Headline

CBN Probe: Influential Nigerians Seek Tinubu’s Soft Landing Over $5bn FX

Published

1 month ago

November 6, 2023

As the Jim Obazee-led special investigative panel probing the Central Bank of Nigeria (CBN) wraps up its assignment, influential Nigerians fingered in various financial infractions are jostling to meet with President Bola Tinubu to secure a soft landing.

Top on the list are top importers, manufacturers and politically-exposed businessmen who are allegedly neck deep in foreign exchange round-tripping totalling over $5 billion.

It was gathered that presidential aides are blocking these persons from having access to Tinubu in order not to affect the investigation nor its outcome.

Reliable sources told Daily Sun that President Tinubu is not ready to listen because “he wants to cleanse the financial ecosystem and plant the economy on a success path.”

“Those fingered in any infractions will be made to face the full wrath of the law because there are no sacred cows. They’re part of the reasons the foreign exchange market is in disarray and efforts are ongoing to restore normalcy and confidence in the system.

“I know many of them are lobbying seriously to meet with President Tinubu to secure some sort of soft landing, including returning the FX and avoiding prosecution. The panel has uncovered a lot of things and many of these influential people are currently on the investigative dashboard of the panel. Their staff have been grilled and a lot has been uncovered. The full report will be ready any moment from now”, a source close to the panel told Daily Sun”.

It was also discovered that members of the investigative panel have been receiving threatening messages since they lifted the lid on various financial malfeasances of FX traffickers whose firms have also come under investigation.

In July, President Tinubu constituted a special investigative panel to probe the apex bank and other Government-owned businesses.

He directed the team to report directly to his office to insulate them from hurtful bureaucratic bottlenecks.

In September, the panel extended its dragnet to companies and establishments owned by top shots of the apex bank and board members.

While the companies were kept under wraps as investigations deepened, Daily Sun, however, gathered that some of them were believed to be used as conduits for anchor borrowers’ loans and foreign exchange rackets; as there are no commensurate investments on ground to justify the hefty facilities.

In the course of the investigation, former CBN Governor, Godwin Emefiele and his deputies resigned and were replaced with a fresh team led by Dr. Yemi Cardoso.

In August, the apex bank released its Consolidated Financial Statements for the last seven years, making it the first time since 2015 that the apex bank will open its book available for public scrutiny.

Headline

Refineries Are Not Created To Reduce Fuel Price– Kyari

Published

6 hours ago

December 9, 2023

Desmond Ukafor

Forty eight hours after being summoned by the Senate, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has now appeared before the joint committee on appropriations.

The Senate had issued a 24-hour ultimatum on Wednesday to the NNPCL boss after an observations that he had in previous occasions, shunned summons by the Senate to appear before its ad-committee probing over 11 trillion naira expenditure on turn around maintenance of refineries in the country between 2010 and 2023.

Responding to questions by the senate committee on appropriations on the potential drop in pump price of petroleum owing to the expected functionality of refineries, Kyari clarified his comment after he was interrogated again. He explained that it might be possible to have a reduction, but it is not the main objective of the refineries.

He buttressed that maintaining the energy security target has fostered the confidence that in 2024, Nigeria will become a net exporter of petroleum products.

The NNPCL boss affirmed that no subsidy is charged to the federation, adding that the NNPC has contributed 4.45 trillion naira as direct revenue into the federation in a combination of taxes, royalties and dividends and paid 406 billion naira as dividend to Federal Government’s account from July 2023.

According to him, Nigeria does not have credible data for PMS consumption in the country because of the absence of the instrument to measure.

The Chairman of the Senate Appropriation Committee, Senator Adeola Olamilekan, had on Wednesday, directed Kyari to appear before the committee in 24 hours.

Olamilekan, who asked Kyari to appear in company of the Executive Secretary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), warned that failure to appear undermines the legislature and sabotages the process.

They are required to present the list of all individual companies operating with OML licenses in Nigeria as well as total production output approved on a daily basis.

The lawmaker expressed concerns that some of the revenues required to drive the 2024 budget was attributed to the NNPCL, which according to him, was owned by the Federal Government and responsible to it, and by extension the three arms of government.

Headline

DSS To Start Using Weapons Produced By Personnel – Bichi

Published

6 hours ago

December 9, 2023

Ifunaya Emeka

The Department of State Services (DSS) said on Saturday it will soon unveil weapons produced by its personnel.

This was disclosed by the DSS Director General, Yusuf Bichi, at the graduation ceremony of the Executive Intelligence Management Course (EIMC) 16 participants in Abuja, the nation’s capital.

According to him, the DSS will soon begin to “produce what it eats and eat what it produces.”

Among the weapons the Secret Service will soon unveil are Unmanned Aeriel Vehicles (UAVs), he stated.

Bichi also assured that the agency will continue to support the National Institute for Security Studies to succeed in its quest to impart knowledge that will enhance security in the country.

He charged the participants to utilise the skills they have acquired to develop the country, urging Nigerians to remain patriotic and shun those whom he described as warmongers who want to set the country on fire.

Also at the event is the Vice President, Senator Kashim Shettima.

The Executive Intelligence Management Course (EIMC) 16 commenced in February 2023 with 89 participants drawn from 35 agencies across Nigeria and four other African countries, namely, Niger, The Gambia, Rwanda and Chad.

Three participants lost their lives during the period, leaving 86 participants who graduated on Saturday.