Category: 📈Trends

Broadcasting company Multichoice has jacked up the prices of its offerings in Nigeria four months after its last increment.

The company reviewed prices in its packages across the board. The new prices will take effect from May 1, 2024.

With the latest price hike, the DStv Premium package increased from N29,500 to N37,000. Similarly, the DStv Compact+ gone up N19,800 to N25,000 while the Compact package increased from N12,500 to N15,700.

The Comfam package moved from N7,400 to N9,300. Yanga package moved up from 4,200 to N5,100 while Padi package increased from N2,950 to N3,600. HDPVR was increased from N4,000 to N5,000, the Access Fees package from N4,000 to N5,000, and XtraView moved from N4,000 to N5,000.

Meanwhile, the Gotv Supa+ package moved from N12,500 to N15,700, Supa package from N7,600 to N9,600, and Max package from N5,700 to N7,200.

While the Jolli package was jacked up from N3,950 to N4,850, the Jinja package moved from N2,700 to N3,300, and Smallie package from N1,300 to N1,575.

The PUNCH reports that the company implemented an upward review of prices in December 2023, days after announcing a $72m loss in its financial statement for the third quarter of the year.

Checks on the company’s reviewed price list then showed a 20 per cent per cent hike in the company’s packages across the board.

 

 

Another student (victim) of the Lead British International School has reported an incident of bullying.

Although the identity of the student is yet to be made public, it was learnt that the student has engaged the services of a lawyer as regards the matter.

The media space on Tuesday was thrown into a frenzy when a video of a female student who was being bullied by her co-students surfaced.

An X user, @moooyeeeee, had on Monday night posted two videos of a female student of the school being repeatedly slapped by another female student.

The user called for justice for the victim.

The videos angered internet users on X who condemned the incident and called for the school authorities to investigate and punish the culprits.

Meanwhile, the bullied student and one of her bullies in the viral video have been identified.

The school has been temporarily closed for three days and the school’s management vowed to investigate the matter.

Though one of the identified bullies apologised for her misconduct, the bullied, through her lawyers, Deji Adeyanju and Partners, has demanded heavy sanctions on her bullies.

Speaking with Adeyanju on the progress made so far, PUNCH Online learnt that the parents of another student of the school had also reached out for legal services.

“We have also been briefed by another parent that their son was bullied and we are to deliver the second letter to them today. We will send you a copy as soon as that is delivered to the school.”

The bullied, in her letter on Tuesday, had threatened to take legal action against the school should the management not take drastic steps against the 11 bullies she identified.

PUNCH

 

The Nigerian Air Force (NAF) on Wednesday said several terrorists were killed during a joint operation by the air component of Operation Hadin Kai and troops of the Nigerian Army.

The service also said their hideouts in Damasak and Mobbar local government areas of Borno State were equally destroyed.

A statement by its Director, Public Relations and Information, Air Vice Marshal Edward Gabkwet, noted that the terrorists had attempted to attack troops of Sector 4 of the MNJTF at Lada, a border town between the Niger Republic and Nigeria, and subsequently fled across the border into Nigeria.

He added that the fleeing terrorists who were on eight motorcycles were later tracked to two locations in Zarri village, about 28 kilometres east of Damasak and Mala Alide in the Mobbar areas of Borno.

It read, “In line with its collaborative efforts with the Multi-National Joint Task Force (MNJTF), the Air Component of Operation Hadin Kai (OPHK) and the Nigerien Air Force, on 23 April 2024, carried out air interdiction strikes on terrorists’ hideouts in Damasak and Mobbar Local Government Areas (LGA) of Borno State.

“The terrorists had attempted to attack troops of Sector 4 of the MNJTF at Lada, a border town between the Niger Republic and Nigeria, and subsequently fled across the border into Nigeria.

“The fleeing terrorists who were on 8 motorcycles were later tracked to 2 locations situated at Zarri village, located about 28 km east of Damasak and Mala Alide in Mobbar LGA of Borno State.

“They were observed hibernating in the Village with their motorcycles hidden under trees.

“Subsequently, airstrikes from the Air Component of OPHK and Nigerien Air Force, under the watchful eye of Niger’s Intelligence Surveillance Reconnaissance (ISR) aircraft, struck the terrorists’ locations.

“Real-time ISR footage later confirmed numerous terrorists were eliminated and several structures within the targeted areas destroyed.

