CBN, Farmers Embark On Massive Maize Production, After Import Ban

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July 18, 2020

By Ola Samuel

Barely two weeks after the Central Bank of Nigeria, CBN stopped the importation of maize the Godwin Emefiele-led government bank has rolled out plans to support Nigerian farmers for the production of 12.5 million tons of the commodity.

The apex bank had few days ago told importers of grains that it will no longer made foreign exchange available for the importation of corn, a step necessary to promote local production and help grow the economy, it said.

On July 13, CBN in a statement said “As part of effort by the Central Bank of Nigeria to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase job, which were lost as a result of the ongoing Covid-19 Pandemic, Authorized dealers are hereby directed to discontinue the processing of Form M for the importation of maize/corn with immediate effect,” CBN said in the memo.”

Corn, the CBN said has effectively been added to the list of over 50 prohibitive items in the country.

Following the move, some Nigerians have raised concern that the move could lead to the scarcity of the commodity, a major staple for Nigerians, at this times.

This concern, others now say, may have been addressed by the CBN’s decision to assist farmers in the massive production of the essential commodity.

According to Yusuf Yila, Head, Development Finance Department, CBN farmers are expected to produce 12.5 million tons of corn by December 2022.

He disclosed this at the stakeholders’ meeting of Maize Growers Processors and Marketers Association of Nigeria, MAGPAMAN on Friday.

The apex bank said it will focus on strategies for effective implementation of 2020 wet season CBN-MAIZE Anchor Borrowers Programme, ABP to deliver on the massive production of maize within the specified period.

Yila said “CBN is passionate about maize as a commodity and we believe that there is immense opportunity in that crop and Nigeria has a comparative advantage to produce maize that will not only sustain the country but can be exported.

It is on that premise that the CBN resolved and decided to pursue the support of the maize initiatives.

Just this 2020 wet season farming, our total pursuit and target that we have met is 250, 000 hectares across the country and MAGPAMAN coming for the first time has taken about 70, 000.”

Following the ban on importation, everything is being done, the CBN said to ensure food sufficiency and sustenance for Nigerians.

Therefore, “We have a mandate to ensure there is no maize scarcity in this country and to grow maize production in this country. So, our target for the dry season is that we are going to double that number.

In the next 18 months from this dry season, our target is to do 2.5 million hectares of land of maize in this country.”

It means in the next 18 months, our projection for production is 12.5 million metric tons of maize and we believe with that and the other production around the country Nigeria will be self-sustainable in maize production,’’ Yila said.

Meanwhile, some Nigerians have lauded the efforts of the CBN to promote agri-business in the country as well as its support for farmers under the Anchor-Borrowers initiative.

Real Madrid Crowned La Liga Champions For The 34th Time, As Messi Blasts Barcelona Team-Mates

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The Source

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July 17, 2020

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By Akinwale Kasali

Their joy knew no bounds, as the Center Referee, Nunez Lahoz, blast the whistle to signal the end of the match at the Alfredo Di Stefano Stadium in Madrid, Spain, Real Madrid Football Club of Spain players and officials ran into the Field in wild jubilation, alongside their team mates.

Coach Zinedind Zidane couldn’t hide his joy, as he joined in the frenzy.

The players ran towards him lifting him shoulder high for guiding the team to its Spanish La Liga Santander Trophy triumph.

Two goals from Karim Benzema, one in each half saw the ‘Galaticos’, defeating Villarreal 2-1 to lift the coveted league, with their arch rivals, Barcelona Football Club losing 1-2 at the Nou Camp Stadium to strugglers, Osasuna Football Club.

Real Madrid only needed a draw against Villarreal to be Crowned Champions, after leading the log with Four Points above the Catalan Giants.

With a game to spare at Leganes Football Club on the final day of the season, the Capital Club leads with Seven points.

A delighted Zidane said he is so happy, and the trophy was more important to him than the UEFA Champions League.

Zidane stressed that his side’s La Liga title win on Thursday, their 34th, tasted sweeter than any of the three Champions League crowns won under his watch.

“The Champions League is the Champions League but La Liga makes me happier, because La Liga is what it’s all about,” the Frenchman told Spanish network Movistar.

The title was the 11th trophy won by Zidane as Real coach and it was his second league triumph.

