Nigerian Constitution by attempting to deny others the rights to live and pursue their legitimate business in whatever place they choose to reside.

“They should, also, send clear and unambiguous message to those threatening the peace that they will act decisively to stop them from plunging the nation to anarchy,” the Forum’s statement said.

$500m Electricity Fund: SERAP Asks World Bank To Publish Documents On Funded Projects In Nigeria |The Source

By
Akinwale Kasali
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By Akinwale Kasali

Following the gale of corruption that Electricity Projects are known for in Nigeria, in which successive administration since the nation experienced uninterrupted Democratic rule has used as conduit pipe to defraud the nation, the Socio-Economic Rights and Accountability Project (SERAP), has urged the World Bank President, David Malpass, “to exercise the Bank’s prerogative to release archival records and documents relating to spending on all approved funds to improve access to electricity in Nigeria between 1999 and 2020.”

It, also, said that the Bank’s role in the implementation of any funded electricity projects is important to be made public, in order to identify and name any executed projects, and Nigerian officials, Ministries, Departments and Agencies involved in the execution of such projects.

The World Bank Board of Directors had, last week, approved $500m “to help boost access to electricity in Nigeria and improve the performance of the electricity distribution companies in the country.”

But in the application dated 6, February, 2021, and signed by SERAP’s Deputy  Director, Kolawole Oluwadare, the organization urged the Bank to “explain the rationale for the approval of $500m to implement electricity projects in the country, despite reports of widespread and systemic corruption in the sector, and the failure of the authorities to enforce a court judgment ordering the release of details of payments to allegedly corrupt electricity contractors who failed to execute any projects.”

SERAP said: “This application is brought pursuant to the World Bank’s Access to Information Policy, which aims to maximize access to information and promote the public good. There is public interest in Nigerians knowing about the Bank’s supervisory role and specifically its involvement in the implementation of electricity projects, which it has so far funded.”

According to SERAP, “The $500m is part of the over one billion dollars available to Nigeria under the project titled: Nigeria Distribution Sector Recovery Program. We would be grateful for details of any transparency and accountability mechanisms under the agreement for the release of funds, including whether there is any provision that would allow Nigerians and civil society to monitor the spending of the money by the government, its agencies, and electricity distribution companies.”

SERAP also said: “Should the Bank fail and/or refuse to release the information and documents as requested, SERAP would file an appeal to the Secretariat of the Bank’s Access to Information Committee to challenge any such decision, and if it becomes necessary, to the Access to Information Appeals Board. SERAP may also consider other legal options outside the Bank’s Access to Information framework.”

The letter copied to Shubham Chaudhuri, World Bank Country Director for Nigeria, read in part: “SERAP believes that releasing the information and documents would enable Nigerians and civil society to meaningfully engage in the implementation of electricity projects funded by the Bank, contribute to the greater public good, and enhance the Bank’s oft-stated commitment to transparency and accountability.

“The World Bank has been and continues to be involved in overseeing the transfer, disbursement, spending of funds on electricity projects in Nigeria. The Bank also reportedly approved a $750 million loan for Nigeria’s electricity sector in June 2020 to cut tariff shortfalls, protect the poor from price adjustments, and increase power supply to the grid. As such, the World Bank is not a neutral party in this matter.

“SERAP is seriously concerned that the funds approved by the Bank are vulnerable to corruption and mismanagement. The World Bank has a responsibility to ensure that the Nigerian authorities and their agencies are transparent and accountable to Nigerians in how they spend the approved funds for electricity projects in the country, and to reduce vulnerability to corruption and mismanagement.

“The Group also believes that the release of the requested information and documents is of paramount importance  to the public interest in preserving the legitimacy, credibility and relevance of the Bank as a leading international development institution. The Bank ought to lead by example in issues such as transparency and public disclosure raised in this request.”

“It would also demonstrate that the Bank is willing to put people first in the implementation of its development and governance policies and mandates, as well as remove any suspicion of the Bank’s complicity in the alleged mismanagement of electricity projects-related funds.

“The information is also being sought to improve the ongoing fight against corruption in the country and the provision of regular and uninterrupted electricity supply to Nigerians as a fundamental human right.