“Collaborative efforts of this nature have continued to yield positive outcomes on both sides of the border

“It has also led to the reduction in terrorism and other forms of cross-border crimes perpetrated by criminals criss-crossing the borders to evade justice”

 

 

President Bola Tinubu on Wednesday approved the takeoff of the first phase of the Consumer Credit Scheme.

This was contained in a statement signed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale.

“The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision,” the statement said.

Ngalele explained that Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time.

He added that it facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.

“Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life. Additionally, the increased demand for goods and services stimulates local industry and job creation,” the presidential spokesperson said.

“The Nigerian Consumer Credit Corporation achieves its mandate through the following:

(1) Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.

(2) Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.

(3) Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility,” the statement added.

In line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation has launched a portal for Nigerians to express interest in receiving consumer credit.

This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.

Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest. The deadline is May 15, 2024.

The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public.

 

 

The Labour Party presidential candidate in the 2023 general election, Peter Obi, on Wednesday denied being obsessed about replacing President Bola Tinubu as the next president.

Obi came under fire a few days ago after he faulted the Federal Government’s timing and prioritisation of the Lagos-Calabar coastal highway project.

The LP presidential candidate advised the government to concentrate on fixing bad roads across Nigeria instead of striving to construct a white elephant project like the major coastal road.

But some critics trolled him on social media, saying he does not see anything good in what the current administration does because of his desperation to become the president in 2027

Few also questioned whether the former Anambra governor has the vision and capacity to change things if he eventually becomes president.

Addressing newsmen in Abuja on Wednesday, Obi expressed his disappointment, stressing that some people often shy away from discussing pressing issues plaguing the country.

He said, “We live in a system where public officeholders and politicians are only seen during elections. I can tell you that it is an everyday job. I have said it several times that I am not desperate to become the president of Nigeria. But I am desperate to see the poor and less privileged Nigerians being pulled out of their difficult situation daily.

“That is what I am desperate to see. And all of us can do it as well. You can’t even be happy or fulfilled when several million (Nigerians) don’t know where the next meal will come from. When I see children suffering, it increases my pain. This is not about campaign.”

Obi also disclosed that if he were to become president, he would do things differently by focusing on repairing existing roads as opposed to approving contracts for new ones.

While analyzing how deplorable some major highways, such as Lagos-Badagry and Kano-Kaduna, have become, the politician insisted that those projects should be the priority of any serious government.

“If I were to be the president of Nigeria today, nobody would think of any new road until we finish the existing ones. In this country, we are always trying to do things anyhow. Today, you can’t move from Lagos to Badagry, a short period of fewer than 100 kilometres. It has been under construction for several years. Lagos-Ibadan Expressway has also not been completed for several years.

“The same thing applies to the Kano-Kaduna, Kano-Maiduguri and Sokoto-Funtua. I can even show you the state of all the roads from Kaduna to Abuja. In Kaduna bypass alone, you can queue for hours. You can’t even drive comfortably from Abuja to Okene to Auchi and Benin. It is almost impossible.

“These are roads that already exist and have been in dire need of repairs for years. That is where we need to put our resources and deal with it. We already have a network of roads that need fixing. Why are people introducing things when the existing ones are in bad shape?

“When I was governor of Anambra State, I started by completing the roads started by my predecessor before thinking of doing new ones. For me, this is the critical area that needs attention and that is where I will concentrate,” he stated.

[PUNCH]

 

In the past few days, the nation has been riveted by the altercation between the Economic and Financial Crimes Commission (EFCC) and ex-Kogi State governor, Yahaya Bello. The incident, which occurred at his residence on Benghazi Street, Wuse Zone 4, Abuja, was like a Nollywood thriller with the security operatives and Bello making strategic moves to outwit each other.

Bello, who handed over power to his successor a few months ago, has been going from Lokoja to Abuja and from one court to another in a bid to evade arrest and prosecution for allegedly laundering N80bn.

In a 19-count charge filed before Justice James Omotosho of the Federal High Court, Abuja, the EFCC accused Bello of conspiring with Ali Bello, Dauda Suleiman and Abdusalam Hudu to convert over N80b belonging to Kogi State to their personal use.

Bello’s refusal to honour the EFCC’s summons has called to question his perceived political bravery which earned him the sobriquet ‘white lion.’ This has also made him the butt of jokes on social media with many Nigerians puzzled by his actions.