“This is a tremendous feeling because what these players have done is incredible. I am lost for words because I am too emotional.”

Zidane, who also won La Liga as a Real player, would take nothing away from his side’s achievement.

“We’ve been the best because we have got the most points and that’s all there is to say. For me it’s one of my best days as a professional,” he added.

“The players are the ones who have fought for this. It’s true I’ve played my role but they are the ones who believe in what they are doing.”

The title win was like no other for Real, which lifted the trophy at an empty Alfredo di Stefano stadium in their training ground, their temporary home while the Santiago Bernabeu undergoes renovation work.

The team will not be doing their usual open-top bus parade to the Cibeles fountain in the centre of Madrid either, in order to prevent the risk of spreading the coronavirus.

“It’s strange for everybody, we would have liked to have been with our fans at Cibeles but it’s not meant to be,” Zidane said.

“But I’m sure everyone is happy in their homes tonight. The fans always love to see the team win and we’ve done this for them.”

Club President, Florentino Perez, joined in the celebratory atmosphere after the match, lapping praise upon the team and Zidane whom he called “a blessing from heaven.”

Of Ramos’ status at the club, Perez added: “Sergio Ramos will be here for life… Everyone should be calm. He has been more than a captain.”

Ramos himself highlighted what a difficult season it has been due to coronavirus’ impact, but credited Zidane for keeping the team on course.

Meanwhile, reigning World Footballer of the Year, Lionel Messi, went ballistic, blasting his Barcelona Teammates for their abysmal performance so far.

The Argentine forward said, “we have been an erratic and weak team,” Messi said in a rare TV interview just after the final whistle sounded at an empty Camp Nou.

“We are a weak team who can be beaten with enough intensity and enthusiasm.

“Madrid did its part by winning all its matches, which is impressive, but we also helped them to win this league.

“We have to be critical of how we have played, starting with the players, and the rest of the club.”

Barcelona led the league by two points over Madrid when the league was stopped in mid-March for three months while Spain’s reined in its coronavirus outbreak.

Madrid returned to the competition motivated, and in shape, reeling off 10 straight wins.

Barcelona looked flat, drew three matches to lose the lead and, on Thursday, hit a new low when it lost its first home match since November 2018.

“The feeling on this team is that it tries, but that it cannot get the job done,” Messi said.

“Today in the first half they were better than we were and it seems we have to fall behind to react like we tried to do in the second half.”

Messi scored his league-leading 23rd goal from a free kick in the second half to cancel out José Arnaíz’s opener.

And Barcelona got a man advantage when the visitors lost substitute Enric Gallego to a straight red card for bloodying the mouth of Clement Lenglet with an elbow to the face in the 77th.

But Osasuna’s Roberto Torres scored in stoppage time with Barcelona pushing forward searching for a late goal.

“I said it some time ago, that playing like this we had no chance of winning the Champions League, and it turns out we didn’t even have enough to win La Liga,” Messi said.

“We need to take a breather, let some air in, and clean out minds of all that has happened since December.”

Barcelona must regroup for the second leg of its Champions League round-of-16 match against Napoli on Aug. 8. The first leg finished 1-1 in Naples, Italy.

“Playing like this we will lose against Napoli,” Messi said.

“We have to start from zero in the Champions League and blame ourselves for what went wrong”

We Will Die of Hunger – South West Pensioners Cry Out; To invade States | The Source

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The Source

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July 17, 2020

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By Ayodele Oni, Akure

Three states have been identified, in the South- West geopolitical zone as, allegedly, unfriendly to Pensioners, popularly called senior citizens.

This is coming a few days after senior citizens in Ekiti state, which is one of the, alleged, hostile states, rejected a proposal to forfeit a certain percentage of their entitlements if they want prompt settlement.

Representatives of the Pensioners, who converged in Akure, Ondo state capital, for a two day parley pointed accusing fingers at two other states of Osun and Lagos.

They have concluded arrangements to invade the defaulting states to compel government to pay their entitlements to enable them reap their rewards here on earth.

The Southwest zone of the Nigeria Union of Pensioners, ( NUP) while addressing journalists on the outcome of their meeting pointed out that some states in the zone, especially, Lagos, has refused to implement 142 pension increase since year 2000, while payment of six percent and 15 percent pension increase since 2003 and 2007, as well as issue of 33 percent pension increase since 2010 are still outstanding.

