COVID 19: Mo Ibrahim Canvasses For Loan Extension For Africa

By

-

July 7, 2020

By Uche Mbah

The Sudanese billionaire, Mo Ibrahim, has solicited for Africans to be allowed to access the International Monetary Fund, IMF, reserves as palliatives to the effect of the Coronavirus disease. According to him, the Brenton woods Funds Group needs to extend debt relief offered to African nations. He said that the consensus on how to tackle the dreaded disease appears not to exist.

Nigeria is already neck-deep in debts, and the revenue base is constantly eroded by debt servicing. A greater percentage of national annual earning is used to service debts, and there are indications that the debt profile may increase as there are currently talks of borrowing more.

But in a virtual interview with Bloomberg, Ibrahim noted there is goodwill from donor agencies.

“There’s a lot of goodwill but where is the beef?” Ibrahim said. “We are here waiting for the IMF to deploy this very powerful tool they have, which is the Special Drawing Rights. That needs to be done.”

Last April, the US blocked a $500 billion meant for the black continent. The US is the greatest contributor to the Fund reserve.

Both the US and IMF are worried that Africa, led by Nigeria, already was reeling in debt before COVID 19, and are still approaching the fund and other donor agencies for loans.

“The G-20 offered some relief but that’s for public debt and that’s really only for one year; it needs to be extended for one or two years,” he said. “We need more support to the private sector because it is under extreme pressure and we need the private sector because that is what generates jobs and that’s important to protect jobs”, Ibrahim said.

“The global order, unfortunately, is not functioning well,” he said. “Instead of coming together as the global community to face a global pandemic, we see sniping between the greater powers and it’s really unhelpful. We cannot defeat this virus in Europe if we don’t defeat it in Africa.”

Banks Run Out Of Cash As CBN Harmonizes Exchange Rate

By

Uche Mbah

-

July 7, 2020

0

Godwin Emefiele, CBN Governor — Godwin Emefiele

By Uche Mbah

Banks are currently under liquidity squeeze due to the ongoing attempt by the Central bank of Nigeria to harmonize exchange rates in the country, resulting in many bureaus de Change companies making a run for cash.

Interbank rates jumped overnight across-board in the banking sector due to high demands for foreign exchange and debit for cash reserve requirements.

The interbank borrowing rate jumped from 19.9 percent to 23.5 percent. Over N122 billion has been withdrawn from the CBN cash reserve for the payment for foreign exchange, and the initial N157.23 billion sank into the system to pay back mature open market operations was not enough to help absorb the shock.

The ripple effect will be too noticeable within a few days as banks grapple with funding of the demands of foreign exchange, particularly as schools are beginning to open overseas. School fees payment is a major source of demand for foreign exchange.

Analysts believe that the recent move to devalue the Naira was preparatory to forex harmonization, which is believed to be a drain on the economy. At the final count, the country operates at least three major concurrent foreign exchange regime, the parallel market, and the official rate. The official window is further jeopardized in that some presidency big wigs are alleged to still buy foreign exchange at about N200 per dollar, and these are allegedly huge buyers. “It is strange that the CBN allows this, and allegedly tacitly approve this multiple regimes”, said a money market source.

Last March, BDC owners are told to adjust their prices to N380 to the dollar. Currently, the prevailing price hovers at N388 per dollar.

It is believed that the latest CBN move has caused the cash to run on banks. The divestment of portfolio investors due to the collapse of oil prices in the wake of COVID 19 has resulted in a sharp increase in disparities between exchange rates.

Rape : D’Banj’s Former Manager, Franklin Amudo, Casts Doubt On Music Star’s Rape Story

By

The Source

-

July 6, 2020

0

By Akinwale Kasali

Former Nigerian Music Star, Oladapo Daniel Oyebanji’s Manager, Franklin Amudo, has cast a doing on his story on the rape allegation, levelled against him. The music star, known as D’Banj, is battling to save himself from the rape allegation levelled against him by Miss Seyitan Babatoye.

