Business, World News

Privatbank IHAG holding company executive to be sentenced over $60 million fraud

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Swiss Executive Pleads Guilty to Conspiracy to Defraud the IRS.

Privatbank IHAG Holding Company Executive Admitted to Facilitating the “Singapore Solution” to Hide Undeclared Bank Accounts from the IRS.

An executive of the holding company that owns Privatbank IHAG pleaded guilty today to conspiring to conceal over $60 million of undeclared assets held by wealthy American clients of the Swiss private bank.

According to court documents and statements made in court, from approximately 2009 to 2014, Daniel Wälchli, a member of the bank holding company’s executive board, worked with others to help Privatbank IHAG conceal the accounts of American customers who did not want to disclose their Swiss bank accounts to the IRS.

The scheme involved a number of steps designed to obscure these undeclared accounts by stripping them of any indicia of U.S. ownership. Known as the “Singapore Solution,” members of the conspiracy sent over $60 million on “round trips” across the globe.

The money was sent from Privatbank IHAG accounts in Switzerland to a bank in Hong Kong before returning to Privatbank IHAG in accounts held by a Singaporean asset manager owned and controlled by the Swiss bank’s holding company.

Pursuant to the terms of his plea agreement, Wälchli will not dispute that the tax loss was $531,524, and he agrees that a sentencing enhancement for “sophisticated means” is appropriate.

Wälchli faces a maximum penalty of five years in prison. He also faces a period of supervised release and monetary penalties.

A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Damian Williams for the Southern District of New York made the announcement.

IRS-Criminal Investigation is investigating the case.Senior Litigation Counsel Nanette Davis and Trial Attorney Christopher Magnani of the Justice Department’s Tax Division and Assistant U.S. Attorney Olga Zverovich of the Southern District of New York are prosecuting the case.

Business, Lifestyle

Nigeria’s debt stock hits N46 trillion

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Nigeria’s total public debt stock as of Dec.31, 2022, stands at N46.25 trillion (103.11 billion dollars).

This is according to a statement issued by the Debt Management Office (DMO) in Abuja on Thursday.The DMO said the total public debt stock of the country consisted of the domestic and external debts of the Federal Government of Nigeria (FGN) and the sub-national governments.

The sub-national are the 36 state governments and the Federal Capital Territory (FCT) with comparative debt stock for Dec. 31, 2021 is N39.59 trillion (95.77 billion dollars)DMO said in terms of composition, total domestic debt stock stood at N27.55 trillion (61.42 billion dollars), while total external debt stock was N18.70 trillion (41.69 billion dollars).

“Among the reasons for the increase in total public debt stock were new borrowings by the Federal Government and sub-national governments, primarily to finance budget deficits and execute projects.

“The issuance of promissory notes by the Federal Government to settle some liabilities also contributed to growth in the debt stock,’ “the office said.

It, however, said that ongoing efforts by the Federal Government to increase revenue from oil and non-oil sources through initiatives like the Finance Acts and the Strategic Revenue Mobilisation Initiative are expected to support debt sustainability.

“Meanwhile, the total debt-to- Gross Domestic Product (GDP) ratio for Dec. 31, 2022, was 23.20 per cent. It indicates a slight increase from the figure of Dec. 31, 2021, at 22.47 per cent.

“The ratio of 23.20 per cent is within the 40 per cent limit self-imposed by Nigeria and the 55 per cent limit recommended by World Bank/International Monetary Fund (IMF).

“It is also within the 70 per cent limit recommended by the Economic Community of West African States (ECOWAS),’’ it said.

The total public debt stock as released by DMO excludes the N22 trillion Federal Government’s indebtedness to the Central Bank of Nigeria (CBN), through Ways and Means advances.

The Ways and Means advances are presently awaiting securitisation by the National Assembly, and can only be added to the country’s public debt after such securitisation.

Business

Emefiele, CBN given two-week ultimatum to make cash available to Nigerians

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NLC and the Trade Union Congress (TUC) have extended the ultimatum issued to CBN to make cash available in banks by two weeks.