“The information requested is not affected by the “deliberative” “corporate administrative matters” or “security and safety” exceptions under the Policy. The information requested is crucially required for Nigerians to know how the funds released to the authorities to improve electricity supply in the country have been spent, and monitor how the funds are being used.”

SERAP’s report, titled: “From darkness to darkness: How Nigerians Are Paying The Price For Corruption In The Electricity Sector,” documents widespread and systemic corruption in the sector, and reveals, allegedly, how about N11 trillion electricity fund was squandered by successive administrations in Nigeria since the return of democracy in 1999.

“This report raises specific questions of public interest, and the World Bank ought to be concerned about how Nigerian authorities are addressing reports of widespread and systemic corruption in the electricity sector, and to seek some answers from the authorities on the problems.

“However, as the report shows, the Bank’s funding of the electricity sector has not resulted in corresponding access of Nigerians to regular and uninterrupted electricity supply. Successive governments have failed to provide access to regular and reliable electricity supply to millions of the citizens despite budgeting trillions of naira for the power sector.”

“Millions of Nigerians still lack access to free pre-paid meters. Authorities continue to use patently illegal and inordinate estimated billing across the country, increasing consumer costs, and marginalizing Nigerians living in extreme poverty, disproportionately affecting women, children and the elderly.”

SERAP, therefore, urged Mr Malpass to:

  1. Disclose and release information and documents relating to spending of funds approved and released to Nigeria between 1999 and 2020 to improve access to regular and uninterrupted electricity supply, including copies of supervision reports, periodic reviews and other appropriate reports on the Bank’s role in the spending and disbursement of the funds, as well as specific projects on which the funds have been spent;
  2. Disclose implementation status and results and completion reports on the electricity projects that the Bank has so far funded in Nigeria;
  3. Disclose information on the of level of involvement of World Bank in the implementation of electricity projects between 1999 and 2020;
  4. Disclose information on agreements and the mechanisms the Bank is putting in place to ensure transparency and accountability in the spending of all funds on electricity projects in Nigeria;
  5. Disclose the terms and conditions of all electricity projects related funds that have been approved for Nigeria between 1999 and 2020.

Herdsmen Crisis: Soyinka Warns Buhari Against Looming Civil War |The Source

By
Akinwale Kasali
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By Akinwale Kasali

Nobel Laureate, Professor Wole Soyinka, has sent a strong warning signal to President Muhammadu Buhari against a looming civil war in the country, following the kidnapping, killings, maiming and assaults of some rogue Fulani Herdsmen on their host communities and residents in the Southern part of the Country.

The Ogun State born-Professor urged President Buhari to speak up now, and not allow herdsmen to cause another civil war in Nigeria.

Soyinka said it was necessary for Buhari, who is also a Fulanin,  to caution his kinsmen, and speak out urgently, to stop the herdsmen crisis before it snowballs into a civil war.

The Fulani Herdsmen heinous activities have led to insecurity in most South Western and South Eastern States. The Ondo State Government led by Governor Oluwarotimi Akeredolu took the initiative to  evict  the rogue Fulani Herdsmen from Forest Reserves, and asked genuine herders to officially register with  the state, or leave the State.

The attrocities committed by the rogue herders,  also led to the eviction notice given to them by Yoruba Activist, Sunday Adeyemo, popularly known as Sunday Igboho in Ibarapa, Igangan area in Oyo State.

Ex Gov Fayose On Tweeter, Says Buhari Has Enslaved Nigerians For The Next 50 Years |The Source

By
Ayodele Oni
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0

By Ayodele Oni

Former Governor of Ekiti State, Mr Ayodele Fayose tweeted at the weekend that Nigeria’s fortune has been mortgaged for the next 50 years.

According to him, Nigeria’s economy may not recover 50 years after the regime of President Muhammadu Buhari due to foreign capital inflow that reached its lowest in the past four years.

In a string of tweets, the former Governor commented on foreign capital flow into Nigeria in recent times, citing record from the National Bureau of Statistics alluding that there was a pitiable downfall.

He observed that it plummeted by more than half in 2020 to $9.68bn, its lowest level in four years.

