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Shocking Reason Emiefele was Arrested

In a shocking development, the Nigerian Federal Government has suspended the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. Sources reveal that Emefiele was arrested in Lagos by the Department of State Services (DSS) on June 10 and flown to Abuja for questioning which the security agency has now confirmed.

 

The suspension is allegedly directly tied to a staggering $1 billion scandal that unfolded just before the inauguration.

Akelicious learned that Suspicions arose after Emefiele’s borrowing of $1 billion from Afrexim Bank on April 24, 2023 after the elections, during preparations for the May 29 inauguration.

Shockingly, within two days of receiving the money, $750 million was swiftly transferred to Aliko Dangote’s Dubai accounts using a Form A.

It is alleged that the President-Elect, Bola Ahmed Tinubu, was kept in the dark about this transaction.

Sources within the CBN claim that Emefiele sold dollars to Dangote at an unbelievably low rate of 445 Naira to the dollar. 1 billion dollars was received from Afrexim Bank into the CBN’s JP Morgan account on April 24, 2023, out of which 750 million dollars was immediately transferred to Dangote’s Bluestar Dubai account within two days using the “Form A” transaction method, bypassing the requirement of a Letter of Credit.

Bluestar has had ties to Dangote since 2007.

While some CBN officials raised concerns about these transactions, the revelation highlights the potential for money laundering and illicit activities within Nigeria’s financial system, tarnishing the CBN’s integrity under Emefiele’s leadership.

Recognizing the gravity of the situation, the President took decisive action by suspending Emefiele and ordering a thorough investigation.

(Akelicious)

 

 

New Rivers Governor Revokes Road Contract Awarded by Wike

Governor Siminalayi Fubara of Rivers State has ordered the revocation of the Andoni section of the Ogoni-Andoni-Opobo-Nkoro Unity Road project due to the alleged slow pace of work by the contractor.

Mr Fubara gave the order in Andoni on Saturday while inspecting the project alongside the Commissioner for Works, George Kelly, and the Chairperson of Andoni Local Government Council, Erastus Awortu.

The governor said it was regrettable that the contractor could only achieve about 45 per cent on the project despite receiving 100 per cent funding from Nyesom Wike’s administration.

What I have seen here today leaves much to be desired, given that the immediate past administration had good intentions for the people of Andoni.

The last administration made so much commitment to the point of even making 100 per cent payment to ensure quick delivery of the project before the end of its tenure, unfortunately, the contractor did otherwise.

We are left with no option than to remove the big elephant behind the slow pace of work on this project just like President Bola Tinubu removed the big elephant behind fuel subsidy,” Mr Fubara said.

Consequently, the governor directed the works commissioner to commence the process of revocation of the project immediately.

He has also directed that the project be re-awarded to a “more competent” contractor who would deliver timely and according to specifications.

The governor, however, assured that the Andoni Section of the Unity Road would be completed and commissioned within his first hundred days in office.

The News Agency of Nigeria (NAN) reports that the Andoni section of the Ogoni-Opobo-Nkoro-Andoni Unity Road, when eventually completed, would further promote the economy and co-existence amongst local communities in the area.

(Journalist101)

Who is Acting CBN Governor, Folashodun Shonubi

President Bola Tinubu on Friday suspended Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele from office with immediate effect.

Tinubu also directed Emefiele to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr Folashodun Adebisi Shonubi.

He said Shonubi will act as the CBN Governor, pending the conclusion of investigation and the reforms

Below is a brief profile of the Acting CBN Governor.

1. Shonubi was born on 7th of March, 1962.

2. He holds a double Master’s Degree respectively in Business Administration and Mechanical Engineering, from the University of Lagos.

3. He is a banker with over 30 year’s professional experience and was the Managing Director/CEO of the Nigeria Inter-Bank Settlement System PLC from 2012-2018.

4.Shonubi was Executive Director, Information Technology and Operations at Union Bank of Nigeria Plc; a member of the Board of Union Homes and Director, Information Technology and Corporate Services in Renaissance Securities Nigeria Limited, with responsibility for the Group’s IT infrastructure in Africa.

5.He was the Deputy General Manager of MBC International between 1999 and 2007 and served in First City Monument Bank Limited as Vice President and in Ecobank Nigeria Limited as Executive Director.

GGM Celebrates The Suspension Of CBN Governor

Good Governance Ministry (GGM) has announced that the sack of Emefiele should be celebrated by all Nigerians.The Political Ministry, however confirmed that the appointment of Shonubi as acting Governor is in line with ethical standard and CBN practice until ongoing investigation is over .But for house cleaning of the CBN to be effective, a team of auditors should be engaged from outside of the CBN. Only then, CBN can be professionally and thoroughly probed and the outcome of the probe should inform the Nigerians how the Bank was managed under Buhari’s Emefiele.

The CBN was operated as an ATM of the Cabal,a Canteen and Cash Cow of the parasitic elites of the past administration.