Long before he concluded his eight-year tenure in office, his critics had predicted that the 48-year-old might be arrested by the EFCC  and also face trial, citing the ongoing prosecution of his wife, Rashidat and her nephew, Ali Bello, before the Federal High Court, Abuja, for misappropriation and money laundering to the tune of N3,081,804,654.

The accused persons were charged to court on February 8, 2023, but Rashidat has reportedly not appeared in court to date.

Following his alleged refusal to honour the commission’s summons and having reportedly tracked him to his Abuja residence, hordes of EFCC operatives on April 18 besieged Benghazi Street, Wuse, to apprehend Bello, sealing up the area like a Nazi concentration camp.

However, their efforts failed as the former governor refused to give himself up. His successor, Governor Usman Ododo, who visited his residence was believed to have smuggled him out of his residence in his tinted car and took him to the Government House in Lokoja.

Miffed by the development, the EFCC declared its quarry wanted, opening up a flurry of angry responses from his lawyer and some civil society groups who decried the anti-graft agency’s mode of operation.

In a public notice posted on its official Facebook page last Thursday, the EFFC stated, “The public is hereby notified that Yahaya Adoza Bello (former Governor of Kogi State), whose photograph appears above, is wanted by the Economic and Financial Crimes Commission in connection with an alleged case of Money Laundering to the tune of N80,246,470,089.88

“Bello, a 48-year-old Ebira man, is a native of the Okenne Local Government of Kogi State. His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja.”

The notice asked anybody with useful information about the former governor’s whereabouts to contact any of the commission’s offices across the country.

To prevent the fugitive from leaving the country, the Nigeria Immigration Service has ordered that his passport be put on the watchlist at all the nation’s airports.

In a statement by its spokesman, Dele Oyewale, the EFCC frowned on the obstruction of its operatives while carrying out their lawful duties.

Oyewale noted that culprits were liable to a jail term of not less than five years.

But Bello through his media office called on the EFCC to obey a subsisting court order and desist from hounding the former governor.

The media office in a statement disclosed that the EFCC had been served with the court order dated February 9, 2024, restraining it from arresting Bello pending the hearing and determination of the substantive fundamental rights enforcement action.

The injunction, it said, was granted by the High Court of Justice, Lokoja Division in suit no. HCL/68M/2024 between Alhaji Yahaya Bello vs EFCC.

The statement read, “The EFCC was duly served with that order on February 12, 2024 and on February 26, 2024, the EFCC filed an appeal (Appeal No. CA/ABJ/CV/175/2024: EFCC vs Yahaya Bello) against the said order to the Court of Appeal, Abuja division.

“The appeal was accompanied by a Motion for Stay of Execution of the order of the High Court which the Court of Appeal adjourned for hearing till April 22, 2024.

“Furthermore, judgment in the substantive case between Alhaji Yahaya Bello and the EFCC is to be delivered at noon today in Lokoja. Contrary to all of the above, the EFCC has now laid siege to the home of H.E Yahaya Bello seeking to arrest him in contravention of the extant orders.”

But the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, in a statement released shortly after the EFCC besieged Bello’s house, advised individuals invited by the EFCC to toe the path of decency by honouring the invitation of the commission.

He condemned in strong terms the trend where citizens ganged up to obstruct officials of the EFCC while on lawful duty.

Fagbemi said, “The bizarre drama confronting the EFCC in the course of its efforts to perform its statutory duty has come to my notice as a matter of very grave concern.

“It is now beyond doubt that the EFCC is given power by the law to invite any person of interest to interact with them in the course of their investigation into any matter regardless of status.’’

But defending his client’s action, Mohammed explained that the ex-governor had on February 9 secured an order from a Kogi State High Court, restraining the EFCC from inviting, arresting or prosecuting him over the subject matter of the instant charge against him.

He added that the EFCC had appealed against the order which was still pending.

Addressing Justice Emeka Nwite of the Federal High Court, Abuja, who was meant to preside over the money laundering charge slammed against the ex-governor during the proceeding last Thursday, Mohammed said his client had already filed a preliminary objection to challenge the legal propriety of his planned arraignment and trial.

The arraignment of the ex-governor could not go on as he did not show up in court.

Mohammed noted, “What they are trying to do is to bring this court in collision with the Court of Appeal by rushing to this court to obtain an ex parte warrant of arrest for someone that is already a defendant.