Zonal spokesman for the NUP, Comrade Olusegun Abatan, described Lagos State as the most notorious defaulting state in the South west zone.

According to him, “We want to show our displeasure to Governors in the SouthWest that failed to pay gratuities and pensions.

“Mentions should be made of Lagos, Ekiti and Osun States. Lagos in particular is the only State that has not addressed the issue of 142 pension increase since year 2000, six percent and 15 percent since 2003 and 2007. The issue of 33 percent pension increase since 2010. Presentation of our union in Lagos has become futile and unproductive.

“We are going to send letters to Governor Sanwo Olu to please address these issues or the whole South West pensioners will bombard Lagos in a very serious protest. The Southwest Caucus has decided that all pensioners in the Southwest will go to Lagos because an injury to one is an injury to all”

Pinnick Says NFF Won’t Beg Any Player With Dual Citizenship To Play For Super Eagles | The Source

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The Source

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July 17, 2020

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By Akinwale Kasali

The Nigeria Football Federation, NFF, President, Amaju Pinnick, says that the era of the Football Federation appealing to dual citizenship players to dorn the Green-White- Green Jerseys has long past.

He made this statement on the NFF Instagram Live page, Thursday, when addressing issues bothering on the clamour from Soccer analysts and enthusiasts calling and urging the NFF to give a Call Up to Arsenal youngster, Bukayo Saka, Queens Park Rangers Football Club midfielder, Ebere Eze, Sheffield Wednesday Football Club forward, Dominic Iorfa Jnr, Manchester City’s loanee, Tosin Adarabioyo amongst others.

This became necessary following the nation’s losing of the Chelsea duo of Tammy Abraham and Fikayo Tomori to the Three Lions of England National team, and Southampton Football Club forward, Michael Obafemi to Ireland National team.

Pinnick said there was no way the NFF will force, or mount pressure on, any player with dual citizenship to switch allegiance to the Super Eagles if they aren’t really interested.

“The likes of Abbey Geroge, Tyronne Ebuehi, Efetobore Sodje, Sam Sodje, Victor Moses, Reuben Agboola, Alex Iwobi, Leon Balogun, William Troost Ekong among others all have dual citizenship, but they chose to play for their fatherland without been forced or pressurized.

“So any player that feels like playing for the Super Eagles should come forward and do the needful. We can’t be begging or persuading any player. That era is far gone”, he stated.

Naira Weakens At The Parallel Market Over Scarcity Of Dollars | The Source

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The Source

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July 17, 2020

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By Uche Mbah

The Nigerian currency, Naira, took a bash, Thursday, at the Parallel Market in a continuous slide that has seen the currency under attack against other international currencies. It has slipped from N467 to N471 per dollar.

This, according to Bureau de change footmen, is due to the scarcity of the dollar occasioned by the long wait for the Central Bank of Nigeria to start a new exchange rate regime.

This magazine understands that this may have been a requirement of the Brenton Woods fund managers, the International Monetary Fund, IMF. The official window remains at N388 to the dollar, though the dollar may be seeing an increased channeling towards imports, thereby leaving the BDCs shortchanged.

The N388 per dollar has been running for two weeks and was jacked up from the relatively steady N360 before the CBN interfered to bring about a downward review.

This, according to sources, has impacted negatively on offshore investors who are eager to repatriate their funds back to their home countries as there is an acute shortage of funds. The situation is so dire that the CBN had to ban forex for maize importers, analysts say.

Nigeria has applied for the rapid Financial Instrument, RFI, to the tune of $3.4 billion as an emergency economic fund. The economy has been under stress, which analysts claim is getting to the tipping point in loans.

The IMF and World bank may have pegged the accessing of the financial emergency fund on Naira devaluation to fall in line with market forces. Though COVID 19 shock is cited for the economic crisis bedeviling the country, Nigeria was already in dire straight pre-COVID 19. Sharp oil prices fall has impacted negatively on the mono-product economy. Recently, there have been concerted efforts by the government to shift from fuel to gas, as government targets phasing out the use of petrol cars and exclusive use of gas over several years. Nigerian foreign reserve fell to $36.11 billion from $45 billion in the space of one year and there are indications that it may further depreciate as more than eighty percent of yearly revenue is used for debt servicing.