Emefiele was reckless in his actions and managed CBN as extension of Commercial Banks where he served as Managing Director. No sane President of a Country will leave Emefiele to last in CBN saddle for a day. But Emefiele is not alone . Tinubu should also sack INEC henchman- Mr Yakubu for sabotaging electoral process and finally sack himself for benefitting in electoral fraud. Let the sack go round.

Ndubuisi Anaenugwu is Ambassador of Good Governance Ministry

Breaking : Tinubu Suspends Emefiele as CBN Governor

President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect.

This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.

GGM Demands For Immediate Withdrawal Of Licenses Issued To Electricity Companies In Nigeria For Non-performance

An employee walks past electricity pylons carrying high voltage power lines at the newly renovated energy generation plant, operated by Egbin Power Plc, in Lagos, Nigeria, on Wednesday, Aug. 26, 2015. While Nigeria was the world's fourth-biggest exporter of liquefied natural gas in 2012, it's struggling to meet local demand for the fuel used by plants that generate at least 70 percent of the country's electricity needs. Photographer: George Osodi/Bloomberg via Getty Images

With the approval of new Electricity Act 2023 by President Tinubu , electricity business in Nigeria will now be available to everybody as the case with other countries of the world . It is only in Nigeria that electricity supply will be used as campaign issues . Nigeria has been left behind by the rest of the world because of epileptic supply of electricity.

Good Governance Ministry (GGM) however ,congratulates Nigerians for being part of this history . GGM calls on President Tinubu to withdraw the existing licenses in the power sector for non-performance as well as creating a level playing ground for investors . It is a new dawn in the electricity transactions in Nigeria.

The new bill seeks to promote private sector investments in the Nigerian power sector and de-monopolise the nation’s electricity generation, transmission and distribution at the national level.

These are some of the benefits of the electricity act 2023.

The passage means that anyone may construct, own, or operate an undertaking for generating electricity not exceeding one megawatt in
aggregate at a site, or an undertaking for distribution of electricity with a
capacity not exceeding 100 kilowatts in aggregate at a site, or such other
capacity as the Commission may determine from time to time, without a licence.

Electricity generation licensees are obligated to meet renewable generation obligations as may be prescribed by the Nigerian Electricity Regulatory Commission.

Electricity generating companies will be mandated to either generate power from renewable energy sources, purchase power generated from renewable energy or procure any instrument representing renewable energy generation.

Lawmakers are granted the power to carry out oversight responsibilities and function over the NESI through its respective Committees on Power in the Senate and House of Representatives.

Empowerment of states, companies, and individuals to generate, transmit and distribute electricity.

States can regulate their electricity markets by issuing licences to private investors who can operate mini-grids and power plants within the state. However, the Act precludes interstate and transnational electricity distribution.

The Nigerian Electricity Regulatory Commission will be able to regulate the electricity sector within Nigeria.

The commission can transition regulatory responsibilities from itself to state regulators when they are established.

Until a state has passed its electricity market laws, NERC will continue to regulate electricity businesses in such states.

For now, only three states -Lagos, Edo and Kaduna—have electricity market laws and can start regulating their markets. But for other
states without such laws, NERC will regulate their electricity generation ,
transmission and distribution.

South east Governors,you have no reason or excuse for under-development .

INEC and APC Rejects LP Request to Question IT Experts

The Labour Party and its presidential candidate in the February 25 election, Peter Obi, on Thursday evening, sought an order of the Presidential Election Petition Court in Abuja to interrogate the Independent National Electoral Commission.

The LP and Obi, among other things, are seeking details relating to the information and communication technology experts used by INEC in the conduct of the election.

The LP and Obi are challenging the declaration by INEC that  Bola Tinubu of the All Progressives Congress won the election.

In two separate motions argued by their lawyer, Patrick Ikweto (SAN), Obi posed 12 questions to be forwarded to INEC as part of efforts to support their petition which questioned the integrity of the election.

The petitioners averred that the interrogatory application if acceded to, would assist them in solidifying their claims that the conduct of the election was flawed.

However, counsel for INEC, Kemi Pinhero (SAN), objected to the move, on the grounds that the application was brought outside the time specified and allowed by law.

He contended that moving the application outside the pre-hearing session had robbed the court of jurisdiction to hear it.

Also, both the counsel for Tinubu, Akin Olujimi (SAN) and counsel for the APC, Lateef Fagbemi (SAN), opposed the request.

The presiding Justice, Haruna Tsammani, reserved the ruling on the interrogatory applications by Obi and his party.

He also adjourned further hearing in the petition till Friday (today).

Meanwhile, the Peoples Democratic Party and its candidate, Atiku Abubakar, on Thursday, called their first subpoenaed witness at the Presidential Election Petition Court despite vehement objection by the respondents.

The witness, Friday Egwuma, who was an INEC ad hoc staff, told the court that he served as  Presiding Officer at Polling Unit 17, Aba North in Abia State.

Egwuma told the court that he experienced technical glitches at the point of uploading the captured presidential results to the INEC Results Viewing Portal.