The two unions had earlier threatened in a one-week ultimatum to picket all branches of the CBN beginning from March 29 if President Muhammadu Buhari’s regime and the CBN did not end the nationwide cash crunch.

NLC president, Joe Ajaero, told a news conference in Abuja that the decision to extend the ultimatum was reached after consultations with affiliate members of both unions and their national executive councils.

He said reports from state branches of the two unions indicated partial compliance by the CBN with the Supreme Court judgment to make cash available in banks.

“We agreed that we have to monitor this compliance for the next two weeks to establish whether it is sustainable.

CBN rushed to move money to commercial banks, but some of the banks are getting empty again. Queues are returning to some of them,” stated Mr Ajaero.

He added;

“It will be very naive of the NLC to hurriedly call off the action. We would want to loosen up for another two weeks, however. The NLC and TUC have decided to allow March 29 to pass without any picketing but to watch for the next two weeks.”

He explained that “after two weeks from today, the NEC of the two organisations will meet to decide whether the CBN has fully complied and whether its compliance is sustainable to drive the economy.”

The NLC president said committees had been set up at the national and state levels of the two organisations to monitor the level of compliance by the banks.

He also observed that some banks did not comply with the CBN directive to operate at the weekend.

“We equally wish to advise the CBN to play its regulatory role because it can sanction banks that are not compliant as Nigerians have suffered so much,’’ Mr Ajaero said.

TUC president Festus Osifo corroborated Mr Ajaero’s submission that the labour unions had agreed to sustain the push in the next two weeks to ease the hardships of Nigerians.

“With reports that came from the states, there had been some level of compliance, but some banks refused to comply or refused to open, and they did not open at the weekend,” stated Mr Osifo.

“We call on the CBN to encourage them to sustain the availability of cash as the confidence in the system has been eroded. The CBN needs to do much more. It needs to supply much more money into the economy.”

Business, Lifestyle

Ekiti government threatens to sanction filling stations rejecting POS transactions

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The Ekiti government has threatened to sanction filling stations that reject point-of-sale (POS) transactions due to cash scarcity.

The special adviser to the governor on industry, trade and investment, Omotayo Adeola, gave the warning at a meeting with the State Petroleum Task Force Committee and representatives of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) on Tuesday in Ado-Ekiti.

Ms Adeola said the decision has become imperative to alleviate the hardship people have been experiencing due to the cash crunch.

She implored residents to lodge their complaints against errant filling station operators via WhatsApp number 08077772323.

“Residents could make a video call through the above number to report such erring operators for prompt action by the State Petroleum Task Force,” she said.

In separate interviews after the meeting, the Ekiti State Petroleum Task Force Committee chairman, Ayodeji Adesokan and the NUPENG chairman, Olumide Jegede, appealed to petroleum marketers to comply with the directive.

Business, Lifestyle

CBN releases old notes, directs banks to operate Saturday and Sunday

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The Central Bank of Nigeria has begun reissuance of old currencies it withdrew from circulation in February and has ordered commercial banks to open for business on Saturdays and Sundays to accelerate the process.

This is part of its efforts to end the lingering cash shortage that has continued to make life difficult for Nigerians.

In a statement posted on its official Twitter page on Friday, the apex bank announced that it had released banknotes from its vaults to commercial banks all over the nation and instructed them to load their Automated Teller Machines (ATM) and carry out physical operations all weekend long.

“The Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin, disclosed this in Abuja on Friday, March 24, 2023, stating that a substantial amount of money, in various denominations had been received by the commercial banks for onward circulation to their respective customers,” the statement read.

The apex bank also directed all banks to load their Automated Teller Machines, adding that Central Bank Governor Godwin Emefiele would personally lead teams to monitor the level of compliance by the banks in various locations across the country.

The instructions come just a few days after the Nigerian Labour Congress threatened to picket apex bank locations over the persistent cash shortage that was making life in Nigeria very difficult.

