President Tinubu’s Government has Borrowed a Staggering $6.45bn From The World Bank
The current administration led by President Bola Tinubu has borrowed a total of $6.45bn from the world bank in just...
Business
CBN Ex-Deputy Governor Reveals Buhari Did Not Approve Emefiele’s Naira Redesign Plan
Edward Adamu, a former deputy governor of the Central Bank of Nigeria, testified as the fourth witness in the trial of the bank's immediate past governor on Wednesday. The Federal Government is suing Emefiele for overseeing the CBN's disorganised naira redesign program in late 2022. Before Justice Maryanne Anenih of the Federal Capital Territory High Court, Maitama, the former CBN helmsman is accused of four counts. Adamu informed the court on Wednesday, as the fourth prosecution witness, that Emefiele had violated the established protocol during the 2022 naira design exercise. Rotimi Oyedepo (SAN), the prosecuting attorney for the Economic and Financial Crimes Commission, testified in court that he had seen earlier redesigns of the naira, which were done to address a variety of issues including circulation volume, inflation, counterfeiting, and general currency management. But he asserted that it was illegal for Emefiele to have designed the 2022 naira during the government of former President Muhammadu Buhari to have done so without the consent of the CBN Board or the President. Adamu clarified that the Director of Currency Operations initiates the regular process for a naira redesign, which is then sent to the Committee of Governors, who approve it before sending it to the head of state. He claimed Emefiele got around this procedure. Adamu, on the other hand, said that Emefiele called a meeting of the Committee of Governors and then carried out the redesign after allegedly receiving presidential consent. He added that the design of the naira notes that are currently in circulation differs somewhat from what was approved by the CBN board and President Buhari after examining Exhibit E2, which was submitted as proof. He claimed that Emefiele had made these modifications on his own. Under cross-examination, defence attorney Olalekan Ojo (SAN) questioned Adamu about the custom of board recommendation coming before presidential approval before the new redesign of the naira. That was confirmed by Adamu. Ojo then enquired as to whether the President had ever approved a procedure without first notifying the board. Adamu retorted that he had not seen this kind of behaviour during his employment. Adamu was also questioned by the defence attorney about his knowledge of any occasions in which the President authorised the distribution of monies to the military, ECOWAS, or other nations without first consulting the CBN Board or Committee of Governors. Adamu acknowledged having heard of one such incident. Ojo also asked Adamu if he was aware of any repercussions for breaking the CBN Act's guidelines. Adamu said he has no memory of anything. Ojo questioned Adamu about whether he remembered stating that the minutes of CBN Meeting 764 were approved, referencing a previous statement he had given to the EFCC on February 24, 2024. In response, Adamu said he couldn't recall.The witness's testimony in court, according to the defence attorney, differed from what he had told the EFCC. The witness's testimony and earlier statement, according to the prosecution's objection, were not yet in the court's possession. The witness was then permitted by the judge to examine his statement to refresh his memory, which he duly did....
“We built the Dangote refinery without a single incentive from the government,” ~ Aliko Dangote
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China’s stock market boom has cooled off after investors were left dissatisfied by the much-awaited unveiling of plans to revive the flagging economy.
China's stock market boom has cooled off after investors were left dissatisfied by the much-awaited unveiling of plans to revive...
A strong US Jobs Data Strengthens the Currency and Asian Markets
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The State Of China’s Economy Is Dire. Can Things Improve With Its “Whatever-It-Takes” Stimulus Effort?
Francis Lun, who manages a modest 10-person firm in Hong Kong, has found relief in the stock market after four...
FG Eliminates Diesel and Cooking Gas Value Added Tax.
The federal government claims to have stopped charging value-added tax (VAT) on fuel used for cooking, diesel, and other oil and gas-related products. The decision is intended to revive Nigeria's oil and gas industry and increase investor confidence, according to a statement from Mohammed Manga, director of communications and public affairs at the Ministry of Finance The notice aims to reduce living expenses, enhance energy stability, and expedite Nigeria's shift to sustainable energy sources," the statement stated. "The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment." According to him, additional tax breaks for deep offshore projects are offered by the notification of tax benefits for deep offshore oil and gas production. “This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global...
UAE Eases Visa Restrictions and Simplifies Application Process for Nigerians
In a significant move to strengthen ties with Nigeria, the UAE has announced the lifting of restrictions on visa applications...
“I Regret not Buying Arsenal Football Club”~ Dangote
The richest African man and chairman of Dangote Industries Limited had expressed his regret over not buying Arsenal Football Club...
Australian Supermarkets Face Lawsuit Over Alleged Fake Discount Claims
The two largest grocery chains in Australia are being sued by Australia's consumer watchdog, which claims they made up the...
