Politics |

November 23, 2023

November 23, 2023November 23, 2023 IFMNEWS

FG Asks Supreme Court To Extend Old Notes Validity After December 31

The Federal Government has asked the Supreme Court to grant an extension of time for old naira notes to remain in circulation as legal tender.

The government also wants the court to lift its March 3 order that the old naira notes should remain alongside the new notes till December 31.

In March, the Central Bank of Nigeria (CBN) said old N200, N500, and N1,000 banknotes would remain legal tender till December 31, 2023.

It said the extension of time is necessary, and it has not been able to print the volume of new notes that would enable it to phase out old currency before the December 31 order.

In the fresh application by the Attorney-General of the Federation, Lateef Fagbemi, the Federal Government said if the Supreme Court declines its request, the country may descend into another economic and financial crisis, as witnessed during the naira redesign policy implemented by the former CBN Governor, Godwin Emefiele.

November 22, 2023

November 22, 2023November 22, 2023 IFMNEWS

Tinubu Seeks Guinness World Records Recognition For Economic Reforms

During the 10th German-Nigerian Business Forum on Tuesday, November 21, 2023, President Bola Tinubu asserted his claim to recognition in the Guinness World Records for the economic reforms implemented since assuming office on May 29.

Addressing a gathering of investors, President Tinubu attributed his accomplishments to overcoming barriers that hindered investment in Nigeria.

Highlighting his corporate background and experiences in the private sector, President Tinubu referred to his tenure at Exxon Mobil and his role as treasurer as foundational in equipping him to address Nigeria's economic challenges. He encouraged those concerned about potential hurdles to take inspiration from his journey, stating, "If you have fears of various hurdles, just look at me. I come from the private sector, trained by Deloitte. I worked for Exxon Mobil until I became the corporation's treasurer."

President Tinubu expressed pride in his eight consecutive years of governance in Lagos, emphasizing the state's economic transformation into the fifth-largest economy in Africa during his tenure. "Today, I can proudly say that Lagos State is on the horizon and the fifth-largest economy in Africa, rising from zero. That is the track record that got me into this office as the Federal Republic of Nigeria president," he declared.

Asserting that Nigeria voted for him based on his commitment to reforms, President Tinubu noted that he initiated reforms from the first day of his inauguration. He concluded by expressing his determination to secure a place in the Guinness Book of Records, stating, "To me, if you didn’t mention me in the Guinness Book of Records, I’d strive to find a way to insert myself because I did it without expectation."

November 22, 2023

November 22, 2023November 22, 2023 IFMNEWS

Court Adjourns Suit Challenging Appointment Of EFCC Chairman Until 2024

The Federal High Court in Abuja has scheduled February 22, 2024, for the hearing of a lawsuit challenging the appointment of Mr. Ola Olukoyede as the Chairman of the Economic and Financial Crimes Commission (EFCC).

Justice Obiora Egwuatu confirmed this decision on Wednesday, following mutual agreement among the involved parties on the suitability of the date.

During the proceedings, the plaintiff, Mr. Victor Opatola, a lawyer representing himself, informed the court that he had received preliminary objections to the suit from the Federal Government and the Attorney-General of the Federation. However, Opatola mentioned that he had not yet received any response from the National Assembly (NASS) and the EFCC chairman.

Mr. Israel Obaniyi, representing NASS, explained to the court that his team received information from the legal department of the Assembly only on Tuesday. He assured the court that he would carefully review the brief and submit his response before the next adjourned date. Similarly, the EFCC lawyer, Mr. R.O Adakole, committed to organizing his case before the next hearing.

Consequently, Justice Egwuatu adjourned the matter until February 22, 2024.

The lawsuit, filed by Abuja-based lawyer Opatola, challenges the federal government, NASS, and the Attorney-General over the alleged illegal appointment of Olukoyede as the EFCC Chairman. Opatola questions the validity of Olukoyede's appointment, urging the court to determine whether, according to Section 2 (1) (a) of the EFCC Act 2004, Olukoyede, who had not fulfilled the specified conditions, could be legitimately appointed as the EFCC chairman. Additionally, he seeks the court's interpretation on whether the appointee to the office of the EFCC chairman, as per Section 2(1)(a) of the EFCC Act 2004, must be above the rank of assistant commissioner of police or its equivalent.

November 22, 2023

November 22, 2023 IFMNEWS

Court Grants Emefiele N300m Bail

Justice Hamza Muazu of the Federal Capital Territory High Court in Abuja has granted bail to Mr. Godwin Emefiele, the immediate past Governor of the Central Bank. The bail amount is set at N300 million, and Emefiele must provide two sureties of equal sum, each possessing certificates of occupancy and property titles within the Maitama District.

As part of the bail conditions, Emefiele must deposit all his travel documents with the court registrar and restrict his movements to the Abuja Municipal Council. Until he fulfills the bail conditions, he is to remain in the Kuje Correctional Centre.

Notably, Emefiele was not present during the ruling on his bail application, with his lawyer, Mr. Mathew Burkaa, explaining that he was already at the Kuje Correctional Centre.

This development comes four months after the Federal High Court in Lagos granted Emefiele bail of N20 million. The Federal Government had recently arraigned him on a reduced six-count charge related to alleged procurement fraud, down from the initial 20 counts of N6.5 billion.

The charges revolve around Emefiele's alleged illegal purchase of 43 vehicles between 2018 and 2020, valued at N1.2 billion. He is also accused of awarding a contract to procure 37 Toyota Hilux vehicles worth N854 million.

In count one of the amended charge sheet, Emefiele is accused of using his position as Governor of the Central Bank to confer a corrupt advantage on Sa’adatu Ramallan Yaro, a bank staff member, by awarding a contract to April 1616 Investment Ltd. In this company, Yaro is a director. The contract was for the supply of 37 Toyota Hilux vehicles at a cost of N854,700,000.

The second count alleges that Emefiele corruptly conferred an advantage on Yaro by awarding a contract to supply one Toyota Avalon at N99,900,000 to April 1616 Investment Ltd., where Yaro is also a director. Emefiele pleaded not guilty to the charges during his court appearance.

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