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Revealed: Power Struggle As Search For Emefiele’s Replacement Hots Up….. Adesola Adeduntan, Kemi Adeosun Top Contenders!

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High power politics is currently at play as the search for who replaces Godwin Emefiele, the Central Bank of Nigeria’s governor has begun.
That there are forces bent on removing Emefiele for ‘ruffling feathers,’ rather than allow the status quo, is no longer news,
The genesis
Recall that following the announcement by CBN to change the naira notes as the country approaches the 2023 general elections for a change of government, a cross section of Nigeria’s political and business elites rose vehemently against it.

But Emefiele explaining why the naira had to be changed revealed that money especially higher denominations were being hoarded by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks. He added that the worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability, were among others, good enough reason to change the naira.

Continuing, he said that recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.

Unfortunately, many were not pacified by his explanations, but the change happened anyway.
Then came the withdrawal limits which was pegged at N100,000 N500,000 daily for individuals and organisations respectively. CBN instructed that withdrawals above the limit for individuals should attract five per cent processing fees, and businesses should pay 10 per cent. Also, that Point of Sale (PoS) and Auto Teller Machine (ATM) should dispense only N20,000 per day for persons using other withdrawal channels.

Expectedly, it was greeted with protests.

Members of the Association of Mobile Money and Bank Agents (AMMBAN) threatened to take their protest of the cash withdrawal limit to the streets and court if CBN doesn’t revise the policy as according to them, this could lead to millions of mobile money agents losing their jobs and also reduce their income and transaction volume.
The National Assembly had promised to prevail on the CBN to revise the withdrawal limit.
First the House of Representative ordered CBN to suspend the cash withdrawal limits and when that didn’t happen, they summoned Emefiele to appear before it to shed more light on the naira redesign and withdrawal limit policies.

But Emefiele ignored their summon.

Explaining through the Deputy Governor, Corporate Services, CBN, Edward Adamu, he said he couldn’t honour their summon as he was part of the entourage of President Muhammadu Buhari on an official trip to the United States at the time.
DSS, terrorism charges

But barely a day after the House of Reps summons to Emefiele, the Coalition of United Political Parties, CUPP, alleged that there was a secret plot by the Department of State Security (DSS) to arrest the CBN governor and keep him in solitary confinement over allegations of terrorism financing.

The coordinator of CUPP, Tochukwu Ohazurike, who led other CSOs for a protest, revealed that a suit had been filed with case number FHC/ABJ/CS/2255/2022 at the Federal High Court Abuja with the intention of getting a court order to keep Emefiele out of circulation.

CUPP stated that the plot to frame Emefiele of terrorism financing, arrest him and keep him away for 60 days by the DSS was being sponsored by some top politicians in the country to make Emefiele rescind the cash withdrawal policy recently announced by the apex bank.
Ohazurike further lamented saying the plot was aimed at derailing the naira redesign policy but for the fact that Emefiele travelled with President Muhammadu Buhari to the United States.
“It is shocking that the DG of DSS accused a man of terrorism financing and allowed him to travel with the president,” Ohazurike had said at the protest ground.

Unfortunately, Chief Judge John Tosho declined the application having observed it to be irregular. In his ruling, Tosho noted that it has been the practice of the applicant to seek the detention of a respondent from under detention for a definite time period when such a respondent is already arrested and is in their custody and that fact is clearly disclosed in the supporting affidavit. But that wasn’t the situation in this case.

“Godwin Emefiele, the governor of CBN was shown on television penultimate night having audience with the President of Nigeria. It is therefore seen that the applicant wants to use this order for an irregular procedure which is unacceptable,” the judge affirmed in declining the order for Emefiele’s arrest.

Days after, Emefiele was summoned a second time. Again, he failed to appear before the lawmakers. Disclosing his reason for failing to honour the invitation, he revealed in a letter that he wasn’t in the country as he has taken ill and needed to take care of his health.