The Supreme Court ruled earlier this month that all old notes will remain legal tender until December 31, 2023, thereby invalidating the Naira redesign policy that phased out the usage of the old N500 and N1000 notes.

Business

CBN targets one million farmers in e-naira programme

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The Association of Northern Agricultural and Allied Commodities Practitioners (ANAACOP) and Central Bank of Nigeria (CBN) has inaugurated farmers’ programmable money agro e-naira engagement.

The programme targets one million farmers in North-Eastern states in the 2023 farming season.

CBN governor Godwin Emefiele said in Yola that the programme was designed to ensure food security in the region and the country.Mr Emefiele said the e-naira is the first digital currency launched in Africa and the second globally.

He said currently, 50 farmers were targeted to test run the programme in Adamawa.“But by the end of the year, we will scale up to one million farmers and another four million by 2024. So what we are doing is providing a platform where we can have accountability, transparency and make the programme efficient to encourage people who will be able to provide finance to those who need it,” said the CBN governor.

Mr Sadiq Daware, ANAACOP chairman, commended President Muhammadu Buhari for the Anchor Borrowers Programme through the CBN.

“Today we are happy to inform all Nigerians that ANAACOP through the CBN has gotten it right to make sure that farmers, particularly the smallholder farmers, will get loans at ease with little or no hitches leveraging on e-naira programme,” said Mr Daware.

Business, Politics

Buhari regime’s continued payment of fuel subsidy is damaging Nigerians’ well-being- NNPCL

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The Nigerian National Petroleum Company Limited (NNPCL) on Thursday said Nigerians had missed enormous infrastructure development due to the protracted fuel subsidy regime in the country.

The NNPCL disclosed that the amount spent on fuel subsidy payments could provide 7,500km of a road network at N400 million per kilometre and 37 well-equipped 120-bed tertiary health centres at N32 billion per hospital annually.

Lawal Musa, NNPC’s senior business adviser to the GCEO, disclosed this in Abuja at a joint National Association of Nigerian Students (NANS)/Civil Society Organisations (CSOs) sensitisation workshop on the NNPCL Operations.

Mr Musa, in a presentation entitled ‘Petroleum Industry Act (PIA) and the Nigerian Economy’, said the federal government spent as much as N4.8 trillion annually on fuel subsidy at the expense of the well-being of Nigerians.

In an analysis of the opportunity cost of the subsidy spending, the NNPC official said deregulation could deliver 500,000 new houses and the education and upskilling of two million Nigerian students, among others.

Mr Musa explained that it could deliver N12 trillion in four years to Nigeria while annual petrol under-recovery would escalate to N3 trillion, stressing that the cost of fuel subsidy outweighed the direct benefits, particularly to the masses.

He maintained that deregulation could provide additional 27,000 megawatts of electricity to Nigerians and build and equip 2,400 hospitals in 774 LGAs.“

Nigeria is the largest producer of crude oil in Africa, possessing 28 per cent of Africa’s reserve, with petroleum contributing significantly to the country’s economy,” Mr Musa revealed.

“The benefits derived have over the years been eroded due to the amount paid on subsidy, a regime has been fuelling the vicious circle of poverty in the country.”

The NNPC business adviser also explained that petrol was sold at the lowest price in Nigeria among most West African countries despite the average cost of $2.7 per litre globally, which amounted to N570 per litre.

He stated that verifiable petrol demand data is critical to National planning and energy security.

In an overview of the PIA and New NNPCL structure, Oritsemeyiwa Eyesan, NNPC’s chief strategy and sustainability officer, said the new entity was incorporated as a commercial company to be run like any other private company in the country, following the provision of the PIA 2021.

Ms Eyesan said NNPCL’s activities were guided by three core values: integrity, excellence and sustainability.She explained that signing PIA into law overhauled the institutional, regulatory and fiscal framework for the Nigerian petroleum industry and provided a structured approach for managing host community development and investments.

Ms Eyesan said the PIA mandated the incorporation of NNPC and established NNPCL as a fully commercial entity.“Under the Act, NNPCL is to conduct affairs without recourse to government fund.

