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10 unforgivable sins committed by Emefiele

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Godwin Emefiele

10 unforgivable sins committed by Emefiele

Emefiele has been suspended by President Tinubu with immediate effect and the possibility of him returning to the CBN is almost non-existent.

Emefiele finally met what might appear to be his waterloo on Friday, June 10, 2023, when the presidential hammer landed on his ever-shining, but delicate head.

In a not-so-shocking development, President Bola Tinubu dropped the axe on Emefiele who had caught the figure of a pariah in some sort, largely due to the excruciating effects of his many ill-thought-out, poorly-executed fiscal and monetary policies on Nigerians.

The reactions that have trailed the controversial CBN governor’s suspension so far suggested that President Tinubu may jolly well have ended the reign of economic terror and wanton financial servitude most Nigerians were subjected to in the last decade.

When the news broke on Friday night, you could hear a national sigh of relief, so silent, but still audible enough to reverberate across the country. It was one of such very rare occasions when Nigerians collectively agreed on a course of action.

Such was the kind of impact Emefiele had on the nation. He was not only one of the longest-serving government appointees but also held a position that was crucial to the economic prosperity and survival of Africa’s most populous country and its citizens.

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But, his stint will be etched in the annals of history as the one that ushered Africa’s biggest economy into the worst economic phase in its over 60 years of nationhood.

Having been privileged to serve under three different presidents, one would imagine that Emefiele will exit office amid pumps and pageantry, but the reverse is clearly the case.

1 Naira plunged to an all-time low: Under Emefiele’s watch, the nation’s currency suffered a great deal. The naira, which was exchanging for ₦190 to one United States dollar before he assumed office in 2014, sank to an all-time low, trading at over ₦750 at the parallel market as of Friday.

2 Encouraged forex arbitrage and round-tripping: Against advice by experts, including the International Monetary Fund (IMF) and the World Bank, that the naira should be allowed to find its true value, the suspended CBN governor spent trillions of naira trying to defend the currency but to no success.

He also created a window for Importers and Exporters to access dollars at subsidised rates in a bid to keep inflation at bay. While the answer to whether the intervention was successful or otherwise is still blowing in the wind, what is in no doubt is the price discrepancy it created in the market.

As a result of this, some unscrupulous elements who are opportune to access forex in the I&E window smiled to the banks at the expense of the Nigerian masses by profiting heavily from currency arbitrage and round-tripping.

3 Banned Crypto trading: Arguably, the biggest blow Emefiele dealt the young population was his decision to prohibit banks from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges in Nigeria in 2021.

Justifying his decision to ban cryptocurrency-related transactions in the country, he claimed that digital currency was being used for money laundering and terrorism, adding that the use of cryptocurrencies in Nigeria is a direct contravention of existing law.

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Though the apex bank promised to bring up a regulatory policy framework for the implementation of cryptocurrencies in the country, not much has been heard about that since.

4 Accused a website of causing naira devaluation: Perhaps the most ridiculous act from an apex bank governor anywhere in the world. Frustrated by his failure to rescue the falling naira, in September 2021, Emefiele accused AbokiFX of economic sabotage.

The online platform is famous for publishing daily foreign exchange rates in the parallel market and is a popular reference point for traders. But, the suspended CBN governor said, by publishing speculative black market rates, the platform and its founder, Oniwinde Adedotun, were influencing the naira value.

5 Dabbled into politics: If his sins were to be ranked, this particular one will take the top spot. In a very surprising move and against the rules of his office, Emefiele decided in his wisdom that he wanted to succeed President Muhammadu Buhari as Nigeria’s president.

Even though he never came out to declare this ambition, pictures emerged online of campaign vehicles painted with his image on them. Also, a group of All Progressives Congress (APC) supporters purchased the party’s presidential expression of interest and nomination forms in his name.

As criticisms grew about his inordinate ambition, Emefiele approached the court to seek clarification on whether he is eligible to contest for president without resigning his position as the CBN governor. The court ruled against him.

6 Introduced Naria re-colouration and cashless policy: Reeling from his failed presidential bid, Emefiele decided to get back at the politicians who he believed thwarted his dream and sold the dummy of naira redesign and cashless policy to the former President.

