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Hushpuppi: Reps to review honour conferred on Abba Kyari if found guilty

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KYARI

 

Suspended Commander of the Inspector-General of Police Intelligence Response Team, DCP Abba Kyari, will remain an honouree of the House of Representatives until he is found guilty of the allegations against him by the Federal Bureau of Investigation in the United States.

Kyari was suspended by the Police Service Commission on the recommendation of the IGP, Usman Baba, pending his investigation by Nigeria’s police authorities.

Recall that the House, on June 11, 2020, honoured Kyari for his exceptional service to the Nigeria Police Force and Nigeria.

The invitation and honour followed a motion moved by the member representing Chibok Federal Constituency in Borno State, Ahmad Jaha, two days earlier.

Kyari, a Deputy Commissioner of Police, was invited into the chamber to appear before the lawmakers in plenary.

The Speaker, Femi Gbajabiamila, had paid tributes in glowing terms to the police officer, whom he described as an intelligent man.

Gbajabiamila said, “We have with us an officer and a gentleman. We have with us in the chamber today a man that has proved himself to be worthy of the highest commendation; the man who has spent the latter years of his life, at least in the last 20 years, serving the people of Nigeria.

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“Many of us may have heard of him; many of us may have seen him. But today, the House of Representatives, in its wisdom and having followed his career over the years, and witnessed on a daily and yearly basis how he put his life on the line for our great country, has deemed it worthy to commend and to honour him.”

Several members of the House had also paid tribute to Kyari, calling on the Federal Government to give him a national award.

In his response, Kyari said about 20 members of the IRT had lost their lives in the line of duty. He dedicated the award to them, saying the honour had boosted the morale of his men.

However, the FBI has alleged an international fraudster and money laundering suspect, Abass Ramon, aka Hushpuppi, paid N8m or $20,600 to the embattled Kyari, to arrest and detain a “co-conspirator,” Chibuzo Kelly Vincent.

A document issued by the United States District Court for the Central District of California and dated February 12, 2021, alleged that Hushpuppi contracted the services of the IRT commander after Chibuzo allegedly threatened to expose an alleged $1.1m fraud committed against a Qatari businessman.

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When contacted on Monday to speak on the honour bestowed on Kyari, after being named in the scandal, the Chairman of the House Committee on Media and Public Affairs, Benjamin Kalu, said the DCP was still innocent until proven guilty.

Kalu said, “The position of our law is that you are innocent until you are proved guilty. It is not the only award that he has. We cannot begin to strip him of his award; he is a suspect at the moment. Lawmakers are not lawbreakers.

“The constitution says you are innocent until proved guilty. But if at the end of the day, he is convicted, then the House would have a reason to review its position. But at the moment, he is still under investigation.”

The FBI criminal complaint lodged at the United States District Court in California had listed Hushpuppi and Kyari among six suspects indicted in a $1.1m international fraud conspiracy.

The other suspects include AbdulRahman Juma (Abdul); Vincent Kelly Chibuzo (Kelly); Rukayat Motunrayo Fashola (Morayo); and Bolatito Tawakalitu Agbabiaka (Bolamide).

READ  HUSHPUPPI: 31 northern lawyers volunteer free legal service to Kyari

Kyari, who is popularly known as ‘super cop,’ has been under fire since the FBI, last Wednesday, unsealed a 69-page court document showing that he was under investigation by the bureau for his alleged link to Hushpuppi, who had pleaded guilty to fraud.

In the case marked 2:21-cr-00203, USA VS Abba Alhaji Kyari dated April 29, 2021, the FBI asked a US District Court in California to order the arrest of Kyari for 10 days.

Like Kyari, the House, under Gbajabiamila’s leadership, on September 18, 2019, honoured the Chairman of Air Peace, Mr Allen Onyema, for the free air services offered by his domestic airline to the Federal Government for the evacuation of Nigerians under xenophobic attacks in South Africa.