Trouble For Appointees, As Buhari Vows To Punish Those Who Disrespect NASS | The Source

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The Source

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July 17, 2020

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By Akinwale Kasali

President Muhammadu Buhari has vowed to deal with his appointees who henceforth disrespect members of the National Assembly. He said they would be severely punished.

This was conveyed in a statement by his Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, who said that Buhari gave the warning at a session with leaders of the National Assembly in Abuja on Thursday

The President had met behind closed doors with the Senate President, Senator Ahmed Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila.

The Presidential Aide said the meeting, which lasted for almost an hour, centered on a range of key national issues.

He disclosed that the meeting deliberated on the role of the legislature in fostering national goals and improving the lives of the people.

”In the course of their conversation, recent events at the National Assembly were highlighted and the president re-emphasised his utmost respect for the National Assembly.”

Shehu quoted the Oresident to have warned against disrespect for NASS by any member of the executive arm, saying that such action would not be accepted.

”Ministers and all Heads of Departments and Agencies should, at all times, conduct themselves in ways that will not undermine the National Assembly as an institution, its leadership and members.”

”The president and the leaders of the National Assembly recognised and acknowledged that the executive and legislative arms of government are essential partners in the fulfillment of their mutually aligned goal of improving the lives of the Nigerian people.”

A couple of days ago, the Minister of State, Labour, Festus Keyamo, had a confrontation with the Senate over the recruitment of 774,000 youths, as ordered by President Buhari.

They had clashed over who was in a better position to carry out the exercise – the Minister, or the DG, NDE.

The Senate had preferred the NDE, but the Minister disagreed, accusing the Senators of wanting to hijack the process.

He was walked out of the Senate for refusing to hold a closed door meeting with them.

The Senate had, subsequently, suspended the recruitment exercise.

But, a couple of days ago, Buhari had asked Minister Keyamo to continue with the exercise.

This development may have triggered the President’s meeting with the NASS Leadership.

On Thursday, the M.D. of the NDDC Interim Management Board, walked out, with the members, on the House of Representatives Ad-Hoc Committee probing the NDDC.

Corruption: Court Orders EFCC To Return Houses To Saraki | The Source

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The Source

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July 17, 2020

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By Akinwale Kasali

Former Senate President, Bukola Saraki, has heaved a sigh of relief, following a Court judgment, ordering the Economic and Financial Crimes Commission, EFCC, to return his seized houses to him.

The Federal High Court in Lagos, had, on Thursday, reversed its order forfeiting to the Federal Government, two houses in Ilorin, belonging him.

The court, in a judgment delivered by Justice Rilwan Aikawa, released the houses to Saraki, while delivering a judgment on an application by the EFCC, seeking to permanently forfeit the houses to the Federal Government.

In December, 2019, the EFCC secured a Court order for the interim forfeiture of the former Kwara State Governor houses on Plots No. 10 and No. 11 Abdulkadir Road, GRA, Ilorin, Kwara State, claiming that they were acquired with proceeds of unlawful activities allegedly perpetrated by Saraki while he was Kwara State Governor between 2003 and 2011.

Attempts by the EFCC to convert the temporary forfeiture order to a permanent forfeiture order was vehemently resisted by Saraki, leading eventually to the discharge of the temporary forfeiture order on Thursday.

The Judge said he found no sufficient basis in the EFCC application, and could not “find my way through” to grant the permanent forfeiture order.

In its application, the EFCC had told the court how it received and investigated “a damning intelligence report, showing monumental fraud perpetrated in the treasury of the Kwara State Government between 2003 and 2011,” when Saraki was the governor of the state.

An operative of the EFCC, Olamide Sadiq, said, “Whilst investigation was ongoing, several fraudulent transactions were discovered.

“I know for a fact, and verily believe, that our investigation has revealed the following mind-boggling findings, among others:

“That between 2003 and 2011, Dr Olubukola Abubakar Saraki was the Executive Governor of Kwara State.

“That whilst he held the aforementioned position, the common pattern was that after payment of monthly allocation by the Federal Government to the Kwara State Government, a cumulative sum of not less than N100m will be deposited into the Kwara Government House account.