The National Bureau of Statistics, in its capital importation report for the fourth quarter and full-year 2020, said the total value of capital importation into the country fell by 59.65 per cent or $14.3bn last year from $23.99bn in 2019.

Fayose was of the view that the decline in foreign capital flow is an evidence of how the Buhari regime has ‘killed’ Nigeria.

“Just read that our country’s foreign capital inflow sunk to $9.68bn, its lowest in four years. That’s according to the National Bureau of Statistics.

“This is another evidence that Buhari has killed Nigeria. Economy, security and the unity of Nigeria are in trouble now.

“50 years after Buhari, this country may not recover from these economic and security woes,” he declared.

OPINION: Cryptocurrency: My Condolences, Nigeria |The Source

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The Source
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Cryptocurrency

Dr Nnaemeka Obiari

In an age where,  serious Federal Reserve Banks in the world and top global banks are already preparing a world ruled by cryptocurrencies .

In a world where the market capitalization of cryptocurrencies being traded is over $1trillion

In a world where the promoters of PayPal are already thinking ahead of developing digital payment cards .

In a world that is looking to  genesis technologies and companies supporting it will be poised to create over $1.8trillion new wealth by 2027, the analogous and fossilized mannequins , who run Nigeria are hunting for crypto traders in Nigeria to close their accounts.

I am not surprised.

The lives of the average Nigerian had been taken back to the medieval age under this incompetent, unaware and atrociously ignorant fossils.

I can bet a finger that a majority of those who sit on the Board of the CBN and FEC do not even know much about AIs, not to talk of where the world is moving to .

How, we got saddled with this mass of incompetent, retrogressive and analogous bunch still baffles me .

All that they are after is cows, Ruga, sell oil , pay bandits and BH etc .   Nothing innovative and forward thinking.

I weep for Nigeria.

AMCON Shuns Court Orders; Moves To Sell Company’s Properties; CLO Cries Foul |The Source

By
Akinwale Kasali
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0

By Akinwale Kasali

The Civil Liberties Organization, CLO, has berated the Asset Management Company of Nigeria, AMCON, for failing to obey court orders on an ongoing case involving the agency and Peace Global Satellite Communications Limited.

The Human Rights Organization made this disclosure in Lagos, Friday  during a press conference.

The organization stated its findings after a thorough investigation of the dispute between Peace HGlobal and AMCON.

Following  is the Press Statement issued and signed by its Chairman, Comrade Abiola Bakare and Secretary, Comrade Enitan Joseph .

The Antecedents of the Matter

Our Organisation ( CLO) acknowledged a complaint from Barrister Oreye U.L. MD/CEO Peace Global/ Peace Hotels Limited, Omole Lagos State.

He narrated his predicament on how AMCON went to obtain an ex-parte order to take possession of his properties in Omole Estate Lagos when the matter of the exact quantum of Debt owed by Peace Global Satellite Communication Ltd is on appeal at the nation’s Apex Court. The Supreme Court, which he believed very strongly that the ex-parte order was to undermine or truncate the course of Justice.

He further narrated how Peace Global borrowed N178 Million from Wema Bank Plc. In 2004 to roll out the wired phone network in Omole Estate Phase 1,2 and it’s environs N162 Million was paid back after obtaining the loan, remaining a balance on principal of N16million. 2 years later, thunder storm destroyed the network that was acquired through the loan and Wema Insurance Brokers failed to process the thunder storm claim.

Barrister Oreye stated that at a point Wema Bank Plc attempted selling the collateral used in securing the loan without due process hence Peace Global went to court in 2009.

Upon the creation of AMCON in 2010, Wema Bank misrepresented to AMCON that the balance on the principal was N240 Million instead of N 16 Million, which made AMCON bought the loan at N123 Million in 2012. Upon detection of the padding by Wema Bank of the loan amount. Peace Global wrote immediately to AMCON alleging false misrepresentation of figures.

Let’s actually straight line function of AMCON. You would recall that Asset Management Corporation Of Nigeria (AMCON) was established on the 19th July, 2010, when the President of the Federal Republic of Nigeria signed the AMCON act into law.