Later, on October 10, 2019, the House honoured recipients of the ‘Best Principal’ and ‘Best Teachers’ awards, Agnes Iyabo Elusakin and Pius Ikuseyidunmi, respectively, who were among the three teachers of Lagos State that won the 2019 President’s Teachers and Schools Excellence Award.

 

 

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Fitch upgrades Nigeria’s credit outlook to positive, cites economic reforms

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Fitch, a global rating agency, has reviewed Nigeria’s outlook to positive from stable.

A credit rating is a measure of how likely a company or government entity can pay back its debts, based on an independent assessment of its financial health.

Fitch, in a statement on May 3, said the positive outlook partly reflects reforms implemented over the past year to support the restoration of macroeconomic stability and enhance policy coherence and credibility.

 

“Exchange rate and monetary policy frameworks have been adjusted, fuel subsidies reduced, coordination between the ministry of finance and the Central Bank of Nigeria (CBN) improved, central bank financing of the government scaled back and administrative efficiency measures are being taken to raise the currently low government revenue, as well as oil production,” Fitch said.

 

Fitch said the reforms have lessened distortions stemming from previous “unconventional monetary and exchange rate policies,” leading to the return of sizeable inflows to the official foreign exchange (FX) market.

READ  US court sentences Hushpuppi to 11 years, three-month imprisonment

“Nevertheless, we see significant short-term challenges, notably, inflation is high and the FX market has yet to stabilise, and the durability of the commitment to reform is to be tested,” the credit agency said.

“The CBN has stepped up efforts to reform the monetary and exchange rate framework following last year’s unification of the multiple exchange rate windows, and the large differential between the official and parallel market rates has collapsed.

 

“Average daily FX turnover at the official FX window has risen sharply from 2H23, and there has been clearance of USD4.5 billion of the backlog of unpaid FX forwards (the validity of the outstanding USD2.2 billion is being assessed by CBN), and weekly sales of FC to bureaux de changes (BDCs) have resumed (having been suspended since 2021).”

‘RETURN OF SIZEABLE NON-RESIDENT INFLOWS’

Fitch said increased formalisation of FX activity and monetary policy tightening has contributed to a notable rise in foreign portfolio investment inflows and a fast appreciation of the naira at the official FX window.

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According to the company, this followed the 71 percent “post-liberalisation depreciation between June 2023 and mid-March 2024”.

 

However, the credit rating agency said the exchange rate remains volatile.

Fitch said the continued lack of clarity on the size of net FX reserves is a constraint on Nigeria’s sovereign’s credit profile.

‘FURTHER MONETARY POLICY TIGHTENING ANTICIPATED’

In March, the Central Bank of Nigeria (CBN) raised the monetary policy rate (MPR), which benchmarks interest rates, from 22.75 percent to 24.75 percent.

 

Fitch said it expects further increases in the CBN monetary policy rate in the second half of 2024 and “strengthening of monetary policy transmission, after the recent resumption of open market operations at rates closely aligned to the MPR”.

“We project inflation, which rose to 33.2% yoy in March due partly to exchange rate pass-through and rising food prices, to average 26.3% in 2024 and 18.2% in 2025, still well above our projected ‘B’ median of 4.5%,” Fitch said.

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In December 2023, Moody’s, a US-based rating agency, also revised its outlook for Nigeria from stable to positive.

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Good Morning! Here Are Some Major News Headlines In The Newspapers Today: Yahaya Bello: Appeal Court stays execution of contempt proceedings against EFCC chair

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1. The Court of Appeal, Abuja Division, on Friday, suspended moves by the Kogi State High Court to commit the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede for contempt. The Appeal Court granted an ex parte motion for stay of proceedings of contempt application filed against the EFCC Chairman by the immediate past governor of Kogi State, Yahaya Bello.