The new NNPCL is being owned by 200 million Nigerians with Ministries of Finance and Petroleum Resources as major shareholders,’’ she said.

Business

CBN urged to dialogue with NLC on naira scarcity to avoid picketing

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Issa Aremu, the director-general of Michael Imoudu National Institute of Labour Studies (MINILS), Ilorin, has advised the Central Bank of Nigeria (CBN) to dialogue with the Nigeria Labour Congress (NLC) to avert picketing over cash scarcity.

Mr Aremu made the call on Thursday in Ilorin on the sidelines of the interfaith prayer organised to mark the 40th anniversary of the institute.

The MINILS boss said picketing of the apex bank by labour leaders is avoidable and preventable, advising CBN to address all concerns by NLC.

According to him, it is unprecedented that the labour union is threatening to picket the CBN. He said CBN should use every means to ensure monetary stability in the country.

Mr Aremu, a labour leader, noted that depositors had been subjected to a lot of hardship over the CBN financial policy and said CBN must be more transparent and engaging and look at the overall policies impact on the growth and development of the nation’s economy.

“It also requires mass sensitisation and awareness, and there is a limited time for implementation of the policy for Nigerians,” he said.

Mr Aremu lauded the CBN’s Anchor Borrowers Programme, which he said “provides loans (in kind and cash) to smallholder farmers, which had boosted agricultural production, especially rice.”

Business, Lifestyle, Politics

CBN directs banks to dispense and receive old N200, N500 and N1000 notes

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The Central Bank of Nigeria has directed commercial banks to dispense and receive old naira notes as legal tender across the country.

A statement by the acting Director, CBN Corporate Communications, Isa AbdulMumin, says the apex bank gave the directive at a Bankers’ Committee meeting held on Sunday.

Banks have now been authorised to dispense and receive the old Naira notes.

Business

It’s illegal to reject old naira notes- Governor Sanwo-Olu tells Lagos residents

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The Lagos state governor, Babajide Sanwo-Olu, has said that it is illegal for residents of the state to reject the old N500 and N1000 notes.

According to the state governor, this is in line with the March 3 judgment of the supreme court where it was stated that the old naira notes remain legal tenders until December 31, 2023.

The judgment was a result of a suit filed by 16 states in the country, including Lagos, challenging the naira redesign policy of the Central Bank of Nigeria (CBN) in the apex court.

Despite the apex bank’s judgment, many businesses as well as banks have refused to ask the old notes.

Many traders and commercial bus drivers have refused to accept the old notes, making life unbearable for many Nigerians.

In a statement issued on Monday, March 13, by Gbenga Omotoso, the state Commissioner for Information, Governor Sanwo-Olu advised all agencies of the state government not to reject payments made with the old currency.

The statement reads;

“The Lagos state government has noted the hardship sparked by the naira redesign policy, which has affected business and commercial activities.

There is no reason to reject the old notes, going by the supreme court judgment delivered on March 3, 2023.

The apex court declared that no reasonable notice was given as required by section 20(3) of the CBN act, noting that the public only became aware of the policy through press remarks, which cannot qualify as a notice to the public.

The court maintained that the policy has impeded the functions of state governments, pointing out that the directive that stops the use of the old notes is illegal, unconstitutional, null and void.

Governor Babajide Sanwo-Olu has, therefore, called on business owners, especially retailers, to accept the old N500 and N1,000 notes – in line with the supreme court judgment that the currency remains legal tender until December 31, 2023. It is illegal to reject the notes.”

Business

Fake Naira notes are in circulation – NSCDC

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The Nigeria Security and Civil Defence Corps (NSCDC) has raised an alarm of fake redesigned Naira notes being in circulation.

Commandant-General of the corps, Ahmed Audi, who stated that this has become worrisome, vowed to ensure the prosecution of all those involved.

Audi further disclosed that in less than a month, the corps had arrested and seized fake Naira notes worth millions from members of syndicates in different states in the country.

