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ACF knocks Buhari, says ‘Naira redesign policy has damaged your credentials’

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The Arewa Consultative Forum (ACF) has said the introduction of the naira redesign policy has damaged the credentials of President Muhammadu Buhari.

In a statement on Sunday, Murtala Aliyu, secretary general of the forum, said the scarcity of cash in the country could lead to breakdown of law and order.

The forum called on Buhari to respect the ruling of the supreme court which says the old notes remain legal tender until December 31.

“Some ten days ago, the Supreme Court of Nigeria held that President Muhammadu Buhari breached the constitution in the way he issued a directive to the CBN for the redesign of the naira without consulting with the National Council of States and the federal executive council,” the ACF said.

“It went further to rule that the unconstitutional use of powers by the president on the naira redesign has breached the fundamental rights of Nigerian citizens in various ways.

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“The state governors have persistently argued that the policy which permitted the CBN to place an embargo on the circulation of old N500 and N1,000 naira notes, while not providing their replacement in sufficient amounts, had triggered severe cash shortage and chaos in the economy.

“It has led to runaway inflation in food and other commodities. Huge crowds and long queues form around bank offices and ATM points across the country as people struggle to get the new cash which have remained extremely scarce. It has triggered riots and other forms of civil unrest.

“Whatever the CBN or anyone else say about the benefits of the policy, which evidently are many, is of little comfort as soon as the highest court in the country has deemed that it is, or at least the manner of its implementation, breaches the law.

“Ten days is long enough time for the government to find its way towards complying with a court order which import is central to the achievement of peace, order and good governance in the country.

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“President Buhari is under oath to defend the constitution of Nigeria. As his long term supporters, it will be remiss of us if we fail to warn that the much touted benefits of the Naira redesign can never justify the damage to his credentials as a democrat and a stickler for the rule of law.”

The ACF said the president should not pay a heavy price on account of a policy whose immediate goals are not entirely clear to a majority of Nigerians.

BACKGROUND

On October 26, 2022, Godwin Emefiele, CBN governor, announced the plan to redesign the biggest denominations of the country’s currency to control the money supply and aid security agencies in tackling illicit financial flows.

Emefiele had said the new notes (N200, N500, and N1000) would be effective from mid-December 2022, advising customers to deposit their old notes before January 31, 2023, when they would cease to be legal tender.

The January 31 deadline sparked controversies as many Nigerians could not access the new naira notes.

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On January 29, Emefiele said Buhari had approved the extension of the phase-out to February 10. On February 8, the supreme court temporarily restrained the federal government from banning the use of the old naira notes from February 10, 2023, pending the hearing of the matter on February 15.

Despite the court’s order, Emefiele insisted on the deadline.

Last week, the supreme court ruled that the old N200, N500, and N1,000 notes remain legal tender until December 31, 2023.

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Police detain Yahaya Bello’s ADC, security details

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The Nigeria Police Force has detained a female police officer who was the aide-de-camp to embattled former Kogi State Governor, Yahaya Bello..

The ADC was arrested alongside other police officers attached to 48-year-old Bello, and is being detained at the State Criminal Investigation Department, Federal Capital Territory, Abuja.

Their arrests and detention followed a Thursday night order by the Inspector General of Police, Olukayode Egbetokun, directing their immediate withdrawal from the former governor.

Senior police sources, who spoke on the condition of anonymity because they did not have authorisation to comment publicly on the matter, noted that the officers were arrested on the suspicion that they aided and abetted Bello’s escape from operatives of the Economic and Financial Crimes Commission, who had gone to effect his arrest at his Abuja home on Wednesday.

“The ADC and the other police details attached to Yahaya Bello have been arrested and detained.

“They were arrested on the order of the IG, on the suspicion that they aided and abetted the former governor’s escape from the EFCC on Wednesday,” one of the sources told our correspondent in a telephone conversation on Friday.

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Another source said, “Yahaya Bello’s female ADC and other police officers attached to him were brought to the command this morning, and they’ve been detained for aiding and abetting (the governor’s escape).

Egbetokun had, on Thursday night, ordered the withdrawal of all police officers attached to Bello.

The order for the withdrawal was contained in a police wireless message sighted by our correspondent on Friday morning.

The document read:

CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 X ORDER AND DIRECTIVES X FOLLOWING MESSAGE RECEIVED FROM NIGPOL.

“DOPS ABUJA X BEGINS X CB:4001/DOPS/FHQ/ABJ/VOL.21/462 DTO:180955/04/2024 X ORDER AND DIRECTIVES X REF MYLET NO CB:3412/DOPS/FHQ/ABJ/VOL.1/36 DATED 15/04/2024 X AND MY EARLIER LET NO CB:3412/DOPS/FHQ/ABJ/VOL.1/30 DATED 24/01/2024 X Nigeria police have ordered the withdrawal of all men.

“Police attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello, should acknowledge compliance and treat with utmost importance. Please above for your information and strict compliance.”

Also, the Federal Government had on Thursday night placed Bello on a watch list.

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In a document exclusively obtained by our correspondent on Thursday night, the Comptroller General of the Nigeria Immigration Service, revealed that Bello was placed on a watchlist for conspiracy, breach of trust, and money laundering.

Assistant Comptroller General signed the document and copied the Nigeria Customs Service, the Inspector General of Police, the Director General of the Department of State Services, and the Director of the National Internet Agency.

The document read, “I am directed to inform you that the above-named person has been placed on a watch list. Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for Conspiracy, Breach of Trust and Money Laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/TE/V 1/279 dated April 18, 2024.