“Our position is that this court has no jurisdiction to do any other thing than to take our motion challenging its jurisdiction to entertain this charge.’’

Bello’s lawyer urged Nwite to vacate the arrest warrant issued against his client, insisting that the court was misled.

Speaking earlier, the prosecuting counsel for the EFCC, Kemi Pinheiro (SAN), threatened that the anti-graft agency might enlist the help of the military to arrest and bring Bello before the court for his arraignment.

He said, “My Lord, what happened yesterday (Wednesday) was that a person with immunity came to whisk the defendant away. But what they forgot was that immunity does not attach to a building, but to an individual.

“However, we know what to do. If it will take inviting the military to bring him (Bello) here, we will do that because section 287 of the Constitution cannot be ridiculed.

“If he wants to play games, we will show him that the constitution is above every individual and you cannot fight the constitution.

“A former president of the United States was charged to court and he has been appearing for his trial. He did not file all sorts of things to frustrate the case.’’

However, some civil society organisations believed the EFCC went overboard and cautioned it to obey the rule of law.

Addressing a press conference in Lagos, the CSOs and human rights crusaders cautioned the EFCC and other anti-graft agencies against trampling on the rights of supposed suspects of corruption to avoid breaking a law to enforce another law.

The Executive Chairman of the Centre for Anti-Corruption and Open Leadership, Debo Adeniran, noted that the public face-off between the EFCC and the ex-Kogi state governor was “both unnecessary and unfortunate.”

Adeniran argued that the rush by the EFCC to make an arrest when the Court of Appeal hearing on its application to vacate the restraining order was just in a few days might lend credence to the allegations of political persecution.’’

Also in Abuja, a coalition of CSOs led by the Anti-Corruption and Research-based Data Initiative, accused the EFCC of ‘’not presenting its case against Bello properly.’’

Speaking at a media briefing, the ARDI publicity director, Nwabueze Anyanwu, cautioned the commission not to heat the polity ‘’in its desperation to apprehend former Kogi Governor, Yahaya Bello, over an allegation of money laundering.’’

He said, “The Economic and Financial Crimes Commission has not extended to Mr Bello the customary investigation to visit her offices to assist her in their investigations.  We could also not find evidence anywhere, no matter how remote, where the Commission has asserted that she did extend such an invitation to him.

But unruffled by the support for Bello, Olukoyede has vowed to prosecute the ex-governor, noting that a global arrest warrant had been placed on him.

Speaking with editors and bureau chiefs in Abuja, the EFCC boss narrated how Bello spurned his invitation, adding that he could have been arrested since January.

Olukoyede said, “I called Yahaya Bello, as a serving governor, to come to my office to clear himself. I shouldn’t have done that. But he said because a certain senator had planted over 100 journalists in my office, he would not come.

“I told him that he would be allowed to use my private gate to give him a cover, but he said my men should come to his village to interrogate him.”

Olukoyede noted that the EFCC did not violate any law while trying to arrest the former governor from his residence.

“Rather, we have obeyed the law. I inherited the case and I didn’t create it. Why has he not submitted himself to the law?” he asked.

It remains to be seen if Bello would take up Olukoyede’s challenge and submit himself to the courts where he has the opportunity to clear himself of the charges against him.

Olukoyede noted that the EFCC did not violate any law while trying to arrest the former governor from his residence.

“Rather, we have obeyed the law. I inherited the case and I didn’t create it. Why has he not submitted himself to the law?” he asked.

It remains to be seen if Bello would take up Olukoyede’s challenge and submit himself to the courts where he has the opportunity to clear himself of the charges against him.

 

 

Ekiti State High Court, Ado Ekiti Division has sentenced six men to a total of 140 years for conspiracy, robbery and receiving stolen properties.

While four of the convicts were sentenced to 21 years each for robbery and seven years each for conspiracy, the remaining two were jailed for 14 years each for receiving stolen properties.

The defendants, Lateef Bamisile (31), Omodara Sanya (32), Lasisi Talabi (27), Omojola Damilare (30), Adamu Mohammed (39) and Abubakar Garuba (52) were arraigned on August  31, 2022 on five counts bordering on conspiracy, attempt to murder, robbery and receiving stolen property, contrary to Sections 421, 241, 312(2)(b) and 343 of the Criminal Law of Ekiti State, 2021.