“That upon the payment of the said N100m, same will, in turn, be withdrawn in cash by one Mr Afeez Yusuf from the Kwara State Government House, Ilorin’s account in bits and brought to the Government House.”

Counsel to Saraki, Kehinde Ogunwumiju, a Senior Advocate of Nigeria, described the EFCC suit as an abuse of court process and an attempt to scandalise him.

He argued that it was a ploy by the EFCC to review the July 6, 2018 decision of the Supreme Court “discharging the applicant from culpability arising from the same money and houses which are the subject matter of this action.

Magu: His Pains, The Truth, The Lies, The Complete Story | The Source Magazine

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The Source

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July 16, 2020

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By Wahab Shittu (Magu’s Counsel )

Suspended Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Commissioner of Police, Ibrahim Magu, is, at once, shocked and pained by the various stories written on him since his arrest, and detention by the Presidential Panel, probing the activities of the EFCC from 2015 to 2020.

President Muhammadu Buhari had set up the five-man Panel under the headship of a retired President of the Court of Appeal, Hon. Justice Ayo Salami.

For the nine days he was in detention at the FCID, a number of stories had hit both the conventional and social media on the thrust of the investigation, what he was asked, his responses, the search carried out in his home, what was found, and more.

Magu is angry over the allegations and speculations. He said most of the things published in the media were false, and never happened.

But the most important is that since his arrest on July the 6th, he has not been availed with a copy of the letter by the Attorney General of the Federation and Minister for Justice, Abubakar Malami, SAN, to President Buhari, which triggered the setting up of the Panel.

To address these issues and more, Magu got his Counsel, Wahab Shittu, to write to the Panel Chairman, and draw his attention to his concerns.

Earlier on his release from custody on Wednesday, Magu had dismissed the allegations against him as “nonsense”, and his experience as “dog eat dog”.

Following is the letter from Shittu to the Chairman of the Panel, entitled:

Publications Prejudicial To The Proceedings Of This Honourable Panel

“We act as Counsel of Choice to Mr Ibrahim Mustafa Magu, the suspended Acting Chairman of the EFCC hereinafter referred to as “Our Client” and on whose behalf and specific instructions we write as follows:

“This is a follow-up to our letter dated 10th July, 2020 on behalf of our client.

“Please be advised that the attention of our client has been drawn to serial falsehood publications in the media in respect of matters which never featured in the proceedings of this Honourable Panel.

These falsehood publications being orchestrated in the media include the following:

“NFIU SUBMITS REPORT ON MAGU’S FOREX TRANSACTIONS TO PANEL (SEE THE PUNCH OF TUESDAY, JULY 14, 2020)

“This report was published in The PUNCH on Tuesday July 14, 2020.

“Our client states categorically that he has not been confronted on alleged illegal transactions and no such report was tendered by NFIU in any proceedings before this panel involving him till date.

Our client states categorically that the maximum forex transactions he has been involved in is the sum of $10,000 (Ten Thousand Dollars) till date.

Our client also wishes to place on record that he has no link with Kaduna-based Bureau De Change Operator as erroneously reported in the publication.

“ALLEGED N573 MILLION NAIRA DUBAI PROPERTY LINKED TO MAGU

“This allegation is outright falsehood and is denied by our client in unmistakable terms. It is instructive to state that the General Overseer of Divine Hand of God Prophetic Ministries, Prophet Emmanuel Omale, in a pre-litigation letter addressed to News Agency of Nigeria (NAN), on Monday 13th July, 2020, denied the allegations that he bought a property in Dubai worth N573 million on behalf of our client. Our client challenges his accusers to provide details of such property and proof of ownership by our client. Instructively, The PUNCH at Page 8 of Tuesday July 14th, 2020 had published the denial of Prophet Emmanuel Omale to set the record straight.

“ALLEGED DIVERSION OF INTEREST ON RECOVERED FUNDS (SUNDAY PUNCH EDITION OF 12TH JULY, 2020)

“This Publication on Front Page of Sunday Punch Edition of 12th of July, 20320 is outright falsehood.

Our client states that all recovered funds are lodged with TSA Account with Central Bank of Nigeria. It is elementary that funds in TSA Account lodged with CBN do not generate interest. It is therefore falsehood to publish that our client placed N500 billion (Five Hundred and Fifty Billion) recovered loot into deposit account. The alleged transaction never featured in the proceedings before this Honourable Panel. Our client was never confronted with any such allegation in the proceedings before this panel and the news is blatant falsehood.

