The National Security Adviser (NSA), Nuhu Ribadu, has urged the public to disregard the allegations made against him by the former Kaduna State Governor, Nasir El-Rufai.

PREMIUM TIMES reported that Mr El-Rufai on Monday accused Mr Ribadu of being behind his ordeal with anti-graft agencies. He alleged that Mr Ribadu was doing so because he is interested in succeeding President Bola Tinubu in 2031.

In his response, Mr Ribadu said in a statement that he has not discussed contesting in 2031 with anyone.

“For the avoidance of doubt, I want to put it on record that I have never discussed running for president in 2031 with anybody. All my focus and energy are geared completely towards the advancement of Nigeria and the success of the President Tinubu administration,” he said.

Messrs Ribadu and El-Rufai were friends and allies during the Obasanjo administration and that of the late Umar Yar’Adua. However, both men have become political adversaries although they are both members of the ruling party, APC.

In his statement, Mr Ribadu alluded to their history.

“If my silence wouldn’t risk being construed as consent, I would have ignored him. I am too preoccupied with my current assignment as to get into a media fight with Nasir El-Rufai or anyone else.

“Despite the incessant baiting and attacks I have never spoken ill of Nasir on record anywhere. This is out of respect for our past association and our respective families. I will not start today.”

Read the full statement below.

I WON’T JOIN ISSUES WITH NASIR EL-RUFAI

My attention has been drawn to the interview granted by Mallam Nasir El-Rufai, the immediate past governor of Kaduna State Monday evening.

If my silence wouldn’t risk being construed as consent, I would have ignored him. I am too preoccupied with my current assignment as to get into a media fight with Nasir El-Rufai or anyone else.

Despite the incessant baiting and attacks I have never spoken ill of Nasir on record anywhere. This is out of respect for our past association and our respective families. I will not start today.

I however urge the public to disregard El-rufai’s statements against me.

For the avoidance of doubt, I want to put it on record that I have never discussed running for president in 2031 with anybody. All my focus and energy are geared completely towards the advancement of Nigeria and the success of the President Tinubu administration.

I therefore ask Nasir El-Rufai to allow me face my onerous national assignment just as I do not bother myself with his own affairs.

Nuhu Ribadu

Willie Obiano allegedly used three unlicensed companies to siphon funds during his time as governor of Anambra State, a witness told a Federal High Court in Abuja on Monday.

Mr Obiano is facing nine charges of diversion of over N4 billion (N4,006,573,350) from the state’s account dedicated to security funds in his last five years in office.

He served as governor of the South-eastern state from 2014 to 2022 under the platform of the All Progressives Grand Alliance.

The former governor is being prosecuted by the Economic and Financial Crimes Commission (EFCC).

Mr Obiano, now a defendant, allegedly directed the diversion of the money from the state’s account between April 2017 and March 2022.

EFCC alleged that the funds were diverted through companies “that had no business relationship with the Anambra State Government”.

The anti-graft agency claimed the funds were then converted to dollars and handed over to the then-governor in cash.

The former governor allegedly stole the money over five years by instructing his Chief Protocol Officer/Deputy Chief of Staff, Uzuegbuna Okagbue, to transfer various sums of money from the state on various occasions.

But Mr Obiano denied all nine charges during his arraignment in January 2024.

Witness speaks

During Monday’s proceedings, the EFCC presented their third witness, Andrew Ali, a staffer of the Central Bank of Nigeria (CBN) and head of the licence office, according to a statement by the anti-graft agency posted on Facebook.

Mr Ali told the court during the hearing that three companies out of the 23 company accounts connected with the alleged N4 billion fraud were not duly licensed with the CBN to carry out Bureau De Change (BDC) business.

The witness, while being led in evidence by prosecution counsel, Slyvanus Tahir, a Senior Advocate of Nigeria (SAN), identified the three companies as Connaught International service, SY Panda Enterprise and Zirga Zirga Trading company.

He said Zirga had been delisted from the CBN licence list before 2014, when Mr Obiano took over office as governor.

“Sometimes around April 2023, we received two letters from the EFCC regarding some 23 financial institutions to know if they were licenced or not, I recall forwarding the two letters to the desk officer, who upon review, said we have received such letters in the past before so we comprehensively replied the EFCC in a letter dated May 21, 2023 and as seen in the letter of our response, out of 23 companies, three of them were not registered,” he said.

The eight-page letter from the EFCC and the response were admitted in evidence and marked as exhibit A1-A8, according to the statement.

‘No licencing requirements’

Mr Ali, during a cross examination by the defence counsel, Onyechi Ikpeazu, also a SAN, recalled that Zirga Zirga trading company did not meet the licencing requirements before 2014.

“Once you do not meet the requirements, you are delisted.

“It is in public knowledge that we only supervise the people that are licensed, once you are not on our list, we lose the power to supervise you,” he said.

“We run a public notice to sensitise the public not to operate with unlicensed companies which is also on our website.”

Continuing, the witness stressed that the delisting of companies that do not meet requirements for renewable licensing was backed up by Section 15 and 19 of the CBN Revised Operational Guidelines 2015.

“Our work is to regulate, and supervise them. Once you do not meet the requirement of renewable licensing, you will be delisted and we publish it on our valedictory list which is on our website.

“BDCs also have operational accounts which they do business with, they are not allowed to do business without those accounts,” he stated.

The judge, Inyang Ekwo, adjourned the matter to 26 February 2025 for continuation of trial.