The renowned artiste management executive, Amudo, cast this doubt while explaining his relationship with the lady, and his role in the entire saga.

His full statement reads:

“I have read and observed the events of the past few weeks concerning the rape allegation made by Miss Seyitan against D’banj, who I used to work with as an artiste manager.

“For the records, I worked with D’banj for three years, and I have nothing but the utmost respect for him and his craft.

“I chose to be silent on the matter initially, as I try as much as possible to avoid meddling in issues in the public domain. More so, I deliberately refrained from making any statement or joining issues with anyone because the narration of my involvement as contained in Miss Seyitan’s petition was as far as I was involved.

“I am, however, shocked when I was alleged to have colluded with Miss Seyitan to blackmail D’banj with the rape accusation, especially with the consequent defamation of my reputation and character by a phantom investigative journalist and other social media proxies.

“It has become imperative to narrate my own side of the story on the event that occurred 30th of December, 2018, at Glee Hotel, Lagos.

“On that fateful day, I invited Seyitan amongst other people to an All-White-Event at Eko Atlantic Hotel. Seyitan and I were seated in a table at this event with Ajia Mohammed and Oyinda, who are friends of D’banj.

“D’banj was billed to perform at the event and he had an accommodation for the night at Eko Atlantic Towers, the venue of the event. I had my hotel accommodation at Glee Hotel, Victoria Island. Ajia also had an accommodation at the same hotel. Please, note that Dbanj performed at this event and never sat with us on the table.

“After the event, Seyitan told me that it was too late for her to go home and I offered her my hotel room at Glee Hotel as I already made plans to leave for home because I had an early flight to Accra by 7:00am of the 31st December 2018. I gave Seyitan the Key-card to the room at the car park of the hotel and left.

“Upon my arrival in Accra, Seyitan called, saying that D’banj gained access into her hotel room at Glee Hotel by 3am and raped her. I was shocked at this allegation because I wondered how D’banj gained access into this room knowing full well that I did not disclose my room number to him and he was not lodged at the hotel.

“Subsequently, I made a call to Ajia to narrate Seyitan’s accusation and he told me not to worry about it that he had given Seyitan $100, though he never told me what the money was for. I called Seyitan back to ask why she was given $100 and why she would claim she was raped by D’banj and she angrily replied in a series of voice notes reiterating the accusation and that she was told not to tell me because they assumed she was my girlfriend.

“She said she had left everything in God’s hands and made it clear that she was not interested in taking the matter to the public. I chose not to discuss this matter with D’banj because he and his wife were also in Accra as this was supposed to be a healing trip to recover from the loss of their son.

“I thought it was insensitive to discuss such issue on this trip, as Seyitan had even mentioned that she didn’t want the matter escalated further.

“Fast forward to the series of events of the last few weeks. I received several calls bringing my attention to the allegation of rape by Seyitan on D’banj.

“Thereafter, I got a WhatsApp message from Seyitan saying that D’banj did not have the right to say “ No To Rape” when he was culpable of such act, which was a reaction to a post D’banj had made on Instagram about rape. At the time, I believed that the two parties would address the issue appropriately.

“A week after the allegation broke, I started receiving calls from strange numbers and messages from social media making spurious accusations as the mastermind behind the whole rape saga.

“Most confounding was that Kemi Olunloyo, who never called me to hear my side of the narration, claimed that I was in the habit of arranging girls for artistes and that I was being ungrateful to D’banj by setting him up in collusion with Seyitan.

“I find this act of defamation very unscrupulous, malicious, mischievous and very damaging to my name and brand. My legal team has initiated moves to earnestly seek redress. The last, of course, has not been heard of this.

“I was invited by the IGP RT team to make a statement in respect of the allegations and I have since done that.

“The following week, I was invited by a team from the FCID Abuja to the SFU station at Milverton, Ikoyi. I have since gone there and made my statement as requested.