AMCON was created to be a key stabilizing and re-vitalizing tool aimed at reviving the financial system by efficiently resolving the non-performing loans assets of the banks in the Nigerian economy. AMCON being a machinery of Government meant to protect the productive sectors of the economy and depositors / customers alike.

Barrister Oreye also informed us that AMCON which was created in 2010 and the debt was bought on 20th June, 2012 when the matter was over 3 years old in court and after AMCON had had been joined by Order of Court on 23rd of February, 2012.

Based on issues raised by Peace Global concerning padding of Peace Global’s debt which AMCON bought from Wema Bank, the letter which Peace Global wrote to AMCON was passed to WEMA to respond to and in Wema Bank’s reply Wema Bank denied telling Peace Global that debt on principal was N240 Million but claimed that the debt on principal was N60 Million. In a nutshell, the suit which has been in court was dismissed on the technical ground that claimants failed to file the CMC whereas the claimant filed the CMC form, but was yet to serve the parties.

On the 24th July, 2020, Barrister explained that without being served any court process, a bailiff of Federal High Court Sheriff was at his property presented Court Orders dated 9th March, 2020 issued by Federal High Court, Abuja which it expires if no motion on notice is served within 14 days of the ex-parte for possession was not appropriately obtained and executed hence, it was invalid and fraudulent.

Writ of Summons was filed on the 20th March, 2020 and served on them on 28/08/2020 in the supporting Affidavit, it was claimed fraudulently that the matter was not pending before any court whereas it was pending before the Supreme Court.

Despite all these fundamental flaws, Barrister Oreye together with his wife and family were dehumanized and humiliated, traumatized by AMCON locking up the gates of his business and writing “POSSESSION TAKEN TODAY 24-07-2020 BY COURT ORDER IN SUIT NO.FHC/ABJ/156/2020 IN RECEIVERSHIP BY AMCON” on the gate and the wall of his business. At his residence where he lives with his family, similar signage was written boldly respectively.

Having carefully gone through relevant documents on the matter brought to our office, the CLO found it expedient to intervene in the matter so as to protect Barrister Oreye and his family’s fundamental human rights. This has done great havoc, violence to their fundamental human rights to reputation, privacy, to own properties, and to do business in line with the constitution of the Federal Republic of Nigeria Chapter IV (43). (Human rights).

Moreover, Barrister Oreye (MD Peace Global) had been working very hard in adding value to the youths in Nigeria by providing legitimate employment and services to people via his companies. Such a man should be supported and be encouraged to do more rather than exposing him and his wife , children to unscrupulous embarrassment and traumatized torture The siege of 8 uniform guards that are still monitoring the movement of the family at their residence and Peace Hotels Customers is traumatizing and in human.

We however, wrote to the MD AMCON, in our letter dated 3rd of December, 2020 in respect of the matter, where we requested AMCON to withdraw 8 nos uniform guards workers stationed at the residence and business premises of Barrister Oreye MD/CEO of Peace Global/Peace Hotels Limited Omole, Ikeja , Lagos. More so when our organization heard about the reappointment of Mr. Ahmed Kuru as Managing Director of the Asset Management Corporation, Mr. Eberechukwu Uneze and Mr. Aminu Ismali as Executive Director for the final term of five years which the nominations were forwarded to the senate of the Federal Republic of Nigeria for confirmation in accordance with section 10(1) of the AMCON act, 2010.

We equally wrote to the Senate President Hon. Ahmed Lawan, on our letter dated 15th December,2020 to use his prestigious office in prevailing on Mr Ahmed Kuru to respect court order before confirmation of the 2nd term in office. But all to no avail. We have not heard any response from anyone so far hence this press conference.

For these reasons, we are calling on the President Major General Muhammadu Buhari (retired), we are also calling on the senate President, Hon. Ahmed Lawan, the speaker Federal House Of Representatives, Hon. Speaker Gbajabiamila and the Inspector General of Police to immediately prevail on Mr. Ahmed Kuru (MD AMCON) to obey court order and withdraw with immediate effect the 8 AMCON security guards that had been laying siege at the business centre of Barrister Oreye and his residence despite the vacation order in obedience to the judgement order on vacating / discharging dated 24th day of November,2020 before his lordship.