The NSCDC Commandant-General who advised Nigerians to deal with banks especially when large sums are involved, added that the fraudsters took advantage of the low circulation of the redesigned Naira notes to massively produce counterfeit notes.

The NSCDC Commandant-General said;

“Many innocent Nigerians must have fallen victims to their scheme while they collected bank money transfers and exchange of foreign currencies.

“The arrest of this syndicates will help us fish out more criminals who have decided to take advantage of the economic situation in the country to scam people.”

Business

CBN releases guidelines for open banking

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The CBN issued operational guidelines for open banking in Nigeria on Wednesday. The guidelines establish principles for data sharing across banking and payment systems.

In the guidelines, the CBN shall provide and maintain an Open Banking Registry to provide regulatory oversight on participants, enhance transparency and regulate operators within the open banking ecosystem.

The guidelines also stipulate Consent Management, whereby consent of customers is required before their data can be obtained for open banking products and services, among others.

CBN’s director of Payments System Management Department, Musa Jimoh, stated that the guidelines were in furtherance of the bank’s mandate to stabilise the financial system.Mr Jimoh added that the guidelines were also pursuant to the bank’s role in deepening the financial system.

“The adoption of open banking in Nigeria will foster the sharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services.

“It is also aimed at enhancing efficiency, competition, and access to financial services,’’ he stated.

Mr Jimoh urged stakeholders to ensure strict compliance with the guidelines and with other regulations as they were meant to promote innovations and broaden the range of financial products and services available to bank customers.

“The guidelines apply to banking and other related financial services as categorised and determined by the apex bank in the regulatory framework for open banking in Nigeria,” he stressed.

Business

Ecobank Group new CEO assumes office

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Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has announced that its new chief executive officer, Jeremy Awori, has assumed his role with effect from March 1.

The group appointed Awori in September 2022 following the mandatory retirement of the former chief executive officer, Ade Ayeyemi, who clocked 60.

In a press statement, Awori said his appointment was a fantastic opportunity to take Ecobank to the next level of growth, despite current global challenges.

He noted that Ecobank was uniquely positioned to provide systematic change across the banking sector at a pan-African level, using the geographic footprint it had already established.

He said;

“Through our single gateway platform, we are well-positioned to provide the necessary financial products and solutions for countries, corporates, and SMEs to capitalise on the continent’s vast resource, trade, and investment opportunities.

“We also provide relevant, accessible and affordable financial services that address the evolving needs of a vibrant, youthful and entrepreneurial continent.

“Ecobank’s brand and heritage, continue to be a source of pride.”

The Group Chairman of Ecobank, Alain Nkontchou, described the new CEO as a result-oriented effective leader with extensive knowledge of the African banking landscape.

He said;

“These qualities make him the ideal choice to steer the growth of the Ecobank Group through the era of rapid global and continental changes.”

Business, Lifestyle

Financial experts laud Supreme Court’s judgement on recoloured naira notes

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Financial and economic experts have lauded Friday’s judgement of the Supreme Court invalidating the naira redesign policy of the Central Bank of Nigeria (CBN).

The apex court had invalidated the naira redesign policy, ordering that all old notes must remain legal tender till December 31.

In an interview on Saturday in Ibadan, a financial expert, Lolade Adesola, said she believed the policy was “politically minded to curb vote-buying”.

Ms Adesola said, “But apart from that, there is no reason again for us to rush things. The Supreme Court’s judgement is, no doubt, good.”

Also, an economic expert, Samson Olalere, said those insinuating that the policy targeted the presidential and National Assembly elections could now be absolved.

“I see the judgement as a political judgement. They just wanted peace to reign, knowing that CBN, too, was not ready because they didn’t have the new notes.

“So, the best thing to mitigate this issue is for the court to give a judgement that will ease the pains of the people,” Mr Olalere said.

Commenting, an ex-banker, Philip Aragbada, said CBN must obey the judgement lest the apex bank commits an offence that could destabilise the nation.

“For anybody to disrespect the final judgement of the Supreme Court is a very serious thing that can lead to anarchy; even a layman knows that in any country.