2. An Ikeja Special Offences Court has adjourned the trial of the embattled former Central Bank of Nigeria, CBN, governor, Godwin Emefiele, to May 9 over filing of additional proof of evidence served by the prosecution. Justice Rahman Oshodi adjourned the trial after taking arguments from the defendants’ counsel over additional proof of evidence of over 60 pages served on them in the morning by the prosecution.

 

3. Efforts for better efficiency in the electric sector received a boost on Friday as the Nigerian Electricity Regulatory Commission, NERC, announced the unbundling of the Transmission Company of Nigeria, TCN, with the establishment of the Nigerian Independent System Operator of Nigeria Limited, NISO.

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4. The Minister of Information and National Orientation, Mohammed Idris has said that no journalist has been incarcerated under the Bola Tinubu administration for practicing responsible journalism, stressing that the media is largely free in Nigeria. He assured that the federal government would continue to protect the interests of journalists and will not compromise press freedom.

5. A Kano High Court has granted an ex parte order restraining the Inspector General of Police, IGP; Assistant Inspector General of Police, AIG Zone 1 Kano; Commissioner of Police, Kano, from arresting, and harassing the All Progressives Congress, APC, Ward officers at Abdullahi Ganduje Ward, Dawakin-Tofa local government area of Kano State.

 

6. The Benue State government has demolished 40 illegal shanties and structures in different locations in Makurdi, the state capital. The General Manager of the Benue State Urban Development Board, UDB, Tarnongo Mede, who led his team yesterday to carry out the demolition exercise, said it came as a result of shanties springing up in some parts of the state.

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7. Nigerian fintech companies have warned their customers against trading in cryptocurrency or any virtual currency on their apps, threatening to block any account found engaging in such activities. At least four fintechs— Opay, Moniepoint, PalmPay, and Paga communicated this development to their customers on Friday.

 

8. A man, Hamza Mohammed, has been sentenced to death by hanging for stabbing another man to death during a free-for-all in Niger State. Mohammed and one Baba Usman (now at large) were said to have chased after the deceased, Isah Mohammed, caught up with him and stabbed him several times until he died.

 

9. Ahead of the September 21 gubernatorial election in Edo State, the state chapter of the Peoples Democratic Party (PDP), on Friday, inaugurated a 363-member campaign council, with Governor Goodwin Obaseki describing the Legacy Group as disorganised. The Legacy group, headed by the party’s vice chairman, South-South, Dan Orbih, had vowed not to work with Obaseki and the party’s candidate, Asue Ighodalo, unless their grievances were looked into.

READ  Court remands billionaire linked to Kyari drug deal

 

10. The naira depreciated yesterday to N1,395 per dollar in the parallel market from N1,365 per dollar on Thursday. However, the naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,400.4 per dollar.

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Court restrains NERC from implementing tariff hike for Band A customers

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A federal high court in Kano has issued an order restraining the National Electricity Regulatory Commission (NERC) and the Kano Electricity Distribution Company (KEDCO) from implementing the new electricity tariff for Band A consumers.

Ruling on an ex parte motion on Thursday, Abdullahi Liman, presiding judge, made an interim order restraining NERC and KEDCO from going ahead with the impending tariff pending the hearing and determination of the motion on notice before it.

The order also restrained the defendant from intimidating and threatening to disconnect the applicants’ electricity supply for non-acceptance of the new increased tariff.

 

The suit marked FHC/KN/CS/144/2024 was filed by Super Sack Company Limited and BBY Sacks Limited.

 

Others are Mama Sannu Industries Limited, Dala Foods Nigeria Limited, Tofa Textile Limited and Manufacturers Association of Nigeria Limited (MAN).

The motion ex-parte was moved by Abubakar Mahmoud, counsel to the plaintiffs.

 

On April 3, NERC approved an increase in electricity tariff for customers under the Band A classification.

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The commission said customers under the category, who receive 20 hours of electricity supply daily, would begin to pay N225 per kilowatt (kW) from April 3 — up from N66.

The sudden hike has been criticised by the house of representatives and other stakeholders who have asked NERC to suspend the implementation of the new tariff.

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