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Against the expectations of many Nigerians, the purported naira redesign later turned out to be a mere recolouration as the affected notes still retained their old designs with just a little colour variation.

However, his intention became clearer as we approached the last general elections. What was meant to be a cash swap later turned to cash confiscation as Nigerians were denied access to their money, leading to protests and chaos in several states across the country.

7 Alleged Terrorism financing: While this still remains in the realm of speculation, several reports have alleged that the Department of State Services (DSS) has established a link between the embattled banker and terror financing in the country. He was accused of funding the activities of the proscribed pro-Biafra group, IPOB and other such groups in the country.

8 Refused to pay Paris Club refund: Emefiele has a pending case before Justice Inyang Ekwo of the Abuja Federal High Court over his refusal to effect payment of $53 million judgement debt arising from the Paris Club refunds.

The suspended CBN governor was initially invited to appear before the court on January 18, 2023, to explain his refusal to obey a valid order for payment of a $70m debt.

Emefiele has only released $17 million, leaving $53 million in unpaid debt.

9 Failed to tame raging inflation: Despite spending trillions of naira in form of interventions to bring down inflation, Emefiele successfully failed in this singular task as inflation surged to an 18-year high from 9% in 2014 to 22% in 2023.

10 Illegally printing money: Emefiele was also accused of printing money for the federal government to the tune of ₦22 trillion, an action considered to be illegal for an apex bank.

10 unforgivable sins committed by Emefiele

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Yuletide: Travellers want fare discount for road trips

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Yuletide: Travellers want fare discount for road trips

  • Bemoan high fares

Passengers travelling to their country homes for the Christmas and new year day celebrations have urged the Federal Government to extend the free rail services announced early in the week to road transport routes across the country.

Some of the travellers who complained about the high fares called on the Federal Government to restore the 50 percent fare reduction on inter-state luxury bus routes granted to road passengers at this time last year.

The passengers who spoke at various terminals and loading stations of long distance road transport companies in Lagos, were reacting to the upsurge in fares to about N40,000 on luxury buses and N65,000 on mini buses going to the South-East.

Reports from some of the boarding stations revealed that upon hearing the announcement of free train ride, some passengers thronged the loading stations at various points in Lagos to benefit from the gesture, but were disappointed when they were informed that the offer did not cover road transport.

At Terminal 1 in Oshodi, Alafia, Jibowu, Mazamaza, and private stations in the Cele/Ejigbo axis, on Saturday, passengers bemoaned the high cost of travelling on both the big and small buses, disclosing that many people were not travelling because they couldn’t afford “the exorbitant fares the transport firms are collecting.”

Interestingly, a trip on board Toyota Sienna which used to attract slightly higher fare than on a typical mini bus, is the same at N40,500.

One of the passengers told our reporter one if the stations in Cele, “You press people should please tell (President Bola) Tinubu that poor masses cannot afford to go home this Christmas because there is no money in the country.

“(President) Tinubu should please repeat the 50 percent discount on long distance fares which some of us enjoyed last year to travel home.”

At the nearby Young Young Shall Grow station, a passenger who planned to travel to the east recalled how he took advantage of the 50 percent fare discount to travel from Abuja to Onitsha and back in 2023, and wondered why the Federal Government has not considered the re-introduction of the palliative this festive season.

According to the man who gave his name as Chinedu Uzoechina, his intention to travel to Anambra state and back with his wife and five children, has been stalled by the high transport fares being charged at the various terminals.

Uzoechina, who came to book for seats in advance, lamented, “I was hoping that the 50 percent fare discount that followed the increase in fuel pump price would be available this year, but that has not been the case this year. Forty thousand into seven is N280,000 for one-way luxury tickets.

“If you add the cost of coming back, it means I will spend nothing less than N560,000 on transportation alone for seven of us. Where will I get that kind of money? I have called my wife to inform her of the situation here (at the terminals in Cele).

“She is not happy that we are not travelling anymore, but what can I do?”

According to him, the only thing that can make his family travel again is if the Federal Government extends the free train ride offer to long distance road transport routes, like Lagos-east, or reduces the fares in collaboration with the operators.