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has come under attack and a smear campaign from detractors and vested interests opposed to the ongoing economic reforms spearheaded by his administration, investigations have revealed.

Findings indicate that these attacks are being orchestrated by disgruntled elements within and outside the apex bank, aiming to discredit the governor and reverse the progress made in stabilizing Nigeria’s economy.

Cardoso took over a deeply corrupt and dysfunctional system under the former administration of the apex bank. It would be recalled that findings by the Special Investigator of the Central Bank of Nigeria and Other Related Entities revealed that certain elements within the system had turned the CBN into their personal and family enterprise, allegedly siphoning off billions in stolen and embezzled funds.

The previous administration of the apex bank was said to have expended over ₦10 trillion in about six years on various interventions across different sectors of the economy, yet with little to no significant impact. The CBN had become a cesspool of corruption, necessitating urgent and radical reforms to restore its integrity and credibility.

Upon assuming office in September 2023, we gathered that Cardoso conducted a comprehensive review of the entire system and concluded that a complete cleanup was essential for his success. This prompted the CBN boss to implement bold and drastic internal reforms to enhance operational efficiency.

However, these reforms have not come without opposition.

Further investigations revealed that the recent attacks against the CBN Governor are part of a smear campaign orchestrated by certain disgruntled top officials and former officials of the CBN. Security sources confirmed that communication tracking has identified a serving director, two deputy directors, and two former directors as the masterminds behind the ongoing attacks. These individuals are allegedly working to tarnish the apex-bank governor’s reputation through blackmail and misinformation. We learned that security agencies are closely monitoring their activities, and they are expected to face legal consequences soon.

“Yes, we have received petitions regarding attempts to blackmail the governor of the CBN. A high-level investigation has commenced, and those found culpable shall face the full wrath of the law. We are collaborating with another sister agency on the matter,” a top DSS official, who is not authorized to comment on the matter, told our correspondent.

As part of the recent reforms, several redundant directors and senior officials accused of engaging in forex manipulations that weakened the naira over the years have been retired. The restructuring process included the voluntary retirement of many officials, who were well compensated for their years of service. This initiative was largely welcomed by many. Additionally, the bank transferred some staff from the Abuja headquarters to Lagos and other regional offices across the federation to optimize operations. However, these measures did not sit well with some individuals, as they effectively blocked corruption loopholes, leading to resistance from affected parties.

Notably, many of the officials who have exited the CBN were closely associated with the embattled former governor, Godwin Emefiele, who has been accused of running the apex-bank and the Nigerian economy aground. Emefiele is currently facing multiple charges, including fraud, money laundering, and abuse of office. Recall that the Department of State Services (DSS) had arrested several former deputy governors, directors, deputy directors and some other officials of the CBN linked to Emefiele over allegations of financial misconduct and irregular forex allocations.

Despite facing opposition, the policies and reforms initiated by the Cardoso-led CBN have begun to yield positive results. The reforms have restored confidence among both foreign and domestic investors, bolstering efforts to attain price stability.

The implementation of critical measures in the foreign exchange (forex) market has led to a strengthening of the naira against foreign currencies in both parallel and the Nigerian Autonomous Foreign Exchange Market (NAFEM). Additionally, foreign direct investments (FDIs) are on the rise, signaling increased investor confidence due to improved forex management and greater transparency in financial operations.

One of the key reforms under Cardoso’s leadership was the overhaul of the Bureau De Change (BDC) operations, which had become a conduit for illicit financial activities, including terrorism financing and money laundering. The BDC segment was being exploited by bank staff and even some CBN officials for arbitrage, distorting the forex market. As part of the clean-up, the CBN revoked 4,173 BDC licenses, effectively dismantling corrupt networks and restoring discipline in the sector.

The electronic FX matching platform and the Nigeria FX Code, introduced by Cardoso into the system, have also been pivotal in restoring transparency. As a result of these efforts, investor confidence has surged, foreign portfolio inflows have increased, and external reserves have risen to over $40 billion, the highest level in nearly three years.

The Cardoso-led CBN has also been able to unify the exchange rate system and eliminate multiple exchange rates, which had previously distorted market operations. In addition, the clearance of a $7 billion backlog in foreign exchange obligations addressed a critical bottleneck that had long hindered Nigeria’s economic growth.

In the banking sector, Cardoso has put up strategies to uplift the sector and increase stakeholders’ confidence. On March 26, 2024, the CBN announced a new minimum capital base for banks. Under the new policy, the minimum capital requirement for commercial banks with international authorization was raised to ₦500 billion, while banks with national authorization now require ₦200 billion, and those with regional authorization must have a minimum of ₦50 billion. With this new directive, the CBN aims to attract fresh capital inflows, strengthen banks, and enhance their capacity to drive economic growth. The policy is also expected to support President Bola Tinubu’s ambitious goal of achieving a Gross Domestic Product (GDP) of $1.0 trillion within the next seven years.

Furthermore, the CBN’s decision to cease deficit financing through its Ways and Means advances, a practice that had reached an unsustainable ₦22.7 trillion as of 2023, has marked a return to fiscal discipline and reinforced the Bank’s core mandate of ensuring price stability.

Under Cardoso’s leadership, Nigeria has positioned itself as a leader in digital payment innovation, surpassing many advanced economies and solidifying its status as a fintech hub in Africa. Homegrown unicorns have played a crucial role in expanding financial inclusion, further demonstrating the impact of the reforms.

The Witness.