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Court Orders IGP Egbetokun To Arrest EFCC Chairman, Olukoyede

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An FCT High Court presided by Justice Abubakar Musa has ordered the Inspector-General of Police (IGP), to arrest the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, for disobeying court order.

The court also ordered arrest of Aliyu Yusuf, the Head, Proceeds of Crime Unit at the EFCC.

According to a court document exclusively obtained by THE WHISTLER, Chief Ikechi Emenike, a former governorship candidate of the All Progressives Congress (APC) in Abia State, had approached the court over a property which was allegedly forfeited to the Federal Government as proceeds of corruption.

The property, a 5- bedroom duplex with a 2- room boys quarters, is situated at number 6 Aso Drive, Abuja.

THE WHISTLER gathered that the Emenike had offered to buy the property, where he currently lives, which was valued at over N380 million, but the EFCC refused and sent operatives to block all entries to the property.

Chief Emenike then approached the court seeking order for the EFCC to allow him exercise the right of first refusal for the purchase of the house.

He claimed that the EFCC planned to sell the property to a third party without allowing him, “who is a sitting tenant exercise first right of refusal,” describing it as oppressive and unfair,.

However, the court ordered EFCC to leave the property and ordered it not to prevent Chief Emenike and his household from moving in and out of their residence.

But the commission allegedly disobeyed the order and Chief Emenike initiated contempt proceedings against both the chairman of EFCC and the head of the asset recovery team.

According to the court documents obtained, EFCC had disobeyed the first order that was made on the 9th November 2023 which was an interim order. It also disobeyed the interlocutory order made on 6th December 2023, and had proceeded to arrest both Chief Eminike and his wife.

The APC chieftain then approached the court seeking for the conviction of both Olukoyede and Yusuf for failing to comply with the court orders.

However, according to the court ruling on Tuesday (23th January 2024), Justice Musa ordered the arrest of the EFCC Chairman and the head of Proceeds of Crime Unit .

The judge ruled that ” after listening to Adeyemi Pitan esq counsel for the claimant argue in favour of the application, and Hadiza Afegbu esq counsel for the defendant informing the court that she has no response to the application;

“It is hereby ordered as follows: that an order is hereby made directing the Inspector-General of police to arrest Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC) and Aliyu Yusuf, Head, Proceeds of Crime Unit of the Economic and Financial Crimes Commission (EFCC) for the purpose of committing them to prison for disobeying the orders of this Honourable Court contained in the ruling of the court delivered on the 6th day of December 2023.

“That an order is hereby made directing Ola Olukayode, Chairman of the Economic and Financial Crimes Commission (EFCC) and Aliyu Yusuf, Head, Proceeds of Crime Unit of the Economic and Financial Crimes Commission (EFCC) to appear before this court on the date mentioned in this order to show cause why an order for their committal to prison should not be made.”

After the ruling, the judge adjourned the sitting 25th January 2024 for hearing.

Dele Oyewale, EFCC spokesman, promised to get back to our correspondent when he was contacted for a response on Wednesday afternoon but didn’t respond as at the time of filing this report.

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Order CBN to honour Letters of Credit– SINET to Tinubu, NASS

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Amidst several hardships facing the Nigerian populace, the Social Integrity Network, (SINET) has urged President Ahmed Bola Tinubu and the leadership of national assembly to compel the Governor of Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, to order and reconsider honouring the forward contracts that are genuinely backed up with proper compliant documents for utilisation against each Letters of Credit (LCs) opened by the commercial banks using the forwards as a hedge.

The group also urged the Federal Government to make further clarification concerning a statement credited to the CBN Governor on issues regarding the alleged and well-publicized revelations of a $2.4 billion forex trading fraud.

SINET recalled that “On February 5, 2024, the governor of CBN made this declaration in both his interactions with Senate committees and his interview on a national television, following the engagement of Deloitte Management Consultant to conduct a forensic investigation where he claimed that the said amount was uncovered.