He alleged that the results could not be electronically transmitted in real-time after capturing it on the Bimodal Voters Accreditation System.

Egwuama gave the testimony during his cross-examination by the counsel for INEC, A.B. Mahmoud (SAN).

He pointed out that the difficulty he encountered was only in relation to the presidential results as other results pertaining to the senatorial and House of Representatives elections were electronically transmitted to the portal seamlessly.

He, however, noted that there was an option to use an offline mode in such a situation.

Earlier on, before the witness testified the respondents had opposed the admissibility of his deposition.

The court reserved ruling on the objection until final judgment.

(Punch)

IPMAN Cries Out As Soludo Commences Demolition Of 13 Outlets Of Her Members Over Flyover Project

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has lamented the proposed demolition of 13 functional filling stations to make way for construction of a flyover in Ekwulobia area of the State.

The marketers in a protest letter signed by Mr Chinedu Anyaso, Chairman of IPMAN Enugu Depot Community in charge of Anambra, Ebonyi and Enugu called on Gov. Chukwuma Soludo of Anambra to consider the economic impact of the planned demolition on the businesses and families of the victims.

Anyaso said the would-be affected marketers have expressed worries over the planned demolition of their premises without any compensation plan by the government.

The IPMAN leadership said it was in full support of Soludo’s infrastructure transformation agenda including the flyover project because of its attendant benefit but pleaded that its members should not be thrown out of business and livelihood activities.

He said the earmarked outlets included Matino Oil, Ngozi Petroleum both on Orlu Road, Ekwulobia, Pap Oil, Evkkins Oil, Ernmaco Petroleum, Narco Oil and NIPCO all stationed along Awka Road, Ekwulobia.

Others are, Jolet Oil, Best Abino Oil, God’s Decision Oil AND Hachele Petrogas all stationed along Igboukwu Road, Ekwulobia,
Narco Oil, and God’s Decision Oil all along Oko Road, Ekwulobia.

According to IPMAN, our members in Ekwulobia Axis made official reports to our NEC through the Zonal office in respect of the proposed Ekwulobia flyover which will adversely affect their means of livelihood.

“About 13 of their operational filling stations with current documents have been marked out for demolition.

“As a body appreciate every move towards infrastructural development and applaud the giant strides of the governor in that respect.

“While we acknowledge the benefits of the proposed flyover, we also want you to understand that most of our members that are affected by the proposed project rely heavily on those outlets as means of survival and sustenance to their families and other dependents,” he said.

IPMAN said it would luke to meet with the governor on a scheduled date for discussion on how to resettle the displaced members.

Meanwhile, the Anambra government has said that the construction of Ekwulobia flyover
had been awarded and would soon commence.

The Statement which was signed by Mr Paul Nwosu, Commissioner for Information said people whose properties and shops were on the right of way of the flyover or encroached into the road corridor should vacate.

“Owners of such properties and shops are hereby advised to begin to dismantle their structures and
evacuate their valuables immediately as agreed in the last stakeholders meeting,” it said.

BVAS Couldn’t Transmit Results, INEC Staff Confess in Court

Two ad-hoc staff of the Independent National Electoral Commission acting as subpoenaed witnesses of the Peoples Democratic Party have admitted that the Bimodal Voter Accreditation System failed to transmit the results of the presidential election after the collation.

The witnesses, Friday Egwuma and Grace Timothy told the Presidential Election Petition Court on Thursday that the BVAS machine allocated to them developed a system error immediately after the results of the Senate and House of Representatives aspects of the poll were freely transmitted.

In their subpoena evidence, the two workers of the electoral body explained that they had to resort to other means of getting the results when it became clear that the BVAS machines would not help them.

Egwuma was a Presiding Officer in a polling unit in Abia State while Grace Timothy served INEC in Plateau State.

Apart from the failure of the BVAS machines to transmit the presidential election results, the two witnesses admitted that voting went smoothly in their respective places of work.

They were led in evidence by Atiku’s lead counsel Chief Chris Uche SAN.

Under cross-examination by Abubakar Mahmud SAN, who stood for the electoral body, Egwuma explained that he resorted to an offline system in place of the BVAS machines.

They were led in evidence by Atiku’s lead counsel Chief Chris Uche SAN.

Under cross-examination by Abubakar Mahmud SAN, who stood for the electoral body, Egwuma explained that he resorted to an offline system in place of the BVAS machines.

(Punch)

Annie Okonkwo Is Dead

Senator Clement Annie Okonkwo KSJ, Agunaechemba, as he is fondly called by admirers, an entrepreneur extra-ordinaire, is dead.

Annie Okonkwo, who celebrated his 63 years birthday on 23 may, 2023.

He was elected on the platform of the Peoples Democratic Party (PDP) in 2007 to represent the Anambra Central Senatorial Zone in Anambra State.

A source told The Nigeria Lawyer that “he was recovering after taking proper treatment in the United States of America but relapsed a few days ago and died yesterday.”

“Further details and arrangements would be made known to the public after deliberations and meetings are held within the family”.