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Nigerian Federal Lawmakers Order Central Bank To Suspend Sale Of Polaris Bank For N40 Billion After N1 Trillion Investment, Set Up Adhoc Committee

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Nigeria’s apex bank did not deny the plan to sell the bank for N40 billion after the government had invested over N1 trillion in it.
Following several reports that the Central Bank of Nigeria (CBN) is planning to sell Polaris Bank Plc for N40 billion, the House of Representatives has directed an immediate suspension until due diligence is concluded.
SaharaReporters earlier reported Nigeria’s apex bank did not deny the plan to sell the bank for N40 billion after the government had invested over N1 trillion in it.
People’s Gazette had in August reported a plot by Central Bank governor Godwin Emefiele to sell the bank which was nationalised with N1.2 trillion taxpayers’ funds in 2018 for a paltry N40 billion to Auwal Gombe, a son-in-law of a former military head of state, Ibrahim Babangida.
Following the report, renowned lawyer and a Senior Advocate of Nigeria (SAN), Femi Falana wrote to the apex bank demanding details of the proposed sale. The bank, however, in its reply did not deny it.
Following several reports and the attendant outrage, the House of Representatives on Wednesday during plenary directed that the sale should be suspended, until the CBN, Nigeria Deposit Insurance Corporation and the Asset Management Corporation of Nigeria (AMCON) concluded all processes for an open, transparent, and competitive bid process.
Polaris Bank has been under the management of the debt recovery agency, AMCON since it was renamed and nationalised in 2018.
Skye Bank became bankrupt in 2016 and was unable to meet the recapitalisation requirements, leading to the intervention of the CBN. The top executives at the firm, Chairman, Tunde Ayeni; and the Managing Director, Timothy Oguntayo, were prosecuted for money laundering.
The Economic and Financial Crimes Commission (EFCC) had filed a N25.4 billion lawsuit against Ayeni and Oguntayo in 2019, but it was withdrawn in July 2022, after an alleged settlement that led to the forfeiture of cash and assets worth N15 billion.
Since the takeover of Skye Bank, now known as Polaris Bank, AMCON has been unable to sell the bank to new investors, with AMCON and CBN pumping about N848 billion of taxpayers’ money as of December 2020 into the firm.
Reports, however, say that an extra N350 billion has been invested in the commercial bank by the two government agencies in the last one and a half years. This means about 96% of the investment by AMCON will be lost if Polaris Bank is sold at N40 billion, when pegged at N848 billion, and 97% loss based on the total sum of N1.2 trillion reportedly invested by the government agencies.

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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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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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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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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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