According to the charge, “The defendants on February 13, April 11, May  4, May 10 and May 17 in 2022, did conspire to rob Iji Taiwo, Akinyemi Sunday and Ajayi Sunday of their Bajaj motorcycles and attempted to murder the victims.

“Also, on May 17, 2022, Adamu Mohammed and Abubakar Garba received two stolen Bajaj motorcycles each from Lateef Bamisile, all in Ado Ekiti within the jurisdiction of this honourable court. As of the time of the incidents, they were armed with sticks, cutlasses and axes.”

In his statement to the police, one of the victims said he conveyed one of the defendants from Oke-Ila area to a place near the Ekiti State University Teaching Hospital, Ado Ekiti.

He said, “When we got there, he asked me to wait for him, he pretended to be knocking at the gate. Suddenly, a man appeared from behind with a cutlass, he ordered me to come down. When I refused, he gave me a machete cut on my neck, head, hand and back. When I fell, the passenger joined him and they escaped with my motorcycle.”

The prosecutor, Oluwaseun Olasanmi, called nine witnesses and tendered defendants’ statements, motorcycles particulars and bond to produce, as exhibits.

The defendants, who spoke through their respective lawyers, called no witness.

In his judgment on Tuesday, Justice Olusegun Ogunyemi said, “Going through the confessional statement of the 1st, 2nd, 3rd and 4th defendants, we could see a trend of a series of robberies committed by them on motorcycles by applying pepper on their eyes and sometime threatening with a cutlass.”

“It is trite that the court can convict on the confessional statement of an accused. Subsequently, the 1st, 2nd, 3rd and 4th defendants are guilty of conspiracy and they are hereby sentenced to seven years imprisonment each and 21 years imprisonment each for robbery. The 5th and 6th defendants, Adamu Mohammed and Abubakar Garba, are found guilty of receiving stolen motorcycles. They are accordingly sentenced to 14 years imprisonment each,” the judge pronounced.

The Economic and Financial Crimes Commission (EFCC) has filed a fresh charge at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele.

EFCC in the charge accused Emefiele of approving the printing of N684,590,000 at the rate of N18.96 billion.

In the charge sheets sighted by PUNCH Online on Tuesday, EFCC alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

The document dated April 2, 2024, and marked Suit No: CR/264/2024, was filed by EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu bordering on disobeying the law to punish Nigerians, iilegal printing of money, abuse of office, among others.

Counts one to four of the charge, read, “STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

Recall that Emefiele was on November 18, 2023, arraigned before the court on six counts of procurement fraud, in what is the most high-profile corruption case under President Bola Ahmed Tinubu.

He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totalling N1.2 billion from 2018 to 2020.

On Monday, April 8, 2024, the EFCC arraigned the former banker alongside one Henry Omoile before Justice R.A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos for an alleged $4.5bn and N2.8bn fraud.

 

 

The naira depreciated further against the United States dollar at the official market on Tuesday, closing at 1,300/$.

This came as the Central Bank of Nigeria stepped up efforts to stem the tide, selling more dollars to Bureau De Change operators.

The apex bank disclosed the dollar sale in a new circular referenced TEM/FEM/PUB/001/013 and uploaded to its website on Tuesday.

It was signed by the CBN Director, Trade and Exchange Department Dr Hassan Mahmud.

The apex bank said it was set to sell $10,000 to BDCs at N1,021 per dollar and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.

Amid the development, the naira maintained a depreciation trend against the United States dollar on Tuesday, falling to N1,300 per dollar at the Nigerian Autonomous Foreign Exchange Market.

The new rate is N66 per cent weaker than N1,234 per dollar recorded on Monday.

A summary of the forex transaction showed that the intra-day high depreciated by N22, closing at N1,317 per dollar from N1,295 per dollar. The intra-day low however gained to N1,000 from N1,051/$.

While the total daily turnover increased slightly to $133.65m from $110.17m on Monday.

At the parallel market, currency traders sold the dollar between the rate of N1,300 and N1,320 on Tuesday from N1,260 recorded on Monday.

Earlier this month, the apex bank sold $10,000 to BDCs at a rate of N1101/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.

This initiative represents the second such occurrence this month and the fourth instance this year, underlining the CBN’s proactive strategy in managing currency volatility and ensuring the availability of essential foreign exchange.

The PUNCH reported on Monday that the Naira depreciated against the United States dollar reaching an exchange rate of N1,234 at the official foreign exchange market. This represents a decline of N65 or approximately 5.26 per cent from the previous rate of N1,169.99/$1 recorded on Friday. The fluctuation in exchange rates can have significant implications for trade and economic stability.