The Hon. Justice A.I. Chikere (Presiding Judge) in the Federal High Court of Nigeria, Holden at Abuja, on Tuesday 24th day of November, 2020 suit no FHC/ABJ/CS/156/2020 pending hearing and determination of substantive suit.

The CLO said it would continue to campaign for good governance, rule of law and true democracy.

We cannot keep watching, but must do something, for in the words of Edmund Burke,”all it takes for evil men to take over the society and poison it, is for good men to stand aloof and do nothing.”

Why The Igbo Need Diplomacy, Not War – Uzodinma |The Source

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The Source
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Governor Hope Uzodinma of Imo State

Imo State Governor, Hope Uzodinma has said the Igbo need to use diplomacy to get things done, not war. What diplomacy cannot achieve, the Governor advised, war cannot achieve.

Uzodimma spoke on Friday, when he led APC leaders  from the South-east to assess the ongoing construction of the second Niger Bridge in Anambra State.  The Bridge, being constructed at a whopping sum of N366 billion,  when completed will be 47 kilometres. Presently, 20,000 workers have been engaged to work on the new bridge.

At the site, the leaders expressed their gratitude to President Muhammadu Buhari for the massive infrastructural development embarked upon by the Federal Government in the region,  especially the second Niger Bridge which is under construction.

They took turn to salute the courage of President Buhari over the ambitious projects.

Governor Uzodimma said that the APC leadership in the South East resolved to come as a team to inspect and take ownership of the flagship project estimated at Three Hundred and Sixty Six Billion Naira (N360billion) that will link the South East, the South South and the entire Northern Nigeria when completed.

Governor Uzodimma said: “What looked like a dream is now a reality as the second Niger Bridge has a lot of economic and human benefits to both South East and Nigeria in general.”

The Governor who painted a picture of countries whose history cannot be written without mention of a particular leader said “at the completion and commissioning of the second Niger Bridge the name of Buhari will be immortalized.”

He advised that the South East must come together and understand that the world has no place again for criminality, blackmail and pull-him-down syndrome, noting that “whatever diplomacy cannot get for Ndigbo now, war will not get it for them”.

He, therefore, commended the leadership of the ruling party, the APC at the State and National level for their commitment and involvement in ensuring the success of the gigantic project.

In his remarks, the Minister of Science and Technology, Dr. Ogbonnaya Onu,  thanked the President and described the second Niger bridge “as a promise made and promise kept”.

The Minister for States Mines and Solid Minerals,  Dr. Sampson Uchechukwu Ogah, described the second Niger Bridge as “one of the best things happening to the South East.”

Anambra APC leader, Senator Andy Uba thanked the President for the project and expressed happiness that “the second Niger Bridge is a boost to APC in the South East and Anambra State in particular.”

The Minister for State Education, Dr. Chukwuemeka Nwajiuba, described the project as “a show of great love by  President Muhammadu Buhari to the South East” and that “the importance of the project is shown on its funding as the project is financed from the presidential initiative funds which is outside the regular budget of the Federal Government of Nigeria”.

Contributing, the former Governor of Imo State, Chief Ikedi Ohakim, said they have come to see and have believed the reality of the project and “it is the responsibility of the South East leaders to tell our people that the second Niger Bridge is a reality.”

Receiving the Governor and the leaders earlier,  the Federal Controller of Works Anambra State,  Engr. Ajani explained that the bridge is about 47 kilometers and that the first phase which has reached 55 per cent completion is about 11 kilometers “and generally the project has engaged close to 20,000 workers.”

Uzodimma Holds South-East Christian-Muslim Peace Pact; Jigawa, Kebbi Governors, Present |The Source

By
The Source
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South-East Christian-Muslim Peace Pact

Determined to ensure that a harmonious relationship exits between ethnic nationalities wherever they reside in the country, Governor Hope Uzodimma of Imo State has initiated a peace accord meeting between Christians and Muslims, particularly farmers and herdsmen in the South East zone.

He has, therefore, convened an interactive meeting for the purpose of fostering harmonious relationships between the Groups at the Executive Council Chamber, Government House Owerri, where the  Governors of Jigawa and Kebbi states, Muhammadu Abubakar and Atiku Baguda respectively were in attendance.