The contenders

It is now obvious that Emefiele may likely not return as Nigeria’s Central Bank Governor. But this newspaper has reliably gathered that the race to get his replacement as soon as possible has begun in earnest.

Four groups made up of powerful individuals are being fingered to be responsible for producing who the replacement would be.
One of the groups is being led by Tunde Sabiu, one of Buhari’s nephews, an influential member of the present administration.

Sabiu was a domestic staff of his uncle before he was elevated to the position of a director at the National Intelligence Agency, NIA.

Sabiu is reportedly selling the candidacy of the Managing Director of a first tier bank as Emefiele’s possible replacement.

Adesola Adeduntan

A second group is being led by former Ogun State governor, Senator Ibikunle Amosun, a long-time ally of Buhari. Amosun, a former presidential aspirant on the platform of All Progressives Congress, APC, before he stepped down for Bola Ahmed Tinubu, the presidential candidate of the party, is working at bringing back a former minister of finance to replace Emefiele.
Amosun nominated this minister, Kemi Adeosun who resigned in the heat of some Nationl Youth Service Corps controversy, for the position.
But whether the powers that be would allow her return to the scheme of things, going by the circumstances that led to her resignation, is another kettle of fish entirely.

Kemi Adeosun

A third group is being led by Abu Funtua, a prominent son of Alhaji Isa Funtua, the late longtime friend of Buhari and a former member of his administration’s ‘cabal’, a group of influential persons around him, said to help him take key decisions.
Funtua is reportedly selling the candidacy of Aisha Ahmad, a female deputy governor of Central Bank of Nigeria who has had a meteoric rise in the banking industry. As far back as 2016, Ahmad was quickly appointed an executive director at the defunct Diamond Bank Plc, in preparation for such a time as this.
If Abu Funtua’s scheming does materialize, then she would become the first female CBN governor in the history of Nigeria.

Aisha  Ahmad

The fourth and last group is being led by the deputy senate president, Obarisi Ovie Omo-Agege, a gubernatorial candidate in Delta State on the platform of the All-Progressives Congress party come 2023. Omo-Agege is more favourably disposed to having a fellow Niger Delta individual like Emefiele to replace the embattled CBN chief. He has no preferred candidate for now but is currently shopping for a suitable candidate with the requisite qualification.

The Street Journal.

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Oando Boss, Wale Tinubu Receives Award as Best Investor of the Year

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Jubril Adewale Tinubu, oil tycoon and GCE of leading oil and gas firm, OANDO, yesterday shone brilliantly like a well-cut diamond when he received the award for the New Telegraph Investor/Transaction of the Year 2024.

 

The oil guru with three decades of expectational performance in the oil sector was among other prominent Nigerians that went home with honours at the Oriental Hotels, venue of the ceremony.

 

The award, described as well- deserved, was presented to Tinubu for leading his team to successfully completing the acquisition of Agip Oil Company at $783 million.

 

The transaction, which was completed in August 2024, was described my many as a remarkable one the nation’s economy.

 

Tinubu is an intelligent, pragmatic and a genius who strikes when the iron is hottest.

 

Gifted with a knack to spot opportunity ahead of the crowd, Tinubu has in the last 30 years of unbroken entrepreneurial voyage positioned Oando among the best oil and gas company in the world.

He believes Nigeria offers limitless possibilities and opportunities, and holds high, at all times, the banner of hope.

 

Today, the business has not only earned him fame and wealth, but has also contributed in great measures to the economic development of Africa and beyond.

 

Other awardees on the night include Governor Babagana Zulum of Borno State won the Governor of the Year 2024; Governor Babajide Sanwo-Olu of Lagos State received the Governor of the Year in Projects, while Governor Ahmed Aliyu of Sokoto State won Governor of the Year in Economy

 

 

Others are Governor Sheriff Oborevwori of Delta State; Osun State Governor, Senator Ademola Adeleke; Ekiti State Governor, Biodun Oyebanji; Group Chief Executive Officer of the Nigeria National Petroleum Corporation Limited (NNPCL), Mr Mele Kyari, won the newspaper’s prestigious Man of the Year 2024, while the Minister of Aviation and Aerospace Development, Barrister Festus Keyamo (SAN), won Minister of the Year 2024 in Transformative Leadership.

