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We’ll continue ways and means loan to FG at 5% – CBN

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The Central Bank of Nigeria (CBN) says it will sustain its ways and means advances to the Federal Government at a 5 percent limit for the 2024-2025 fiscal year.

Ways and means is a loan facility through which the CBN finances the Federal Government’s budget shortfalls.

 

The CBN law stipulates that advances by the apex bank must not surpass 5 percent of the previous year’s revenue of the federal government — but this has been observed only in the breach over the years.

 

In its monetary, credit, foreign trade, and exchange policy guidelines for the fiscal years 2024-2025, published on Tuesday, the CBN said it would continue to finance the federal government through ways and means.

“Ways and Means Advances shall continue to be available to the Federal Government to finance deficits in its budgetary operations to a maximum of 5.0 per cent of the previous year’s actual collected revenue,” the regulator said.

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The CBN said such advances shall be liquidated “as soon as possible and shall in any event be repayable at the end of the year in which it was granted”.

“Consistent with the banking arrangement of Treasury Single Account (TSA), Ways and Means Advances would now be determined after recognising the sub-accounts of the various MDAs, which are now linked to the Consolidated Revenue Fund (CRF) to arrive at the FGN consolidated cash position,” the apex bank said.

 

On February 9, Olayemi Cardoso, governor of the CBN, had said the financial institution would halt its ways and means advances to the federal government — “until all outstanding debts are refunded”.

 

The decision was made amid a push by the national assembly to increase the ways and means limit to 10 percent.

In February, a bill seeking to raise ways and means to the federal government from 5 percent to 10 percent passed the second reading at the senate.

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‘Please, don’t put fire in Oyo’ — Makinde tells Wike

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Seyi Makinde, governor of Oyo state, has asked Nyesom Wike, minister of the federal capital territory (FCT), not to “put fire” in his state.

Wike, in August, had warned governors elected on the platform of the Peoples Democratic Party (PDP) against interfering in the affairs of the party in Rivers state.

 

Wike and Siminalayi Fubara, governor of Rivers state, have been at loggerheads over the control of the party’s political structure in the state.

 

The rift between both chieftains of the PDP has created two factions in the Rivers house of assembly, with each camp electing a speaker loyal to the minister and the governor.

 

Bala Mohammed, governor of Bauchi state and chair of the PDP Governors’ Forum, had said the party’s structure in Rivers state will be handed over to Fubara.

Displeased by Mohammed’s comment, Wike said he would “put fire” in the states controlled by governors of the PDP siding with Fubara.

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Mohammed would later reply to the FCT minister’s threat, saying he had enough water to quench Wike’s fire.

 

But speaking on Saturday at an event organised in honour of the minister by the Ijaw Peoples Congress in Port Harcourt, Makinde pleaded with Wike to spare Oyo state should he decide to make bold his threat.

“I came to identify with my brother, the celebrant of today, the honourable minister of the federal capital territory and the immediate past governor of Rivers state,” Makinde said.

 

“When I showed up yesterday, I told him I brought peace offering because he has been boasting that he will put fire in some states. I said, please, don’t put fire in Oyo state.”

‘I’M BIGGER THAN ALL OF YOU’

Addressing the crowd, Wike said he is more powerful than all the governors siding with Fubara.

“All those who are moving around saying they are supporting somebody… you know it is not correct. You know some people don’t have shame. I cannot serve your boy,” Wike said.

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“Now, they are not even waiting, they are even rushing after the boy. They are not even waiting for the boy to call them. They are now rushing to the boy. People don’t have integrity.

“Don’t ever think that they’re fighting me. They are not fighting me. I am too big. If you don’t recognise somebody bigger than you, you know you are sick. I’m far bigger— all of them put together. They cannot stand it.

 

“When people said they will put hand here (in Rivers). I told them: if you come here and put your hand, hand too will enter your place (state). Now they are crying.”

Wike claimed that the PDP lost the governorship election in Edo to the All Progressives Congress (APC) because governors of the party lacked strategy.

 

“Instead of them (governors) concentrating on how they would win election in their state, they were holding meetings elsewhere to discuss Rivers state,” he said.

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“Who is the loser? This is a warning to others. Don’t touch Rivers state. It is a special state to God.”