“DAY 6: PANEL QUIZZES MAGU ON N700 MILLION TRAINING FUND (VANGUARD, TUESDAY 14TH JULY, 2020)

“The allegation that this Panel requested our client to account for the sum of N700 million meant for the commission’s operatives is not true. Our client has not been confronted with such allegation by this Honourable Panel. Our client does not disburse any such funds in the EFCC.

“The immediate Director of Finance and Administration (DFA) summoned by the Panel must have furnished details on this as the custodian of the funds. Our client denies this allegation completely. Funds earmarked for training was properly utilised by the Commission. The DFA and the Director of Audit will explain the utilisation of the funds meant for training with supporting documentations.

“ALLEGED BID TO SPIRIT MAGU AWAY BUSTED (VANGUARD, JULY 14TH 2020 PG. 5)

“The allegation that there were plans by some associates of our client to spirit him out of detention as published above is complete fabrication. Since our client has been in detention Nine (9) days ago, he has cooperated maximally with Law Enforcement Agents. Our client is only allowed very few restricted and fully screened visitors. No such incident took place as reported and this is an attempt to bring our client on collision course with the authorities he respects enormously. Our client, as a commissioner of police, will never escape from custody as he remains innocent and a patriotic citizen.

“SALAMI PANEL GRILLS MAGU, EFCC DIRECTORS AGAIN (DAILY TRUST, TUESDAY 14TH JULY, 2020 PG. 3)

“The allegation that our client was grilled by the Panel on Monday, 13th July, 2020 as reported above is complete falsehood. The correct position was that our client and his Counsel (Mr. Wahab Shittu) arrived the venue of the ongoing Investigations on Monday 13th July, 2020 by 9am. Our client and his Counsel were kept at the waiting room of the venue of the sittings unattended to from 9am to 9pm when our client was taken back to custody. This followed the same pattern on Thursday and Friday last week when our client waited for 12 hours without being called upon by the Panel to partake in the proceedings. Witnesses called by the Panel were interrogated by the Panel without the participation of our client or his Counsel in the proceedings. This was also the pattern on Tuesday, 14th July, 2020. Our client chose to wait patiently on the panel.

“ALLEGED PAYMENT OF N4 BILLION TO PROF. YEMI OSINBAJO SAN, GCON, VICE-PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA

“Our client strongly denies this falsehood against the respected Vice President of the Federal Republic of Nigeria. Our client has never given the sum of N4billion or any sum at all to Prof. Yemi Osinbajo SAN, GCON, Vice President of Federal Republic of Nigeria as wrongly reported. This allegation is complete falsehood designed to tarnish the hard-earned reputation of the Vice President and our client.

“ALLEGED PAYMENT OF N28 MILLION TO FEMI FALANA SAN

“This allegation is complete fabrication. Our client never gave N28 million or any amount to Mr Femi Falana SAN as maliciously reported. Our client also denies any link with a Kaduna-based Bureau De Change Operator as alleged.

“SEARCH OF OUR CLIENT’S HOUSE – NO INCRIMINATING EVIDENCE FOUND

“Our client confirms that his House was searched last Monday in his absence while in custody, but no incriminating evidence was found. It is untrue as reported that some dollars and expensive jewelries and wrist watches were found. Our client states that the search into his house did not reveal any incriminating evidence or materials. The cars removed from his residence were official vehicles assigned to our client as acting Chairman of EFCC.

“DENIAL OF COPIES OF ALLEGATIONS AGAINST OUR CLIENT

“Our client is spending the 9th day in custody without being given copy of the allegations against him to enable him formally respond to same. Our client is ready to formally respond to allegations and furnish documentary evidence in support if served with the copy of the allegations.

Our client respectfully demands the following:

a) A copy of the report of the Presidential Audit Committee
b) A copy of the memo of HAGF to the President on our client
c) Individual Petitions submitted to the Panel against our client.

Our client observes that rather being afforded copies of the allegations against him, some of these allegations are flying round on Social Media platforms with prejudicial consequences. Our client requests that these allegations be formally served on him to enable him respond to same immediately.