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The weaponization of justice and the injustice faced by Dan Etete – Jeremiah Perekeme 0woupele

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In the intricate corridors of global jurisprudence, the scales of justice often tip under the weight of political machinations and economic interests. The case of Dan Etete, Nigeria’s former Minister of Petroleum, epitomizes how legal systems can be manipulated, leading to profound personal and national injustices.

Dan Etete, appointed as Nigeria’s Minister of Petroleum Resources in 1995, played a pivotal role in introducing the marginal oil field regime and indigenous participation in Nigeria’s oil and gas industry. His contributions have however been beclouded by the controversy around the controversial OPL 245. This oil block, one of Africa’s richest, became the focus of a protracted legal battle involving major oil companies amid allegations of corruption. Etete’s involvement led to accusations that have marred his reputation and overshadowed his contributions to Nigeria’s oil sector.

In a landmark decision, an Italian court acquitted Eni, Shell, and associated individuals, including Etete, of corruption charges related to OPL 245. The court concluded that there was no case to answer, highlighting the absence of sufficient evidence to substantiate the allegations. This verdict underscores the complexities inherent in international legal proceedings, where accusations often outpace the evidence required for conviction.

Etete’s ordeal is not isolated. Globally, individuals have faced similar legal battles, where accusations are levied, with years spent in court, only to culminate in acquittals. These cases highlight systemic issues within legal frameworks that allow for the weaponization of justice, often driven by political or economic motivations.

The protracted legal saga of Amanda Knox serves as a poignant illustration of Italy’s judicial labyrinth. Knox, an American student, was accused of the 2007 murder of Meredith Kercher in Perugia. After initial convictions and subsequent acquittals, she was finally exonerated by Italy’s Supreme Court in 2015.

The case highlighted significant issues within the Italian legal system. Issues were raised around the handling of forensic evidence, media interference, and prosecutorial conduct. It also underscored the challenges of ensuring justice in a system where legal procedures can be as complex as the crimes themselves.

In the UK, the case of the Birmingham Six remains a stark reminder of the fallibility of justice systems. Six Irish men were wrongfully convicted in 1975 for pub bombings in Birmingham, based on coerced confessions and questionable forensic evidence. After 16 years of imprisonment, their convictions were quashed in 1991, revealing systemic flaws such as investigative misconduct and the suppression of evidence. This case prompted significant reforms in the UK’s criminal justice system, emphasizing the need for checks and balances to prevent miscarriages of justice.

The term “weaponization of justice” refers to the deliberate manipulation of legal systems to achieve objectives beyond the pursuit of truth and fairness. The weaponization of legal technicalities, whether through coerced confessions, mishandled evidence, or political interference, undermines the foundational principles of justice.

In Dan Etete’s case, the prolonged legal battles, despite eventual acquittal, suggest a misuse of judicial processes, leading to reputational damage. Despite his achievements that merit recognition, and most notably his discharge and acquittal in three jurisdictions – ITALY, UNITED KINGDOM, and Nigeria; he has remained the focal point of smear campaigns.

What does his discharge and acquittal really mean? It means that Dan Etete has been formally cleared of charges in a court of law. This means the court has found him not guilty of the charges brought against him. An acquittal signifies that there was insufficient evidence to prove the person committed the alleged offence, or was proven innocent. This means the accused is released from the legal process and is free to go. If he has been found to have done nothing wrong by the Nigerian Legal system, where the judiciary has come under scrutiny in recent times, is it being insinuated that the course of justice was perverted in those other jurisdictions?

In reflecting upon the Chief Dan Etete cases, it becomes evident that the pursuit of justice requires constant vigilance, systemic introspection, and unwavering commitment to fairness. Just as poverty can be weaponized to perpetuate societal inequities, legal ambiguities when exploited, lead to miscarriages of justice.

