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Naira crisis may disrupt polls, INEC warns Emefiele

Published

1 year ago

February 8, 2023

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With a little over two weeks to the general election, there are strong indications that the new naira notes scarcity may disrupt the exercise.

The Chairman of the Independent National Electoral Commission, Mahmood Yakubu, said this during a meeting with the Central Bank Governor, Godwin Emefiele at the CBN headquarters, Abuja, on Tuesday.

He explained that many service providers to INEC had no bank accounts.

He, therefore, solicited the support of the apex bank to address the concern related to the CBN cash withdrawal policy which had caused chaos across the country.

The apex bank had last year pegged weekly cash withdrawal limits set for individuals and corporate organisations to N500,000 and N5 million, respectively.

It also introduced the currency redesign policy which involves the issuance of new N1000, N500 and N200 notes last December.

But explaining his concern to the CBN chief, Yakubu said the service providers needed to be paid fully or partly, adding that there were fears about the withdrawal limits.

READ New naira crisis: World Bank, IMF warn CBN on Friday deadline

He said, “The Nigerian election is a huge and complex one. It requires the engagement of critical services and in line with the provisions of the exchange laws and regulations, service providers are generally paid by means of electronic transfer to their accounts.

‘’However, there are crucial areas such as transportation and human support services that have to be immediately enumerated, either partially or in full because services are rendered.

“In addition, emergency situations may arise requiring immediate cash payments. Some of the critical service providers are unbanked. Over the years we have worked with the Central Bank of Nigeria and commercial banks to pay for such services seamlessly during general elections, as well as off-cycle and by-elections.

‘’Over the years, the commission has migrated all its accounts at national and state levels to CBN and this arrangement has worked without hindrances to our activities.

“In view of the recent policy involving the redesigning of some denominations of our currencies and the limit on cash withdrawals and availability, we consider this meeting important in addressing some of our areas of concern with just 17 days to the 2023 general elections.

READ Kano Govt sues FG over Naira redesign

‘’We are confident that an aspect of this meeting will reduce the anxiety expressed by some of our service providers. We are determined to make the 2023 general election one of the best elections in Nigeria but we cannot do it alone. That is why the commission is mobilising every critical national institution for the success of the election.”

Related Topics:CBN Emefiele INEC NAIRA CRISIS Yakubu

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Court knocks FG for lack of diligent prosecution in Tukur Mamu’s terrorism financing case

Published

36 mins ago

April 29, 2024

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A federal high court in Abuja has reprimanded the federal government for lack of diligent prosecution in the charge filed against Tukur Mamu, publisher of Desert Herald newspaper.

At the court session on Monday, David Kaswe, prosecution counsel, was not in court despite having entered his name on the cause list, indicating his presence.

Abdul Mohammed, Mamu’s counsel, urged the court to stand down the matter to await Kaswe’s return.

However, the prosecution lawyer was still not in court when the case was called again after the judge had delivered a judgment.

Inyang Ekwo, the presiding judge, expressed surprise over “the miraculous disappearance” of the federal government’s lawyer in court.

“I am also aware that the prosecution was in court this morning, but as to the miracle of the disappearance of the prosecution as at the time this matter comes up for hearing is beyond my understanding,” Ekwo said.

“This antic of the prosecution is only being tolerated in today’s proceeding.

“If the prosecution demonstrates that they are not ready to prosecute this matter either diligently or expeditiously, the court will make the right decision at that point.”

READ Alleged illegal possession of firearm: Court approves withdrawal of charge against Emefiele

MAMU ASKS TO BE TRANSFERRED TO KUJE PRISON

Mamu’s lawyer moved an application to transfer his client to the Kuje correctional facility.

He said the prosecution had already responded to the motion.

In the application, the defence counsel said the Department of State Services (DSS) has refused to obey a previous court order which directed that Mamu should be allowed access to his doctors.

He said Mamu would get proper medical attention in Kuje prison.

“This application is brought so that we will take the defendant to the prisons because they always obey court orders there so that if we go there, he will have access to his medical officer,” he said.

“It is completely within the discretion of the court and we do not want to bring an application for contempt as that will take time.

“Therefore, we want the court to vary the order and the defendant will stay in the Kuja correctional facility. That is what we are asking for.”

READ Gunmen abduct Ijaw Youth Council President Igbifa

The judge adjourned the matter until May 20 for ruling on Mamu’s application.

BACKGROUND

Mamu is standing trial for allegedly aiding the terrorists who attacked the Abuja-Kaduna train in March 2022.

After his arrest in 2022, the federal government said $300,000 was found in his possession.

He was arraigned in March 2023 by the office of the attorney-general of the federation (AGF) on a 10-count charge bordering on terrorism.

However, in March, he pleaded not guilty to all the counts and denied having allegiance to the terrorists.

Mamu is alleged to have received $120,000 as ransom payments on behalf of the Boko Haram terrorist group.

The monies were said to have been received from families of hostages kidnapped during the train attack.

He was also accused of exchanging voice note communications relating to the hostages with one Baba Adamu, a Boko Haram spokesperson.

The federal government also tagged the $300,000 found in Mamu’s possession after his arrest, as terrorist funds.

READ Buratai warns New Generals Against Coup Plots

Mamu, an aide to Ahmad Gumi, a popular Islamic cleric, was involved in negotiations for the release of the passengers abducted during the attack on a Kaduna-bound train.

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Abuse of office: Emefiele challenges jurisdiction of Lagos court to try him

Published

1 hour ago

April 29, 2024

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The Lagos High Court sitting in Ikeja has deferred till the end of trial, its ruling on the application filed by the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, challenging the jurisdiction of the court to try him on the charges brought against him by the Economic and Financial Crimes Commission (EFCC).

Through his lawyer, Senior Advocate of Nigeria, Olalekan Ojo, Emefiele submitted that he cannot be tried in the high court of any state in Nigeria for alleged acts of abuse of his office as this raises issues of constitutionality and legality.

The former CBN governor also noted that counts 1-4 of the 26 counts charge filed by the EFCC against him are unconstitutional as they are not contained in any law in Nigeria.

His counsel asked the court to make an order striking out counts one to four of the charge on the grounds that:

READ Naira redesign: CBN replies finance minister, says it followed due process

. the Honourable Court has no jurisdiction to try the offence of abuse of office in relation to the office of the Governor of the Central Bank of Nigeria which the 1st Defendant occupied at all times material to the commission of the offences and

ii. the 1st Defendant’s/Applicant’s acts said to constitute arbitrary acts resulting in abuse of office are not offences known to law as mandatorily required by section 36(12) of the Constitution of the Federal Republic of Nigeria 1999 as amended.

The EFCC through its counsel, Senior Advocate of Nigeria, Rotimi Oyedepo, however, countered these arguments.

Citing decided cases of the Supreme Court, he asked the trial judge, Justice Rahman Oshodi, not to defer or prevent the trial of the case on the basis of objections challenging the particulars of the counts of the information.

“That approach is intended to take us back to where we are coming from as this were the basis for Section 1 of the Administration of Criminal Justice Act, ACJA and the purpose for which Administration of Criminal Justice Law, ACJL was intended. The intention of our collective resolution as a nation was to to prevent undue delay in our criminal cases.

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“I urge my lord to refuse this invitation, trial has commenced, this application to prevent the trial today is unlawful, illegal and unconstitutional and I urge the court not to depart from the decision of the apex court as to do so would amount to judicial rascality,” Oyedepo stated.