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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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Former Governor Ifeanyi Okowa, Spends Second Night In EFCC’s Cell Over N1.3 Trillion Alleged Fraud

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3 hours ago

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November 7, 2024

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Immediate past governor of Delta State, Ifeanyi Okowa, who was arrested and detained by the Economic and Financial Crimes Commission (EFCC) has spent second night in the custody of the anti-graft commission.

 

Okowa is currently being investigated and detained over the alleged diversion of N1.3 trillion.

 

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

 

According to sources within the commission, Okowa was invited to the EFCC office in Port Harcourt, Rivers State, where he’s subsequently detained by officials.

 

One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

 

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.

Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.

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Lagos Government Shuts Down Redeemed Church, Celestial Church, Clubs, Event Centres Over Noise Pollution

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15 hours ago

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November 6, 2024

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The Lagos State government has shut down a branch of Pastor E. A. Adeboye’s Redeemed Christian Church of God, a Celestial church, nightclubs and event centres over noise pollution.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, who made this known on Wednesday, said the churches, clubs and event centres were sealed on Tuesday by the Lagos State Environmental Protection Agency (LASEPA) in the Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota areas of the state.

The sealed establishments include: Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Lounge & Lodging, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The commissioner in a post on X said, “In a bid to address noise pollution and other environmental violations, the Lagos State Environmental Protection Agency (LASEPA) took action yesterday, closing down several establishments across different parts of the state.

“This enforcement drive, focusing on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota, is part of LASEPA’s continuous efforts to uphold environmental standards and safeguard public health.

“The affected establishments include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.”

 

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Gen. Taoreed Lagbaja: Tinubu directs flags be flown at half-mast

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17 hours ago

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November 6, 2024

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President Bola Tinubu has directed that Nigeria’s national flags be flown at half mast for seven days across the country to mourn the passing of the late Chief of Army Staff, Lt. Gen. Taoreed Lagbaja.

The late Army chief, who was appointed by Tinubu on 19 June 2023, was said to have passed away on Tuesday night after a prolonged illness.

The Secretary to the Government of the Federation, George Akume, in a statement on Wednesday by his office Director of Information & Public Relations, Segun Imohiosen, said the president expressed regret over Lagbaja’s death.

Akume said, “President Bola Tinubu has expressed regret following the death of the Chief of Army Staff, Lieutenant General Taoreed Abiodun Lagbaja, after a brief illness at the age of 56.

“The President has directed that national flags be flown at half mast throughout the country for seven days in honour of the departed Army chief.

“He profoundly appreciates the services of the departed to the nation and wishes the family the fortitude to bear the great loss.”

Meanwhile, the Ministers of Defence, Mohammed Badaru and Bello Matawalle, have commiserated with the president, the military, and Lagbaja’s family over his death.

In a statement by the Ministry’s spokesperson, Henshaw Ogubike, the ministers described Lagbaja’s death as a great loss to his family, the Army, and the nation at large.

“The passing on to eternal glory shocked us at the Ministry of Defence, as our working relationship with him was commendable; he exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.

“The late Chief of Army Staff contributed significantly to internal security operations across Nigeria and also exhibited a high level of professionalism.

“He will be greatly missed by the family, the military, and the nation, as he served the nation with commitment and dedication,” the statement added.

 

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