“By this judgment, the CBN governor is bound to obey the judgment so that he will not be indicted,” Mr Aragbada said.

The Supreme Court had, in its judgement, said, “a policy of this magnitude should not be taken without consultation and must be in line with the global best practices”.

In the judgement delivered by Justice Emmanuel Agim, on behalf of a panel of seven justices, it said:

“I, therefore, hold that no reasonable notice was given and therefore, declared the policy to be invalid.

“The imposition of a limit after collecting the old notes constitutes an illegal appropriation of private property,” the apex ruled.

Business, Lifestyle, Politics

Buhari must obey Supreme Court ruling on naira redesign policy- APC chieftain

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Sani Abdullahi Shinkafi, chieftain of the All Progressives Congress (APC) in Zamfara, says the federal government should respect the Supreme Court judgement and allow Nigerians use the old naira notes concurrently with the redesigned notes.

Mr Shinkafi, who made the remarks while addressing reporters in Gusau on Friday, urged President Muhammadu Buhari to respect the rule of the law.

“President Muhammadu Buhari must respect the Supreme Court’s verdict and allow both the new and old naira notes to exist concurrently until December 31 as the court ordered,” Mr Shinkafi asserted.

“Since the Supreme Court has ruled that the old and the new naira notes remain legal tender, there is nobody in the country, no matter how highly placed, can violate the order,” the politician stressed.

He added;

“I am calling on President Muhammadu Buhari to respect the court order and quickly instruct the Central Bank of Nigeria (CBN) to release the notes back into circulation.”

He also urged the Deposit Money Banks (DMBs) to release both new and old notes as ordered by the court.

Mr Shinkafi lamented how the new naira notes policy had negatively affected many Nigerians whom he said had been languishing in poverty since the introduction of the cashless policy.

He said the president was not properly advised by the CBN governor, Godwin Emefiele.

“This is not how advanced countries changed their currencies.”

According to the politician, the United States of America, the United Kingdom and the Kingdom of Saudi Arabia used systematic and gradual means to replace their currencies without any expiration date.

“There has been change of currencies in countries like the USA, United Kingdom, Saudi Arabia and other advanced countries but they don’t abruptly stop old notes from circulation.

“What they normally do is that they allow the old notes to go with the new ones concurrently until the old ones finally return to the banks and they never release them again,” Mr Shinkafi said.

He commended governors of Zamfara, Kaduna and Kogi states for their doggedness that would save the country from total collapse.

He advised the governors to return to court in the event that the President, the Attorney General of the Federation (AGF) and the CBN refused to abide by the Supreme Court order.

“The Governors have powers to apply for enforcement of form (48) contempt of court charge and form (49) committal to prison so that all the actors who choose to disregard the decision of the Apex Court can be taken to prison outrightly,” he said.

The APC chieftain admonished Nigerians to continue using both the old and the new Naira notes as legal tenders until December 31 as instructed by the Supreme Court.

The Supreme Court, earlier on Friday in a unanimous judgement, ordered that the old N200, N500 and N1000 notes remained in circulation until December 31.

Justice Emmanuel Agim, who read the lead judgement, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) were dismissed as the court had the jurisdiction to entertain the suit.

Sixteen states of the federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.

Justice John Inyang Okoro, who led a seven-man panel of Justices of the Court, had on February 22 fixed March 3 for the court to make its decision known on the suit.

The 16 states, led by Kaduna, Kogi and Zamfara, prayed the apex court to void and set aside the policy on the ground that it was inflicting hardships on innocent Nigerians.

Business, Lifestyle

Supreme court nullifies naira swap policy, says old Naira notes valid till Dec. 31

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The Supreme Court has ruled that the old N200, N500, N1,000 notes remain valid and should be in circulation till December 31, 2023.

In a ruling delivered today March 3, the apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.

Justice Emmanuel Agim who read the lead judgement, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.

Citing Section 23(2)1 of the constitution, the court held that the dispute between the federation and states, must involve law or facts.