“I was re-invited again to come in for certain clarifications on some aspects of the investigation, which I have also done. I was put on phone with the ACP from the DIG’s office in Abuja and she put me through the entire questioning process again for hours. This experience has been very traumatic and demonstrates a sheer show of power, wealth and influence, considering that I have gone for questioning more than the accused or accuser.

“I have been harassed, scrutinized and invited several times by the police. My wife and young kids have known no sleep for the past three weeks due to this unwholesome situation. It has put a strain on my mental health, physical, financial and the general wellbeing of my family.

“As a father and husband, I condemn rape and as a business owner, I know the devastating effect of false accusations.

“It is my sincere hope that the police would be honourable enough to thoroughly investigate this matter and clarify the situation.

“Finally, let me use this opportunity to thank my family, especially my wife and kids for their support and understanding and my dear friends who have stood by me through this arduous time. Thank you and God bless”.

This expose by Amudo further reveals the escapade between D’Banj and his Accuser, Seyitan, and a clearer perspective about what really happened on 30th December, 2018.

Trouble In Lagos: FG Shuts Third Mainland Bridge For Six Months

By

The Source

-

July 6, 2020

0

Trouble In Lagos: FG Shuts Third Mainland Bridge For Six Months

By Akinwale Kasali

Lagosians are in for a very hard time. This will come in form of a hellish traffic situation, that will drag till December.

Here is why.

The Federal Government has announced plans to shut the Third Mainland Bridge for six months starting from Friday, July 24.

This was confirmed by the Federal Controller of Works in Lagos, Olukayode Popoola.

According to him, consultations are ongoing for another phase of repair works to begin on the 11.8km bridge.

Popoola explained that the work will commence on the outward mainland section of the bridge, and the ministry is working with relevant agencies to perfect traffic during the period.

The bridge had gone through a series of repair works and was last shut in August 2018 for a three-day investigative maintenance check.

There have also been reports of some worn-out expansion joints on the structure, raising concerns on the state of the bridge.

This development will force motorists in Lagos who ply the bridge to begin making arrangements for alternative routes.

As usual, the Lagos State Government will partner the Federal Government on this Development to ease traffic congestion in the State in this regard.

Yet, it will be hellish.

Why Ondo SSG Abegunde Resigned; Alleges Bad Treatment; Gov. Replaces Him

By

The Source

-

July 6, 2020

0

By Ayodele Oni, Akure

Within a matter of minutes, Ondo State Governor, Rotimi Akeredolu, appointed a new Secretary to the State Government, SSG, to replace Ifedayo Abegunde who resigned his appointment.

In a terse statement, Abegunde resigned his appointment, citing personal reasons.

In his place, Akeredolu appointed an indigene of Akure, Tayo Oluwatuyi Oluseye, popularly known as Tukana as the new Secretary to the State Government.

Even though the former SSG said he quit for personal reasons, in an interview on Monday, he claimed that the Governor mistreated, and marginalised him for the period he worked with him. He put a lie to the Governor’s claim of funding his office to the tube of N5m per month, insisting that his office never received any money like that. He said that he was poorly funded, and regretted helping the Governor to office in 2016.

The new SSG was a Commissioner under Mimiko and was appointed by Akeredolu, last year, following a minor cabinet reshuffle

Until his new appointment, he was the state commissioner for Natural Resources.

A couple of weeks ago, Deputy Governor Agboola Ajayi has quit the APC, but refused to quit his office as the DG.

Hushpuppi: Laureta Onochie Indicts Atiku, Dogara, Others, Says Hushpuppi Worked For Them During 2019 Elections

By

The Source

-

July 6, 2020

0

By Akinwale Kasali

The Special Assistant to President Muhammadu Buhari on Social Media, Lauretta Onochie, has dropped another bombshell, indicting top Peoples Democratic Party, PDP, bigwigs.

Onochie has been relatively silent on the arrest and Extradition of Fraudster, Ramoni Igbalode, popularly known as Hushpuppi.

But has now trended on the social media over her accusations on the PDP Chieftains.

