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Forex woes and the many “sins” of Godwin Emefiele

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3 years ago

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The group, in a press briefing addressed by the co-ordinator of AGP, Comrade Ahmadu Yusuf called on the top banker to resign because of his inability to stabilize the country’s economy. The AGP also claimed that Emefiele was using his hidden agenda to discredit President Buhari’s administration through what the group termed “anti-people oriented policies”.

The AGP which asked Emefiele to resign by September 23, 2021 had even threatened to occupy the CBN from Monday September 27, 2021 so as to force the CBN governor’s resignation and save the country from total collapse.

Other interested parties have also weighed in on the poor state of the economy like former CBN governor SanusiLamidoSanusi  while those who have called for the sack of the CBN governor  include sundry CSO organizations, and even the opposition Peoples Democratic Party (PDP). Below is a list of some of the “sins” heaped at the feet of Godwin Emefiele.

  1. The PDP speaking through itspublicity secretary Kola Ologbondiyan on September 23, 2021, called for the immediate sack and prosecution of Godwin Emefiele. The party noted that Emefiele’s tenure as CBN governor has been signposted by failures in executing his mandate as the man in charge of monetary and fiscal policies. The party also asked the Governor to vacate the office and hand himself over for investigation. The party noted that when Emefiele took office as CBN Governor in 2014, the naira exchanged for N164 to the dollar. Today, with Emefiele in the saddle, the naira has tumbled to almost N600 to the dollar, bringing the nation’s economy to its knees. According to Ologbondiyan “Our party insists that the tenure of Emefiele as CBN governor under the APC administration has witnessed colossal failures of monetary and fiscal policies, requiring him to vacate the office and hand himself over for investigation.”
  2. Senator AkpanUdoedehe on Wednesday, September 15, 2021 while speaking on Channels TV programme “Politics Today” said that the CBN governor has supervised large scale stealing of money at the apex bank. The senator called on the Economics and Financial Crimes Commission (EFCC) to investigate and prosecute Godwin Emefiele as a matter of urgency. The CBN governor is yet to respond to the grave allegations made on national television.
  3. Nigerians are still wondering what became of investigations into the leaked audio in which Emefiele was caught admitting to the loss of over N500bn in a botched private investment deal in Dubai. According to Sahara Reporters, the CBN governor did not deny the story instead he wanted the Inspector General of police to investigate and find out how the online platform obtained the audio.
  4. Many Nigerians are suggesting that the CBN governor’s rumoured political ambition may be distracting him from carrying out his monetary and fiscal policy oversight functions. Speculation has been swirling that Godwin Emefiele is planning to run for President. So, many are wondering whether this is a case of politics standing in the way of fiscal and monetary policy? Is the Naira staggering under the weight of Godwin Emefiele’s ambition?
  5. Young Nigerians declared Emefiele Enemy Number 1 since the CBN under his watch took a hardline stance against crypto currency transactions especially during and in the immediate aftermath of the #Endsars protest. They saw the apex bank’s move as anti-youth and retrogressive. The coming of e-Naira which was scheduled for an October 1, 2021 launch, is supposed to help ameliorate the situation and buy him good will from the younger demographic even as many are questioning the largely opaque process that led to the selection of Bitt Inc as the CBN’s partner in the e-Naira project.
  6. But where eNaira is supposed to help assuage the young and tech savvy, younger Nigerians are currently up in arms following revelations that the CBN governor may be acting out a script to deny forex allocations for printing international passports so as to stem the current wave of emigration by young Nigerians. According to a recent online story “the CBN refusing to provide forex for the company…I am reliably informed, is the material reason behind the chronic booklet shortages since 2017” as well as “an alleged unofficial government policy to stem brain drain by making passports hard to access.”

By: John Atte

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Fayose’s brother, Emmanuel joins Ekiti governorship race

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4 hours ago

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January 11, 2025

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A chieftain of the Peoples Democratic Party, Emmanuel Fayose, has signified his intention to join the governorship race in Ekiti State.

Fayose, who is the immediate younger brother of the state’s former governor, Ayodele Fayose, disclosed this in a statement made available  on Friday.

According to him, his resolve to join the race was borne out of his desire to revamp Ekiti and return the state to the path of growth and development.