The apex court further held that President Buhari in his broadcast, admitted that the policy is flawed with a lot of challenges.

The court also held that the policy has led to some people engaging in trade by barter in this modern age, in a bid to survive.

The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.

Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.

Business

Female banker, alleged accomplice nabbed over N13 million fraud

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Two persons on Wednesday appeared before the Ikeja Chief Magistrates’ Court for obtaining N13 million on a false pretence of changing it to dollars.

The defendants are Christina Oyeleye, a 39-year-old female banker and Adelana Adewusi, a 39-year-old tech man.

They are being trialed for conspiracy, obtaining by a false pretence, stealing and issuing a dud cheque.

The prosecutor, Raji Akeem, told the court that the defendants committed the offences on October 7, 2022, at Oko Oba, Agege, Lagos.

Mr Akeem said the second defendant, Mr Adewusi, introduced the first defendant to the complainant, Esther Adesanya, as a banker that could help her change naira to dollars.

He said the complainant paid N13 million into the second defendant’s account to help her send it to the first defendant to change it to dollars which amounted to $14,000.

The prosecutor said that since then, all efforts by the complainant to get her money have failed.

Mr Akeem also said the defendants gave the complainant a cheque, and on getting to the bank, it was dishonoured because of insufficient funds.

He said the offences contravened the Criminal Code, Law of Lagos State, 2015.

The defendants, however, pleaded not guilty to the charges.

The chief magistrate, Bola Osunsanmi, granted the defendants N1 million bail each with two sureties in like sum.

Ms Osunsanmi adjourned the case until March 30 for mention.

Business

Naira makes marginal gains of 0.04%

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Naira exchanged at N461.33 to the dollar on Tuesday at the Investors and Exporters window.

The rate represented an increase of 0.04 per cent compared to the N461.50 to the dollar for which it exchanged on Monday.

The open indicative rate closed at N461.55 to the dollar on Tuesday.

An exchange rate of N462.41 to the dollar was the highest rate recorded within the day’s trading before it settled at N461.33.

The naira sold for as low as N406.75 to the dollar within the day’s trading.

On Tuesday, a total of 48.28 million dollars was traded at the official Investors and Exporters window.

Business

All commercial banks in Ogun State closed following the destruction of bank buildings

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All commercial banks in Ogun State have closed following the destruction of bank buildings by Nigerians protesting the Naira scarcity. 

The Ogun State Bankers’ Forum made this known in a communique issued today, Feb. 21. 

It reads:

“Dear Ogun Bankers, 

“You are aware of the massive destructions of all Commercial Banks buildings and other properties yesterday Monday 20th of February, 2023 in Sagamu axis of the State. We thank the Almighty God for the safety of our colleagues during the violent attack. 

“While we have held meetings with the State Executives with full assurances of improved security, we feel saddened that the response of the security operatives was absent until all banks were destroyed before decisive actions were taken. 

“It is a common saying in our land that a death that kills one’s Neighbour is only telling you a proverb that it will soon be your turn. 

“Recall that within the spate of two weeks, we have had related attacks in Sapon and Asero areas of Abeokuta, Sango Ota axis, Mowe/Ibafo axis, Ijebu Ode was averted on Friday for the prompt and timely intervention of the Military in the ancient city. 

“While we were thinking the end has come to these senseless attacks, we were all taken by surprise with yesterday burning, destruction and looting of banks furnitures, fittings, computers even the Air Conditioners. 

“Since we have just a life to live, the leadership of Ogun Bankers’ Forum has advised that all bank branches within the State be shut down pending when we are assured of improved security of bank operators and banks buildings in the State.

“We recognize the need to satisfy our customers most of whom are not part of these dastard acts vis-a-vis meeting the Financial Year budgets and other KPIs; however more important to us is the safety of our members operating in the State. 

“We urge all to maintain safety first while we engage the State Government and relevant agencies on security matters. 

“Further directive shall be provided later today via this same channel. 

“It’s a trying time and we know that this time will soon pass. 

“We thank you all!”

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