According to the statement she made on her verified Twitter handle, Onochie said, “The Dubai Strategy.#Hushpuppi was very prominent in the strategy to change the government of the Federal Republic of Nigeria through the back door.@YakubDogara @DinoMelaye, Timi Frank and so on, were there.In spite of denials, we know them. There’s nothing hidden under the sun”.

The Presidential Aide is of the opinion that Hushpuppi was part of the strategy of the People’s Democratic Party when some of its members traveled to Dubai in 2019 to strategize on how to win the 2019 Presidential election.

PDP Presidential Candidate and former Vice President, Alhaji Atiku Abubakar had travelled with some PDP members to Dubai after he won the PDP Presidential primary.

Onochie alleged that their visit to the United Arab Emirates was perfect plans with Hushpuppi as regards the 2019 elections. He also insists there is something that the PDP know about Hushpuppi that they don’t want to tell Nigerians.

Her statement that there is nothing hidden under the sun clearly indicts the likes of Dino Melaye, Yakubu Dogara and Timi Frank whom she mentioned, but, they have all denied having any relationship with Hushpuppi apart from taking pictures with him in Dubai.

Also, Atiku Abubakar has warned APC to be mindful of making senseless statements.

Hushpuppi who was arrested in Dubai for internet fraud to the tune of 35 million dollars, money meant for native Americans as stimulus for coronavirus, has been extradited to the United States.

The FBI Special Agent who undertook the investigation has given full details of Hushpuppi’s alleged several fraudulent schemes.

Update On Magu: How He Was Accosted On Way To FHQ

By

The Source

-

July 6, 2020

0

By Akinwale Kasali

Contrary to the news making the rounds, the Directorate of State Services, DSS, says it did not arrest the Acting Chairman of the Economic and Financial Crimes Commission, EFCC, CP Ibrahim Magu.

The news of Magu’s arrest, by the DSS , had spread like wild fire Monday afternoon.

But in a terse statement, signed on behalf of the Service by its Spokesperson, Dr Peter Afunanya, it said Magu was not arrested.

The Statement,entitled,

MAGU, NOT ARRESTED BY DSS, reads:

“The Department of State Services (DSS) wishes to inform the public that it did not arrest Ibrahim Magu, Acting Chairman of the Economic and Financial Crimes Commission (EFCC) as has been reported by sections of the media.

“The Service, has since, today, 6th July, 2020, been inundated with enquiries over the alleged arrest.”

This magazine, however, gathered that Magu was blocked and accosted as soon as he drove out of his office, on his way to the Force Headquarters for a meeting, by Security personnel who asked him to follow them to the Villa.

When he told them he was on his way to the FHQ for a meeting, they told him that the place they were taking him to was more important than his meeting at the FHQ.

He was taken to the Villa where he is facing a Presidential Probe Panel

It is not public, yet, why the invitation was extended to him, but a couple of weeks ago, the Attorney General and Minister for Jusice, Abubakar Malami, SAN, had written a stinging letter against Magu to the President, alleging a number of misdeeds.

PSC Dismissed 10 Senior Police Officers, Reduces The Rank Of Eight Others

By

The Source

-

July 6, 2020

0

The Police Service Commission has dismissed ten senior Police Officers and reduced the rank of eight others over various cases of misconduct in the line of duty.

The Commission took the decision at its 8th Plenary Meeting which spanned three weeks and ended on Wednesday, July 1st, 2020.

The dismissed Officers were one Superintendent of Police (SP), five Deputy Superintendents of Police (DSP) and four Assistant Superintendents of Police (ASP).

A Deputy Commissioner of Police (DCP) and a Chief Superintendent of Police (CSP) were reduced in rank, a decision which also affected four Superintendents of Police (SP), one Deputy Superintendent and Assistant Superintendent of Police.

The Head, Press and Public Relations of the PSC, Ikechukwu Ani, said

the Commission, also, approved the punishment of severe reprimand for 16 Officers, reprimand for 13 and letters of warning to four others.

