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Emefiele: Court Orders Unconditional Release Of ex-CBN Governor

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The High Court of Justice in the Federal Capital Territory (FCT) has ordered the unconditional and immediate release of the immediate-past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

 

Justice O.A. Adeniyi gave the order after Emefiele filed a Motion Ex-parte, seeking his release from the custody of the Economic and Financial Crimes Commission (EFCC) pending the hearing and determination of the Originating Motion.

 

The applicant named the Federal Republic of Nigeria, the Attorney-General of the Federation, (AGF) the Executive Chairman of the EFCC, and the EFCC itself as the respondents.

The court order includes the following key provisions: Immediate and Unconditional Release: The court ordered the 3rd and 4th Respondents (the Executive Chairman and the EFCC) to unconditionally release Emefiele from detention forthwith. Alternatively, they are directed to produce him in court on the date fixed for the hearing of the substantive Motion on Notice, with the possibility of being admitted to bail by the Court.

On the hearing of the Substantive Motion, the court set the date for the hearing of the substantive motion on notice for Monday, November 6, 2023, at 1pm.

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Breaking news: Minimum Wage: Labour rejects FG’s N54,000 offer

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The organised labour has rejected the Federal Government N54,000 new minimum wage proposal.

 

According to reliable source, the meeting on the ongoing negotiations on new minimum wage has been adjourned till Wednesday after the organised labour.

 

Media report has it that the Federal Government upped its offer from its earlier proposed N48,000 to N54,000.

Tuesday’s meeting came as a result of the walkout staged by members of the organised labour following the proposal of N48,000 as minimum wage by the Federal Government during last week’s meeting.

During that meeting, the OPS had also proposed N54,000 while labour insisted on its N615,000 living wage demand.

Our correspondent who spoke to sources who attended the follow-up meeting on Tuesday learnt that the Federal Government upped its offer from N48,000 to N54,000.

“Well, during the meeting, the government increased its offer from N48,000 to N54,000. However, labour rejected that offer and the meeting has been adjourned till Wednesday,” a source who asked not to be named said.

When asked if the government’s side was showing any sign of seriousness, the labour leader said, “No seriousness at all. Even state governors did not show up. Those who represented them, like Bauchi and Niger states, did not have the mandates to speak on their behalf.

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EFCC bars dollar transactions, orders embassies to charge in naira

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The Economic and Financial Crimes Commission has barred foreign missions based in Nigeria from transacting in foreign currencies and mandated them to use Naira in their financial businesses.

 

The EFCC has also mandated Nigerian foreign missions domiciled abroad to accept Naira in their financial businesses.

 

The anti-graft agency said the move is to tackle the dollarisation of the Nigerian economy and the degradation of the naira

The Commission, therefore, asked the government to stop foreign missions in Nigeria from charging visa and other consular services in foreign denominations.

The EFCC gave the advisory in a letter to the Minister of Foreign Affairs, Amb. Yusuf Tuggar, for onward transmission to all foreign missions in the country.

In the letter, the EFCC said it issued the advisory because the practice of paying for consular services in dollars was in conflict with extant laws and financial regulations in Nigeria.

In a letter dated April 5, 2024, which was addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled: “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the EFCC Chairman, Ola Olukoyede expressed dismay over the invoicing of consular services in Nigeria by foreign missions in dollars.

The EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which makes currencies issued by the apex bank the only legal tender in Nigeria.

The letter read, “I present to you the compliments of the Economic and Financial Crimes Commission, and wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar ($).

“It states that ‘the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount’.

“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal.”

The commission further stated that the rejection of the naira for consular services in Nigeria by certain missions, along with non-compliance with foreign exchange regulations in determining service costs, is not just unlawful but also undermines the nation’s sovereignty embodied in its official currency.

The letter continues: “This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.

“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”

Diplomatic sources said yesterday, May 10, that some embassies were wondering whether the EFCC’s advisory represented the position of the Federal Government.

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