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Alleged ₦3.1bn fraud: How I delivered $15.8m cash to Suswan in his residence — Witness

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Abubakar Umar, the Sixth Prosecution Witness in the trial of former governor of Benue State, Gabriel Suswam has narrated before the Federal High Court, Maitama, Abuja presided over by Justice Peter Lifu, how in 2014, he converted the sum of ₦3.1bn wired to him by Suswam as governor, and delivered its equivalent of $15.8m in cash to him at his Maitama, Abuja residence.

 

This was revealed in a statement by Head, Media & Publicity, the Economic and Financial Crimes Commission, Dele Oyewale on Saturday.

 

Suswan, alongside his then Commissioner of Finance, Omodachi Okolobia facing 11-count amended charges of money laundering to the tune of ₦3.1bn, being part of the proceeds from the sales of the state government’s shares held on its behalf by the Benue Investment and Property Company Limited, sold through Elixir Securities Limited and Elixir Investment Partners Limited.

 

During the court’s proceedings, the witness, a bureau de change operator and CEO of Fanffash Resources, who has been testifying on the matter since 2018, first, before Justice A.R Mohammed and later Justice Okon Abang, disclosed that the total sum of Suswan, alongside his then Commissioner of Finance, Omodachi Okolobia are facing 11-count amended charges of money laundering to the tune of ₦3.1bn was transferred to him by Suswam, through a proxy in tranches with the first tranche of ₦413m hitting his account on August 8, 2014 and the remaining, coming in subsequently to sum up to ₦3.1bn.

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Umar, while being led in evidence by prosecution counsel, Rotimi Jacobs, SAN, affirmed that the proxy who did the naira transfers to him was a woman.

 

According to the witness, he had to change a total sum of ₦3.1bn to dollars, which he said amounted to $15.8 million at the rate of ₦197 to a dollar and delivered it to Suswam in his Maitama, Abuja residence.

 

“One day in 2014, when I was in the office, the former governor of Benue State asked me to meet him in his house in Maitama, Abuja. I went and met him in the house together with one fair woman. He asked me to give the woman my account number. I gave the woman my Zenith Bank account number. The woman said she’ll send money into that account.

 

“On the 8th of August 2014, N413 million was transferred to my account. Based on this, I called the former governor and he told me to change the money to dollars and I asked him to give me time to do that. Three days after I bought the dollar equivalent, I called the former governor and informed him that the money was ready. He now asked me to take the money to his house in Maitama, near Jumat Mosque. I now told him that he should inform the security at the gate that I was coming, if not they’ll not allow me access into the gate. I took a cab to the house, and after I arrived at the house, I knocked at the gate and they opened. I told them my name. They opened the first and second gates and I sat in the waiting room where he came and met me. I now brought out the money which we both confirmed to be the equivalent of the N413 million. The exchange rate then was N197”, he said.

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Testifying further, he said, “On the 12th of September 2014, N637 million was transferred to my account. After N637million was transferred to my account, after like 40 minutes N363 million was also transferred into my account. On 13th October 2014, N630, 008,50, (Six Hundred and Thirty Million, Eight Thousand and Fifty Naira) was also transferred to my account. On 17th October 2014 1,0068,000 (One Billion, Sixty-eight Million) was transferred to my account. It is the woman that was directed by the former governor to do the transfers. The total money transferred to my account was N3 billion”.

 

The witness who stated that he was neither arrested by the EFCC for giving any testimony in favor of the defendant, nor threatened by the Commission to give evidence against the defendant, further disclosed that he did not have receipts for the transactions, so also no record book for them, stating that he buys dollars from his fellow retailers and only records based on discretion.

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Justice Lifu adjourned the matter till October 4,2024, for continuation of trial.

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17 killed in mass shooting in South Africa

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Seventeen people have been killed in a mass shooting in a remote South African town.

According to the BBC, the police said two homesteads in the town of Lusikisiki in the Eastern Cape, were targeted.

At least 12 women and one man were said to have been killed in one location, with three women and one man murdered in a second location.

An 18th victim is in critical condition in hospital.

The police said a manhunt for the perpetrators is under way.

Senzo Mchunu, the police minister, is expected to provide an update and visit the area where the attack occurred.

South African media report that the victims were preparing to attend a traditional mourning ceremony for a mother and daughter who were murdered a year ago.

They were packing goods and presents, including furniture, for the event when the attacked occurred on Friday night.

“The gunmen came and shot randomly, killing everyone. Women and children were also killed in the bloody shooting,“ the reports read.

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“This has left the community terrified.”

Officials are yet to determine the motive or make any arrests.

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