Two Officers are to receive Letters of advice while eleven were exonerated.

The Commission in Plenary looked into eighty three disciplinary cases which included eighteen appeals and petitions.

The Commission had also at the Plenary approved the promotions of 6,618 senior Police Officers including one AIG to DIG, four CPs to AIG and three DCPs to CPs.

How Akeredolu Killed DG Ajayi’s Ambition, Tests Negative For COVID-19

By

The Source

-

July 6, 2020

0

By Ayodele Oni, Akure

Ondo state Governor, Rotimi Akeredolu has beheaded the ambition of his Deputy Governor, Mr.Agboola Ajayi, to be addressed as the Acting Governor of the State.

Akeredolu had, a few days ago, tested positive for COVID-19, and went into self isolation.

Just before this, his Deputy, Ajayi, with whom he has had a difficult relationship, had quit their party, the APC, and declared for the opposition PDP, but refused to quit his office as DG. He has picked the Governorship aspirant form to run under the PDP.

In the aftermath of his COVID-19 status, the Governor had, naturally, said he would not hand over to the DG, dismissing such action as suicidal.

But while many aspirants, including those of the opposition parties who will slug it out with the Governor for the ticket and seat, sent a get-well-quick message to him, Ajayi had, on Saturday, given him an ultimatum to hand over the reigns of government to him within 21 days.

But Akeredolu has beaten the Virus. He has tested negative to the disease.

In a state-wide broadcast on Monday he said that after spending days in isolation and, running the test twice, Doctors have confirmed him negative.

The result came five days after he tested positive to COVID-19. It is one of the fastest recoveries in the country.

Akeredolu urged residents of the state to always take precautions against the dreaded virus.

He said despite the challenges ,Government will continue to sustain effort to contain the menace.

Meanwhile, his embattled deputy, Mr Agboola Ajayi has denied planning to run down the state by planning protests in Akure and Abuja to compel the governor to hand over to him.

Chief Press Secretary to the deputy governor, Mr Tope Okeowo, in a statement on Monday in Akure described the allegation as “untrue reckless and provocative as it represents an orchestrated attempt by Governor Rotimi Akeredolu’s government to portray the deputy governor as a man desperate for power.

Restructuring: Tinubu Group Slams Gani Adams, Says He Is A Traitor, An Ingrate, Unfit To Lead Yoruba Race

By

The Source

-

July 6, 2020

0

By Akinwale Kasali

The Asiwaju Bola Tinubu Disciples Organization, BTDO, have criticised the Aare Onakankanfo of Yorubaland, Iba Gani Ige Adams of being two- faced, a traitor and an ingrate.

The Group alleged that the Oodua Peoples Congress, OPC, coordinator granted an interview with Heritage Online Television, where he threw caution to the wind, without observing decorum, decency and respect for elders.

These, the Group said, are cardinal attributes of a true-born Yoruba known as ‘Omoluabi’. Adams, the group said, threw feeble verbal jabs at Asiwaju Bola Ahmed Tinubu, over the issue of the much taunted Restructuring of Nigeria, of which he knows very little about, calling the Group’s Principal (Tinubu) unprintable names.

In a statement released by the Group, it said, “Having critically watched, listened and examined the interview by Adams, the Bola Tinubu Disciples Organization (BTDO), deems it necessary and important to respond to the unruly and unwarranted vomits of the so called Aare Gani Adams, in his unhidden and unbridled but, vain desperation to smear the good image of Asiwaju Bola Tinubu.

“It is on record that the coming into the limelight of Gani Adams, was an offshoot of the support he enjoyed from Asiwaju Bola Tinubu .

“Gani Adams, was one time prominent Okada rider on the streets of Mushin, and became popular through his notorious activities. He graduated from Okada riding to a “cut and nail carpenter” in Mushin.

“We are abashed that Adams could have easily forgotten the roles Asiwaju Tinubu played in his climb to the stardom he is now finding so difficult to manage. ?