The statement read, “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1,021/$. The BDCs are in turn to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”

This recent move follows the CBN’s resolve to continue to defend the naira as stated by the bank earlier.

The CBN directed all eligible BDCs to commence payment of naira deposit into the designated CBN accounts from April 22, 2024.

It also asked the operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.

The Economic and Financial Crimes Commission (EFCC) may prosecute 300 forex racketeers trading on a peer-to-peer platform outside the financial regulations.

The EFCC Chairman, Ola Olukoyede, who gave this indication during an interactive programme with editors and bureau chiefs in Abuja on Tuesday, revealed that the accounts were frozen following a court order on Monday.

He disclosed that one of the accounts traded over $15bn in the past year.

Recently, the Federal Government through the Nigerian Communications Commission blocked the online platforms of Binance and other crypto firms to avert what it considered continuous manipulation of the forex market and illicit movement of funds.

It also detained two senior executives of Binance, a cryptocurrency exchange amidst efforts by the government to rein in speculation on the naira by cracking down on cryptocurrency exchanges.

The government also sent EFCC operatives to arrest Bureau De Change operators at the popular Wuse Zone 4 in Abuja.

While the websites of Binance, Coinbase, and Kraken have been inaccessible in the country, reports said crypto traders now use alternatives like Bybit, Bitget, Kucoin, and Coincola and messaging platforms like Telegram which comes with an in-app wallet to make transactions.

But highlighting the measures being taken to protect the naira and stimulate the economy, Olukoyede explained that the forex accounts were frozen to ensure the safety of the foreign exchange market and protect the economy.

He stated that the efforts had helped the value of the naira and the forex market.

He pointed out that the commission needed the support of Nigerians to succeed as he emphasised that if the agency failed, Nigeria had failed.

‘Worse than Binance’

Olukoyede stated, “We observe due process in whatever we do. Do you know that the Binance case we are currently handling now has helped us to bring down the madness in the forex market?

‘’Suddenly, we discovered that there are people in the system who are even doing worse than Binance. They called them P2P and all of that. We noticed in the last two days ago that dollars have started appreciating. There was stability for 24 hours, then the naira was devalued again by N20 and N25. I don’t know whether you noticed that.

“It was due to the activities of some of these guys on P2P platforms like coolcoin. Some of you must have seen them on social media. To shock you; just yesterday (Monday), I asked them to freeze over 300 accounts. We found that one of those guys (account owners), had traded over $15bn last year.’’

Continuing, the lawyer said 300 illicit accounts would have led to a crash of the naira in the next week if the EFCC hadn’t moved against them.

He added, ‘’Our job is serious. We work 18 hours per day. We are not saying that Nigerians should praise us because that was what we signed for but where we deserve, we should be given. We are humans like Nigerians.

“Over 300 accounts in illicit forex trading that would have led to another crash in the next one week if we didn’t move yesterday. Some people just want to see this country go from bad to worse. We must find a way to work together. We got an order to freeze those accounts; Imagine what would have happened if we didn’t seize those accounts.’’

The EFCC boss said his agency was focusing on illegal mining which he described as an economic crime.

‘Illegal miners’

He stated that EFCC operatives had recently intercepted 40 trucks of illegally mined lithium, promising to prosecute the perpetrators.

He also shed light on the current moves to arrest a former Kogi State Governor, Yahaya Bello, vowing to pursue the case to its logical conclusion.

Olukoyede vowed to resign as EFCC chairman if Bello was not prosecuted even as he declared that he would bring to book those who obstructed the arrest of the former governor.

The EFCC chairman vowed that everyone involved in obstructing Bello’s arrest from his Abuja residence would face the full wrath of the law.

He hinted that the incumbent Kogi State governor, Usman Ododo, accused of helping his predecessor to escape arrest, may be investigated for obstructing a lawful operation.

The EFCC is seeking to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2bn.

Olukoyede said that no matter what anyone did or the amount of attack against the anti-graft agency, he and his men would not relent in helping to sanitise the country.

He revealed how he put a phone call across to Bello following the allegations of corruption brought against him.

Olukoyede said, “I called Yahaya Bello, as a serving governor, to come to my office to clear himself. I shouldn’t have done that. But he said because a certain senator had planted over 100 journalists in my office, he would not come.