“Our client observes that the Panel has issued official statement to the effect that it did not authorise the detention of our client. We request the Panel to recommend to the Inspector General of Police in whose custody our client is to release him from custody to enable him adequately prepare his defence and attend to his failing health.

“We plead with the authorities to release our client from custody.

QUESTIONS OVER “ALLEGED N5BILLION ELECTION FUND (VANGUARD, MONDAY, JULY 13, 2020)

“Our client denies receiving from INEC or anybody the sum of N5billion Election Fund as maliciously reported above. Our client has never been confronted with the alleged N5billion Election Fund by this Panel. This outrageous sum quoted above is outright falsehood. Funds released by INEC to EFCC were disbursed directly to the beneficiaries who participated in the electoral process. This information can be verified from the INEC Chair, the Director of Finance and Administration EFCC and Director of Audit respectively.

“Our client has absolutely nothing to do with the sum disbursed as Electoral Fund and never benefitted from the disbursement. The story is complete fabrication designed to tarnish the image of our client.

“ALLEGED FAILURE TO SUBMIT EFCC AUDITED ACCOUNTS FOR FOUR (4) YEARS (THISDAY, MONDAY, JULY 13, 2020).

“This publication above is complete fabrication. The truth is that EFCC under our client’s watch is not in arrears on the submission of Audited Accounts. EFCC has complied in the submission of Audited Accounts for four years running.

“The Audited Account for 2020 will be due statutorily for submission in September, 2020 by virtue of Section 37 of the EFCC Act, 2004.

DSS, POLICE GO AFTER NFIU OFFICE BURGLARS (DAILY SUN, MONDAY, JULY 13, 2020).

Our client denies any link in the alleged burgling of the office of the Nigerian Financial Intelligence Unit (NFIU), located at No 12, Ibrahim Taiwo Street, Aso Villa. Our client has no link with the Kaduna-based Bureau De Change (BDC) as reported. Our client states that an attempt to link him with the burglary or the Bureau De Change is a cheap blackmail. Our Client calls for investigation to unravel the truth.

“SUSPENDED EFCC BOSS ALLEGEDLY QUERIED OVER 322 RECOVERED PROPERTIES DAILY SUN JULY 13TH, 2020

“It is untrue that this Honourable Panel queried our client over 322 recovered properties. In the interrogation of our client so far this has never featured even if the head of Assets Forfeiture of the EFCC has appeared before the Penal. Our client has also not been given a copy of the report of the Presidential Committee on Audit of Recovered Assets (PCARA). This publication is complete fabrication. The truth is that EFCC under our client’s watch is ready to respond to this allegation if obliged a copy of PCARA.

“There has been no mismanagement of and certainly, there is no lack of transparency in the management of recovered assets under the leadership of our client. Our client’s detailed explanations are as follows:

“SEIZED PROPERTIES ALLEGEDLY CORNERED BY TOP EFCC OFFICIALS, MAGU’S FRIENDS – PANEL (THE PUNCH, JULY 13TH, 2020)

“The above publication is outright falsehood.

Our client requests answers to the following:

a) Who are the EFCC officials who cornered the properties?
b) What specific properties were cornered? And by who?
c) Who were these Magu’s friends who cornered these properties?

“Our client insists that these imputations attributed to the Panel are outright falsehood. Our client states that these allegations never featured in the proceedings of the panel.

“GENERAL COMMENTS

“The charges against our client are trumped-up allegations designed to tarnish his image and rubbish the credibility and image of EFCC which has been Stellar and outstanding under our client’s watch.

Based on the above circumstances, our client was not given adequate time and facilities for his defence and his demand for a copy of the allegations against him has not been honoured till date.

“We appeal to the Honourable Panel to consider the above and uphold the Fundamental Rights to fair hearing of our client.

“Kindly find attached copies of these newspapers for ease of reference.”

CBN Moves Against Loan Defaulters, Activates Recovery Instrument

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Bayo Bernard

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July 16, 2020

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By Fola James

The central Bank of Nigeria, CBN has set off a last ditch effort to rescue commercial banks in the country from chronic bank loan defaulters.

Known as the Global Standing Instruction, GSI, the CBN said the instrument will reset the culture of loan repayment in the country.