He said, “I am in the race to dislodge the Oyebanji-led government, and eventually, if I win, I will run an inclusive government that would steer Ekiti in the right direction.”

Fayose claimed that he was further motivated following the recent meeting between his brother, Ayodele Fayose and President Bola Tinubu in Lagos.

At the meeting, the former governor was said to have informed the President that he would support the incumbent to return to office, an act his party members in Ekiti have since labelled as anti-party.

However, Fayose noted that his morale was not dampened by the ‘bad’ news.

Instead, he vowed to shock him by picking the PDP form with a strong conviction that Ekiti people would back him all the way to win.

He said, “I read about the meeting in the newspapers like any other person and I wish to state that the meeting has nothing to do with my aspiration.

“The meeting will not in any way impact my aspiration because the former governor, being my elder brother, is only exercising his Democratic rights of freedom of choice.

“His choice and preferences will not and cannot in any way impact negatively on my bid as we are separate entities pursuing different goals.”

Fayose also called on his supporters in the state to remain steadfast and resolute in their quest for positive change, adding that come 2026, the PDP will return to power to rebuild the state.

“So my brother is on his own and it’s left for the leadership of our great party to ascertain his political allegiance either to our PDP or APC.

“I am, however, using the opportunity provided by this platform to urge our teeming supporters to remain firm and resolute and not to be distracted in any way to cause the needed change in our state,” he concluded.

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Extradition hitches stall prosecution of Alison-Madueke, says SAN

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6 hours ago

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January 10, 2025

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For over eight years, the Nigerian government has struggled to prosecute former Petroleum Minister Diezani Alison-Madueke due to complex extradition procedures, according to Senior Advocate of Nigeria (SAN) Wahab Shittu.

Speaking on Channels Television’s Politics Today on Friday, Shittu highlighted the legal and administrative hurdles involved in bringing Alison-Madueke back from the United Kingdom to face trial.

“You know the extradition procedures of getting somebody who has taken flight from one country to another involve legal compliance procedures that must be satisfied before someone can be extradited to Nigeria,” Shittu explained.

“There are judicial procedures and international administrative protocols that must be complied with.

“Successive Nigerian governments, particularly this administration, are making efforts to ensure Diezani is brought back to face her trials. However, legal and extra-legal hurdles remain a significant challenge.”

Alison-Madueke, who served under former President Goodluck Jonathan, has been accused of siphoning millions of dollars in public funds.

Despite numerous cases filed against her in Nigerian courts, her continued stay in the UK has hindered her prosecution.

Meanwhile, the Nigerian government on Friday secured $52.88 million in recovered Galactica assets linked to Alison-Madueke from the United States.

Attorney-General of the Federation and Minister of Justice Lateef Fagbemi revealed the details during a formal asset agreement signing ceremony in Abuja.

Fagbemi announced that $50 million of the recovered funds would be allocated through the World Bank for rural electrification projects, while the remaining $2 million would be directed to the International Institute of Justice to enhance the country’s justice system and counter corruption efforts.

This latest recovery underscores Nigeria’s commitment to pursuing stolen assets, but Shittu stressed that the ultimate goal remains ensuring accountability.

“These challenges demonstrate the complexity of international justice systems,” Shittu noted, “but efforts must continue until justice is served.”

In October 2023, Fagbemi submitted a warrant of arrest and request to the Crown Prosecution Services of the United Kingdom for the urgent extradition of Alison-Madueke.

Meanwhile, in May 2024, the Economic and Financial Crimes Commission planned to join forces with the United Kingdom prosecutors as an interested party in the trial of the former petroleum minister in a UK court.

 

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EFCC Arrests Four Chinese, 101 Others For Suspected Internet Fraud In Abuja

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15 hours ago

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January 10, 2025

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The Economic and Financial Crimes Commission (EFCC) has arrested four Chinese nationals and 101 Nigerians in a business apartment in the Gudu axis of Abuja for internet fraud.

They were arrested on Thursday, January 9, 2025.

 

The suspects, comprising 67 males (including four Chinese) and 38 females were allegedly involved in a hotel review job scam targeting victims and hotels in Europe and other parts of the world.

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