Moreover, they erode public trust in legal institutions, deter individuals from public service, and can have economic repercussions, especially in sectors as vital as oil and gas. Furthermore, they highlight the need for reforms to prevent the misuse of legal systems and to ensure that justice is truly blind.

Politically Exposed Persons (PEPs) often find themselves under intense scrutiny due to their influential positions, making them susceptible to allegations of corruption. In several instances, PEPs have been wrongfully accused and, despite subsequent exoneration, have suffered significant reputational damage due to smear campaigns. Here are five notable cases from different countries:

Former President John Dramani Mahama was implicated in a bribery scandal involving Airbus SE, with allegations suggesting his involvement through his brother, Samuel Adam Mahama. These claims, lacking substantial evidence, were perceived as politically motivated to tarnish Mahama’s reputation and divert attention from governmental shortcomings. The Office of the Special Prosecutor (OSP) eventually exonerated Mahama, but the smear campaign had already inflicted damage on his public image.

Adolphus Wabara, former President of the Nigerian Senate, faced allegations in 2005 of accepting a ₦55 million bribe to influence budget approvals. Despite his resignation and a prolonged 14-year legal battle, Wabara was acquitted in 2019 due to insufficient evidence.

Frederick Chiluba, Zambia’s second President, faced allegations of embezzling public funds after his tenure ended in 2002. Following a protracted legal process, Chiluba was acquitted of all charges in 2009. The court determined that the prosecution failed to provide compelling evidence linking him to the alleged crimes. This verdict underscored the challenges in distinguishing between political vendettas and genuine anti-corruption efforts.

Georgia Thompson, a Wisconsin state employee, was convicted in 2006 on federal corruption charges, accused of steering a state contract for political reasons. The U.S. Court of Appeals for the Seventh Circuit overturned her conviction in 2007, citing a lack of evidence.

Former Prime Minister Khaleda Zia was accused of misusing funds related to the Zia Charitable Trust, leading to her conviction and imprisonment in 2018. In November 2024, the Supreme Court of Bangladesh acquitted Zia and all co-accused, citing a lack of credible evidence.

Nabil Sayadi, director of the European branch of the Global Relief Foundation, was accused of transferring funds to an Al-Qaeda financier, leading to his inclusion on international watch-lists and the freezing of his assets. In 2006, Belgian judges exonerated Sayadi, citing a lack of evidence linking him to terrorist activities.

These cases highlight the profound impact that unfounded corruption allegations and smear campaigns can have on PEPs, often resulting in lasting reputational harm even after legal exoneration.While many accusations are substantiated, there are notable instances where PEPs have been wrongfully accused and subsequently exonerated by the legal system.

Chief Dan Etete’s experience, like the ones already referenced, serves as a stark reminder of the potential for justice systems to be weaponized. It calls for introspection and reform to safeguard the principles of fairness and equity, ensuring that individuals are protected from undue legal persecutions driven by interests that have little to do with justice. This underscores the necessity for robust legal frameworks that ensure due process, protect individuals from politically motivated accusations, and uphold the integrity of judicial systems worldwide.

*** Jeremiah Perekeme Owoupele is a Niger Delta based lawyer.

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Portable now in our custody – Ogun Police

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The Ogun State Police Command says Habeeb Okikiola, aka Portable, is now in its custody.

 

Omolola Odutola, the state public relations officer made the disclosure in a statement on Wednesday.

 

According to her, “The Ogun State Police Command wishes to inform the public that Habeeb Okikiola, also known as Portable, arrived at the State Criminal Investigation Department, Eleweran, Abeokuta, at exactly 13:23 hours today, February 19, 2025.

 

 

“His presence at the SCID is connected to an ongoing investigation. The command assures the public that due process will be followed in handling this matter, and updates will be provided as necessary.”

 

Portable was declared wanted for assault on some officials of the Ogun State Town Planning Agency who were carrying out enforcement on his property in the Ilogbo area of the state.

 

Details later…

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