News

Meet the new CBN deputy governors

Published

8 months ago

September 16, 2023

admin

Olayemi Cardoso has been appointed as Nigeria’s new CBN governor alongside four new deputies: Nnana Usoro, Muhammad Abdullahi Dattijo, Philip Ikeazor, and Bala M. Bello.

According to Section 6 Subsection 2 of the CBN Act 2007, the CBN’s board of directors, which is responsible for the policy and general administration of the bank, consists of the governor, who is the chairman, four deputy governors, the permanent secretary ministry of finance, five directors, and the accountant general of the federation.

With a combined experience of over 130 years in financial services, economics, and public policy, meet the team set to confront woes troubling the CBN.

Bala Mohammed Bello

Bala Mohammed Bello is the Executive Director of Corporate Services at the Nigerian Export-Import Bank appointed by His Excellency President Muhammadu Buhari (GCFR).

Philip Ikeazor

A banker with over 30 years of experience in the financial services industry. He has held various board positions, notably as the CEO of Keystone Bank Limited, CEO of Ecobank Kenya Limited, Executive Director of Union Bank Nigeria, Director of Union Bank UK PLC, and Director of the Orient Bank Uganda.

READ PARALYMPICS: Nigerian Folasade Oluwafemiayo wins powerlifting gold, breaks world record

Read also Tinubu names Cardoso new CBN Governor

Muhammad Abdullahi Dattijo

Muhammad Abdullahi Dattijo is a development economist with over two decades of experience in policy formulation, public finance, and project implementation.

He has served in various positions, including as a Policy Adviser at the United Nations Secretary-General Ban Ki-Moon Executive Office in New York. He was a core team member in this role that designed the Sustainable Development Goals (SDGs). He also serves as a World Bank Expert Advisory Council member on citizen engagement.

Emem Nnanna Usoro

The only female on the team has two decades of banking experience spanning retail, commercial, corporate banking, and public sector. Emem Nnanna Usoro currently holds the executive director position at United Bank for Africa (UBA), in charge of the Bank’s Northern operations.”

Cardoso’s and his team’s confirmation at the CBN is pending till the senate’s return from its recess in October.

They will each take the roles of deputy governor of financial system stability, deputy governor of corporate services, deputy governor of economic policy, and deputy governor of operations.

READ Troops rescue 848 kidnapped victims in three weeks, kill ISWAP commander

The Deputy Governor of Operations oversees banking operations, branch operations, currency operations, currency operations information technology, and reserve management.

Banking and other financial institution supervision, consumer protection, financial policy & regulation, payments systems & management is handled by the Deputy Governor in charge of Financial System Stability.

Concerning the financial markets, the Deputy Governor of Economic Policy supervises monetary policy, research, statistics, trade & exchange.

The fourth deputy governor oversees capacity development, corporate communications, finance, human resources, legal services, medical services, procurement & support services, and security services.

The five-man team is expected to arrest the slump in the naira through customary steps by addressing FX issues, the operations of black-market vendors, the ban on cryptocurrency trading, and excessive printing of bills through Ways and Means, amongst several other matters under their jurisdiction.

The central bank governor is expected to appear before the National Assembly from time to time to make formal presentations on the activities of the bank and the performance of the economy, according to Section 8 Subsection 4 of the CBN Act, which Emefiele rarely did during his eight years of administration.

READ Attackers cut pregnant woman open, steal unborn baby

News

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

Published

2 hours ago

April 29, 2024

admin

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 Dowen College lied, Sylvester Oromoni tortured by senior students for allegedly snitching on them, says mate

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 PARALYMPICS: Nigerian Folasade Oluwafemiayo wins powerlifting gold, breaks world record

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 Lagos truck accident: Two students dead, 12 injured – Police

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.

News

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

Published

2 hours ago

April 29, 2024

admin

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 Obi seeking media attention, his press conference on Tinubu needless — Abati

. 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.

READ Highlights of Tinubu’s manifesto: Creation of anti-terrorist battalions, student loans, others

“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.