A statement issued on Monday by SINET national coordinator, Ibrahim Issah, disclosed that “On the contrary, we wish to unequivocally state that these claims lack merit and do not take into account the consequences they will have on businesses, public perception, or the economy of our cherished nation and its implication on forex both at home and abroad.”

According to him, “Without sentiment, the claim is completely falsehood and unacceptable as he, the CBN governor, failed to consider its economic implications. It is pertinent to state that genuine businessmen and women across the country, borrowed Funds from commercial banks, some with interest rates as high as 30% to secure forex from the CBN through their respective commercial banks since CBN does not sell the dollars to individuals directly.

“The same funds have been deposited with CBN for the past one and half years for forwards allocated for which the Apex Bank is now claiming were fraudulent transactions. May we remind Mr. Governor that while the CBN allocated the forwards after collecting the naira for each forward allocated, the commercial banks used these same forward contracts as a hedge and issued Letters of Credit (LCs) to their various customers against their offshore credit lines and also as a sovereign guarantee to their offshore banks which stand unpaid till today as a result of the failure of CBN to honour the various forward contracts.

“May we also remind our CBN Governor that as a result of their failure to honour these contracts, the outstanding foreign loans continue to accrue interest (post-negotiation charges), which the commercial Banks are passing to their customers: the same customers you say do not have a genuine claim.”

The statement further stressed that, “The public would like to ask Mr. Governor the following questions: What will happen to the foreign bank that is expecting their payment to be paid back? What will happen to the businessmen and women who had borrowed Naira from commercial Banks and paid the same into the CBN account for the purchase of forex for over eighteen months? Who will bear the interest charged on borrowed funds locally? Who will bear the charges running against the offshore lines used in establishing Letters of Credit? What will happen to the businesses? What will happen to the employees that are dependent on the survival of the businesses that CBN is trying to kill?

“We call upon the senate president and, in fact, the president and Commander In-Chief of the Federal Republic of Nigeria to call the CBN governor to order and reconsider honouring the forward contracts that are genuinely backed up with proper compliant documents for utilisation against each Letters of Credit (LCs) opened by the commercial banks using the forwards as a hedge.

“Let us state categorically that the CBN is killing businesses by cancelling the forward contracts that were sold to them about 18 months ago at the rate of N450/dollar and now selling the same funds to the commercial banks and directing the bank to sell the money at the rate of 1,500/dollar to the same businesses who initially had a forward contract at the rate of N450/dollar.

“May we also remind Mr. Governor, that failure to honour these forward contracts is taking commercial banks longer time to clean the offshore lines already used for establishing Letters of Credit against which shipments have been done and payment made to LC beneficiaries by the offshore banks. The delays of the commercial banks to settle their Forex obligations to their offshore banks is making our country risk to be very high.

“Lastly, the public will like to call on the coordinating minister for the economy, Mr. Wale Edun to engage the CBN regarding this issue of undelivered forward contracts because at present in Nigeria, almost 60% of companies in the manufacturing sector have been closed due to the volatility of Forex in Nigeria in order to avoid the other 40% from also closing down.

“This will go a long way to help the few remaining manufacturing companies still in operation in Nigeria and also encourage the new investors that the president and commander in-chief of the federal republic is trying woo to bring their investments to Nigeria.”

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APC To Yahaya Bello: Stop Confusing The Party, No Vacancy For National Chairman

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Yahaya Bello Kogi state

The leadership of the ruling All Progressives Congress (APC) has told the immediate-past governor of Kogi state, Yahaya Bello that there is no vacancy in the office of the national chairman of the party.

The national publicity secretary of the party, Felix Morka warned the former Kogi governor to stop confusing the party, saying the position of the national chairman is currently occupied.

Morka handed down the warning while addressing newsmen at the national secretariat of the party.

The posters of the former governor were seen on major streets in the Federal Capital Territory (FCT), especially around the federal secretariat and on walls and fences of structures around the APC national secretariat along Blantyre Street, Wuse 2, Abuja.

The bold picture of the former Kogi state governor is adorned with the inscription, “APC Next Level. Alhaji Yahaya Bello as APC National Chairman. Leading the Change, Building a Stronger APC.”

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