The CBN after consultation with commercial banks in the country, last year came up with the instrument, targeted at dealing with the problems of Non-performing Loans, NPL

Billions of unpaid loans have grounded many banks while others are hindered from making more loans available to needy customers.

But if feelers coming from the CBN is anything to go by this problems will soon become a thing of the past.

Beginning from August 1, any customer seeking to obtain a loan from any bank in the country will be required to sign a credit risk document which will gives the creditor bank access to all his/her accounts in other banks through his Bank Verification Number, BVN.

In case of any loan default the customer will automatically forfeit whatever money he/she has in other bank(s) to clear his loan(s).

According to a circular recently released by the apex bank to all money commercial banks in the country, tagged Operational Guidelines On Global Standing Instruction-Individual, the Godwin Emefiele led CBN said the decision was borne out of dealing with chronic loan defaulters and reduce non-performing loans in the banking industry.

The CBN said the GSI guidelines give banks the power to debit loan and accrued interest due from bank accounts of loan defaulters across the Nigerian banking system and will be managed by the NIBSS on behalf of banks using customers Bank Verification Numbers, BVN.

The CBN in the circular, signed by the Director, Financial Policy and Regulation Department, CBN said the GSI will stand as surety for loan obtained by any customer.

It reads “The Bankers’ Committee, at its meeting on February 18, 2020, approved the go-live on the Global Standing Instruction, which aimed at facilitating an improved credit repayment culture; reducing non-performing loans in the Nigerian banking system; and watch-listing consistent loan defaulters.”

The banks would review and validate the GSI mandate instrument prior to loan disbursement. They would indemnify the Nigeria Inter-Bank Settlement System and other participating financial institutions from all liabilities that may arise from inappropriate use of the GSI infrastructure.”

The CBN stated that the process is very transparent and that the GSI mandate will be executed by the participating financial institutions alongside NIBSS.

The banks CBN said “ must also ensure all qualifying accounts were properly maintained and visible to NIBSS on the industry customer accounts database or by any other service created or provisioned for this purpose.”

The guidelines stated that they must “ensure that accounts in NIBSS’ ICAD are correctly tagged with correct Bank Verification Number, and ensure and maintain connectivity to the Nigeria Central Switch.

How does the GSI work? Intending borrowers are expected to sign a GSI mandate in hard copy or digital form alongside other documents, indicating their BVN which are made available to the bank providing the loan.

This way, the lending bank can have access to all accounts operated by the borrower, and in case of any default, whatever money he/she has in other banks will be forfeited immediately.

Apart from this, any proceeds in other accounts jointly managed by the debtor will be used to pay the debt. And this includes those of children, wife, friends and others that carry the defaulter’s BVN.

Meanwhile, some watchers in the sector has welcome the measure, insisting that it will facilitate loan repayment culture as well as provide security against loan defaulters.

Others say the GSI will curtail excessive loan advances by banks to customers, particularly habitual loan defaulters.

According to the Nigeria Bureau of Statistics, NBS Non-Performing Loans, NPL currently stands at N1.05 trillion.

These include individual and corporate loans.

Update On Nunieh: Wike Rescues Ex-NDDC Ex -NDDC MD, Whisks Her Away | The Source Magazine

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The Source

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July 16, 2020

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By Adesina Soyooye

In a dramatic manner, Rivers State Governor, Nyesom Wike, personally stormed the Port Hacourt home of former NDDC MD, Ms Joi Nunieh, whose home was surrounded by Security Agents, this morning, and whisked her away to Government House.

Her home had been blocked this morning by over a dozen policemen, who surrounded her house, and stopped her from going to Abuja to testify before a probe panel of the House of Representatives, on the NDDC.

In a distress call to friends of hers, Nunieh said she feared she would be taken away.

She has been having a serious, dirty, altercation with the Minister for Niger Delta, Godswill Akpabio. Both have been hurling accusations on each other.

A couple of days ago, Wike had warned that nothing should happen to Nunieh, and that Party or no party, he would protect her, and would hold Akpabio responsible if anything happened to her. Nunieh is pro-APC, Wike is PDP. Nunieh is a Rivers daughter.

He has kept to his words.

This is not the first time Wike would protect a Nigerian citizen in PH.

In the wake of the DSS condemnable invasion of the residences of Judges, Wike had stormed the home of an Appeal Court Judge, and stopped them from taking him away.