Also present were the Chairmen of Christian Association of Nigeria (CAN) from the South East zone, Chief Imams from the zone, Leaders of  Miyetti Allah from the five South East States, President General of Ohanaeze Ndigbo and  heads of Religious and Traditional institutions.

Addressing the audience, Governor Uzodimma harped on the need for sustainable harmonious and peaceful relationship between all tribes, irrespective of religious beliefs or political inclination.

He lamented  the current security challenges in the nation which he said were being instigated by peddlers of rumours and false information, to encourage conflicts between farmers and herders, stressing that “the two groups should complement each other because they need  each other to succeed in their businesses.”

The Governors of Kebbi and Jigawa states, in their remarks appreciated Governor Uzodimma’s wisdom in convening the meeting, and acknowledged that all Nigerians have the right to live peacefully in any part of the nation, under the protection of the leadership of the state governments.

They advised that all criminals inhabiting in the forests should be flushed out both in the Northern and Southernor parts of the country and be prosecuted.

Representatives of the Christian, Muslim, Traditional institutions, and Miyetti Allah who spoke, advocated the need for sustainable harmonious relationships among all ethnic groups in Nigeria.

At the end of the meeting a communique was issued where a harmonious,  peaceful relationship that will foster a united  Nigeria was agreed by all concerned.

2023: Wike Debunks Statement, Says He Will Never Malign Tinubu |The Source

By
Akinwale Kasali
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0

By Akinwale Kasali

Governor Nyesom Wike of Rivers State has debunked the statement he was credited to have made about  the 2023 Presidential ambition of the All Progressives Congress, APC,  National Leader,, Asiwaju Bola Tinubu, .

Wike’s alleged statement has made the rounds in the  mainstream media and online medium.

But a statement signed by his Special Assistant, Media, Kelvin Ebiri, described the report contained in the reports, especially as carried in the Guardian, “as preposterous, fabricated, malicious and intended to inflame relationship between Governor Wike and Asiwaju Tinubu, whom the Rivers Chief Executive holds in high esteem”.

The statement said: “The attention of the Governor of Rivers State, Nyesom Ezenwo Wike, has been drawn to false assertions attributed to him in an article written in The Guardian by Emmanuel Ande on February 5, 2021, titled: ‘Tinubu cannot see presidency gate in 2023, says Wike’

“We wish to affirm that it is true that Governor Wike was in Yola, the capital of Adamawa State on February 4, to inspect some projects being executed by Governor Ahmadu Umaru Fintiri. And while inspecting the Greater Interchange and Underpass in Yola , some journalists requested for an interview which he graciously obliged them.

“The questions asked ranged from the purpose of his visit; the prospects of the Peoples Democratic Party winning the 2023 general election and Nigeria’s rating in the global corruption index recently published by Transparency International.

“At no time during the interview session that lasted about five minutes did Governor Wike mention the names of Tinubu and the APC’s former national chairman, Adams Oshiomhole, or even alluded to them.

“We wish to state without equivocation, that irrespective of political affiliation, Governor Wike has enormous respect for Asiwaju Tinubu and will never say or do anything to malign the hard earned reputation of the elder statesman. The report by Mr Ande is mischievous and aimed to discredit The Guardian.

“It is our belief that the reporter is probably acting as hireling of some treacherous political actors, who often capitalise on the susceptibility of some journalists to manipulate them to publish misleading or factually incorrect information for political purposes. We dare the reporter to provide any evidence to prove the veracity of his fabricated report.”

CBN Warns DMBs Against Trading in Bitcoin

By
Bayo Bernard
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0
Godwin-Emefiele-CBN-Governor

By Fola James

The Central Bank of Nigeria, CBN has barred commercial banks and other financial institution in the country from dealing in cryptocurrency. it has therefore, directed banks to close all customers’ accounts dealing in Bitcoins with immediate effect.

The directive was contained in a statement released by the CBN on Friday, part of which reads thus:“The Central Bank of Nigeria’s (CBN) circular of January 12, 2017 ref: FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the public on the risk associated with transactions in cryptocurrency refers,” CBN said.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

The apex bank said it will punish any bank that flouts the order.

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