“If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation, or contact 08036226329/07039617304 for further action.

“Please, accept as always the Comptroller-General’s warmest regards and esteem.”

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The Economic and Financial Crimes Commission had earlier declared Bello wanted for laundering the sum of N80,246,470,088.88.

The development was contained in a notice posted on the commission’s official Facebook page on Thursday, with a snapshot of the embattled ex-governor attached.

The notice read, “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 (Eighty Billion, Two Hundred and Forty Six Million, Four Hundred and Seventy Thousand and Eighty Nine Naira, Eighty Eight Kobo).

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: 18 feared killed in fresh Plateau attacks

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1. No fewer than 18 persons are feared dead after gunmen struck on Friday morning in Tilengpan community of Mangu Local Government area of Plateau State. It was reported that 12 individuals were reportedly killed in Mangu villages, with an additional six persons murdered in four Bokkos communities, along with a university student last night.

2. President Bola Tinubu has appointed a new Board for the Securities and Exchange Commission, SEC with immediate effect. According to a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, the new board members bring a wealth of experience and expertise to the commission, which plays a vital role in developing and regulating Nigeria’s capital market.

 

3. President Bola Tinubu on Friday announced the appointment of a new board for the National Insurance Commission, NAICOM with immediate effect. This was contained in a statement by Special Adviser to the President on Media and Publicity, Ajuri Ngelale.

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4. The Nigerian Customs Service, Kebbi State Area Command, has intercepted goods, including 212 50kg bags of foreign parboiled rice, worth over N126m. The goods according to the Customs Area Comptroller, Iheanacho Ojike, included 10,025 litres of petrol worth over N2m.

 

5. Two people were killed on Friday while one other was injured in an accident around the Idogo junction on Ilaro-Owode Yewa Road, Ogun State. This is just as the Ogun Sector Command of the Federal Road Safety Corps threatened to begin a clampdown on motorists parking indiscriminately on the roads.

 

6. Kogi State Commissioner for Information, Kingsley Fanwo, has said Governor Usman Ododo did not help his predecessor, Yahaya Bello, beat security operatives who wanted to arrest him. Speaking in an interview with Channels TV, Fanwo, who also worked under Bello, said Ododo is committed to upholding the laws of the country, including respecting its legal processes.

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7. The Nigerian Army, on Friday, released Prince Clement Ikolo Ogenerukevwe, the monarch arrested over the killing of 17 military personnel in Okuama, Ughelli South Local Government Area of Delta State.

 

8. The Lagos State government on Friday, demolished illegal houses in Otto Ilogbo extension of Ebute Metta, Lagos, leaving hundreds homeless. It was gathered that four communities were affected by the demolition. They include Ifesowapo, Ifeoluwa, Toluwani and Ilaje Otumara Community Development Association, CDAs, sparking public outrage.

 

9. Road crashes that occurred on Thursday and Friday at Gaya Junction in Kano State and Tashar Yari in Kaduna State claimed the lives of 18 people, authorities have said. The Corps Marshal, Federal Road Safety Corps, Dauda Biu, has now condemned the use of substandard tyres and excessive speeding by drivers on Nigerian roads.

 

10. The Managing Director of First Bank Plc, Dr Adesola Kazeem Adedotun is to proceed on pre-retirement notice. He conveyed his decision to the Chairman of First Bank Hassan Odukale. He said in the letter that he would have retired from the bank in December but decided to proceed on pre-retirement leave effective April 20.

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BREAKING: FG, states, LGs share N1.123tn in March

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The Federation Account Allocation Committee has disbursed a total of N1.123tn to the federal, state, and local governments for March 2024.

 

The allocation, derived from a gross total of N1.867tn, marks a critical distribution of funds aimed at supporting various government tiers.

 

This was revealed in a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga, on Friday.

 

FAAC has the duty of examining and approving the distribution of financial resources to the states and the Federal Government.

Monthly, this committee is tasked with the disbursement of funds across Nigeria’s 36 states and its 774 local government areas.

 

This allocation is anticipated to drive progress and support governmental bodies across various tiers in executing their duties.

 

The FAAC shared N1.152.trn to the three tiers of government for February 2024 from a gross total of N2.326.14trn.

 

Manga stated that the Accountant General of the Federation, Mrs. Oluwatoyin Madein, chaired the meeting and highlighted the importance of the allocation.

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This distribution is pivotal in ensuring that all government levels have the necessary funds to continue their development projects and provide essential services to the citizens,” the statement read.

 

The statement noted that the Federal Government received N345.890bn, states, and local governments received N398.689bn and N288.688bn, respectively, while oil-producing states received N90.224bn as 13 per cent mineral revenue derivation.

 

The FAAC statement also noted an increase in the gross revenue from Value Added Tax for March 2024, amounting to N549.698bn—an N89.210bn rise from the previous month.

 

This increase reflects the country’s economic growth and improved tax compliance.

 

Despite the positive trend in VAT, the Gross Statutory Revenue of N1.017tn for March was lower than February’s N1.192tn by N175.212bn.

 

The decrease has been attributed to reductions in excise duty, oil royalty, petroleum profit tax, customs external tariff levies, and electronic money transfer levy.

 

The balance in the Excess Crude Account as of April 2024 stands at $473,754.57, indicating a reserve for future financial stability.

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The statement noted that the FAAC’s decision to allocate these funds is expected to bolster economic activities across the nation and support the government’s efforts in improving infrastructure, healthcare, education, and other vital sectors.

 

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