“I told him that he would be allowed to use my private gate to give him a cover, but he said my men should come to his village to interrogate him.”

Olukoyede noted that the EFCC did not violate any law while trying to arrest the former governor from his residence.

“Rather, we have obeyed the law. I inherited the case and I didn’t create it. Why has he not submitted himself to the law?” he asked.

He added, “I have arraigned two past governors who have been granted bail now — Willie Obiano and Abdulfatah Ahmed.”

Speaking further, he said, “We would have gone after him since January but we waited for the court order. As early as 7 am, my men were there; over 50 of them. They mounted surveillance. We met over 30 armed policemen there. We would have exchanged fire and there would have been casualties.

“My men were about to move in when the governor of Kogi drove in and they later changed the narrative.”

He vowed that all those who had dipped their hands in the nation’s coffers would be investigated and prosecuted.

“If I can do (Ex-Anambra governor Willie) Obiano, (Ex-Kwara governor) Abdulfatah Ahmed and Chief Olu Agunloye, my kinsman, why not Yahaya Bello?” Olukoyede noted.

He further revealed how the former governor withdrew $720,000 from the state’s coffers to pay his child’s school fees in advance.

Olukoyede noted that Bello wired the $720,000 from the state’s coffers through a Bureau de Change operator.

The EFCC boss, while expressing his dissatisfaction with the ex-governor for failing to honour the EFCC summons, said, “A sitting governor, because he knew that he was going, he removed money directly from government’s account to bureau de change, and used it to pay his child’s school fee in advance. Dollars, $720,000 in advance, in anticipation that he was going to leave the government house.”

He expressed dismay over the activities of internet fraudsters which he said was enjoying the support of some unscrupulous Nigerians.

According to him, banks in the country lost over N8 billion to internet fraud in 2022.

He said more than 71 per cent of companies operating in Nigeria were victims of cybercrime in 2022, adding that the anti-graft agency’s fight against internet fraud is about saving the nation’s future.

Olukoyede disclosed that the commission has created a cybercrime research centre where convicted internet fraudsters, known in local parlance as Yahoo Yahoo boys, will be trained to channel their knowledge to positive aspects of society.

The EFCC chair also said the agency is prosecuting two of its operatives for violating the agency’s code of conduct.

He said the commission has implemented some reforms to enhance its fight against corruption, including creating a directorate of fraud risk assessment/control and ethics/integrity.

Meanwhile, ex-governor Bello was on Tuesday served his charges through his counsel, Abdulwahab Muhammad (SAN) after Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, ruled that the defendant should be served through his counsel, especially as he failed to appear before the court, yet again.

This was contained in a statement on Tuesday by the EFCC spokesman, Dele Oyewale.

The EFCC is prosecuting Bello alongside his Ali Bello, Dauda Suleiman and Abdulsalam Hudu on 19-count charges bordering on money laundering to the tune of N80.2bn

The commission’s attempt to arrest him last Wednesday at his Abuja residence failed as Bello refused to grant the operatives access to his residence or give himself up, leading to a stand-off which lasted for several hours.

He subsequently managed to escape the dragnet as he was allegedly helped by Governor Ododo who took him away in his car.

The EFCC declared him wanted while the Nigeria Immigration Service put him on its watchlist.

At Tuesday’s sitting, Bello’s counsel, Adeola Adedipe (SAN) prayed the court to quash the arrest warrant granted the commission against Bello, arguing that Tuesday’s substituted service to the defendant through Muhammad has invalidated the arrest warrant.

“The court is expected to do justice at all times. A warrant of arrest cannot be hanging on Bello’s neck when we are in this court. It appears to us that the defendant will not get justice because the court granted a warrant of arrest before service,” he said.

However, prosecution counsel, Kemi Piniero (SAN) in response, urged the court to decline hearing on any motion from Bello’s legal team until the defendant is physically present in court for his arraignment.

“The stage we are in now is to determine the whereabouts of the defendant. He cannot be in his house while the trial proceeds without him coming here to take his plea. My Lord, this is a criminal matter not a civil matter, he must come and take his plea.

‘’It is a matter of over N80 billion. All these applications by the defendant are to prevent his arraignment and frustrate the commencement of trial,” he said.

After hearing both counsels, Justice Nwite adjourned ruling on the defence’s application, seeking a revocation of the arrest warrant on Bello till May 10.