“Asiwaju played the father for Adams when he was needed. When he was declared wanted by then Lagos Police Commissioner, Mr Mike Okiro, it was same Asiwaju that saved him.

“This ingrate would have been wasted by Okiro, but Asiwaju Tinubu rose up and stood firmly by him.

“There was a particular night, when Okiro and his team were hell bent on eliminating the blood sucking brigand, Gani Adams, who was terrorizing the entire Lagos and Ogun States at that time over his untutored agitation for Yoruba autonomy, leading to barbaric killings of Police men, wrecking havoc and causing unrest in the South West States of Nigeria.

“This is the man who was rehabilitated by Asiwaju Bola Tinubu to become what he is today, after he was released from Kikikiri Maximum Prison.

“It is imperative to inform the general public to ignore the hungry, rampaging loafer who is hiding under a struggle for the freedom of Yoruba to propagate the interest of his party, the PDP, where he is a contractor and a corporate beggar.

The Group added that at a point, Adams said he was no longer interested working for Asiwaju Tinubu again as the Jagaban Borgu, a title given to Tinubu, failed to attune his interest in him anymore.

Adams was said to have vowed never to work for any interest of Asiwaju Bola Tinubu in his life time again.

The question the Group is posing are: why he is now seeking attention?

“To think of it, has Asiwaju come out to even tell him nor anybody that he is contesting for Presidency in 2023? Why is Gani crying more than the bereaved?

“Gani Adams is the only problem we have in Yorubaland, a double- faced traitor who can trade his kids for money.

“We understand his plight. He is being ignored politically in the Southwest, and doesn’t find it comfortable that no South West state is paying him political attention any longer”.

However, the Group alleged that people should ask him why he directed OPC leaders and members to cast their votes for Atiku Abubakar in 2019 Presidential election if his intention is to see Nigeria restructured.

“Adams is a chameleon, a visionless and directionless , abjectly confused man. Of what importance does he think he is in Yorubaland? A nobody of course!

“The relevance of his bravery and importance to our security should be measured wth his level of involvement in the quest to form Amotekun.”

The Group further alleged that the Aare Onakankanfo, the Generalissimo of the Yoruba was sidelined during the implementation of the Amotekun Security Outfits, just because of his garrulous behavior.

“How many people has he empowered? None. Even with the billion of Naira he raked in during Goodluck Jonathan’s administration. We understand the money is either finished or depleted, and that’s why he’s out to dent the image of Asiwaju Bola Tinubu. He’s a failure!

“Asiwaju Bola Tinubu, in his capacity, has made millions of people, his records are unbeatable.

“People should ask questions: why did Adams go to the Villa in his desperation to meet with President Mohammadu Buhari? Is Buhari no longer a Fulani man?

“Gani Adams, as we all know, has lost fame and recognition in Yorubaland, but he’s looking for an avenue for his voice to be heard again. His name has always been associated with controversial issues.

“Recently, he was equating himself with His Imperial Majesty Oba Ogunwusi Adeyeye Enitan, The Ooni of Ife, and other Yoruba Obas until he was placed where he belongs.

“The story of how he betrayed Dr. Fredrick Faseun by hijacking and factionalizing Oodua People’s Congress, is still very fresh in memories. He changed the mission of the group from its original aims and objectives and forced himself to lead, though, rudderlessly.

“We advise Gani Adams to go back to the Oodua People’s Congress and reconcile with those who have broken away from the group as a result of his selfish interests and his reckless leadership style, rather than chasing shadow. Many of these cadres have been Killed or maimed by him.

“After settling his boiling home, he can now begin another reconcoation with some Yoruba elders. Yorubaland is not forsale.

“On this note, we warn Gani Adams to stop his campaign of calumny against Asiwaju Bola Tinubu as we will not fold our arms, while a Yoruba misfits continues to drag the image of our Leader in the mud. We will not condone it because Yorubaland is not for hypocrite. We have all facts and evidence at our disposal to expose and disgrace Adams”.