Like Uzoechina, many other intending travellers were still hopeful that the government wiuld still intervene with a fare discount, even as they disclosed that they would either cancel the trips outrightly or reduce the number of tickets to be bought, if their hopes are dashed.It was learnt that the fares were slightly lower by about N2,000 at Terminal 1 where both big and mini buses have been loading for day and night trips at Oshodi.

Reacting to the passengers’ complaints about high fares at the terminal owned by the Lagos State Government, Damian Ezuma, the manager of Izu Chukwu Transport, blamed the situation on the rising cost of maintaining the buses as well as on the pump price of diesel, which he said, is as high as N2,000 a litre in some parts of the country.

“It is not our fault. The cost of maintenance is so high that it is only by the grace of God that some of transport companies still manage to keep their buses on the road these days. Do you know that one big bus tyre costs between N250,000 and N500,000, depending on the quality and brand?” Ezuma argued.

He confirmed that many intending travellers who heard about the free train services offer by the Federal Government have been coming to the terminal make enquiries on whether long distance-plying buses are part of the gesture and whether last season’s fare discount applies this year.

Many of them leave the terminal disappointed and deciding not to travel anymore, but opting instead to wait for a possible fare palliative from the government.

Also commenting on the reason for the high fares, a manager at Chisco Transport’s head office in Lagos explained that the unfavourable naira-dollar exchange rate has impacted on the prices of replacement parts and maintenance costs generally.

But a major factor is the fact that during the peak festive season, buses are usually full when leaving major cities like Lagos and Abuja, but are almost empty in their return journeys.

So some operators slightly adjust their fares upward to cover the losses incurred during return trips.

In 2023, the special fare discount by government through the luxury bus owners took effect on December 21, and lasted till the second week of January, 2024.

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Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship

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Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship

The Nigerian Navy Ship (NNS) BEECROFT has successfully apprehended 19 individuals attempting to stow away on Europe-bound vessels.

In a statement issued on Saturday in Lagos, the ship’s Information Officer, Lt. Hussaini Ibrahim, disclosed that 15 stowaways were intercepted on Dec. 19 aboard the European-bound Moto Tanker (MT) KRITI RUBY. Another four were caught on Dec. 21 aboard MT MCC YANBU.

“Preliminary investigation revealed that the stowaways boarded the vessels at night and concealed themselves in the rudder compartment while attempting to illegally migrate to Europe,” Ibrahim stated.

The Navy’s Quick Response Team (QRT), operating from ATLAS COVE and using the Falcon Eye Alignment under the Nigerian Navy Maritime Domain Awareness Facility, facilitated the interception of the 15 individuals near the Lagos fairway buoy.

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Ibrahim further explained that credible intelligence led to the interception of the additional four stowaways by Navy personnel deployed on escort duties aboard the vessel.

“The prompt response of the QRT saved the stowaways from exposure to life-threatening situations during the long voyage,” he added.

The first group of 15 individuals has been handed over to the Nigeria Immigration Service, Lagos State Port/Marine Command, Apapa, for further investigation and necessary action. The remaining four suspects will also be transferred in due course.

“The presence of stowaways poses serious security threats to maritime operations, including risks of smuggling, piracy, drug and human trafficking, among other maritime crimes,” Ibrahim noted.

He emphasized that under the leadership of Chief of Naval Staff Vice Adm. Emmanuel Ogalla, NNS BEECROFT will continue maintaining security along Lagos waterways and surrounding creeks to support safe maritime activities and economic growth.

 

Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship

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Troops arrest four Ambazonian rebels in Taraba

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Nigerian military troops

Troops arrest four Ambazonian rebels in Taraba

Troops of the 6 Brigade Nigerian Army/Sector 3 of the Operation Whirl Stroke (OPWS), have arrested four suspected members of Ambazonian rebels in Taraba.

The News Agency of Nigeria (NAN) reports that Ambazonia is a rebel group operating in neighbouring Cameroon Republic.

A statement on Saturday in Jalingo by Capt. Olubodunde Oni, Acting Assistant Director Army Public Relations, said the suspects were arrested at a hotel in Takum town.

The statement said that acting on credible intelligence, the suspects were tracked and apprehended.

According to the statement, during initial interrogation, the suspects confessed to being part of the rebel group involved in arms proliferation in exchange for cocoa with their Nigerian collaborators.

It said that four mobile handsets were recovered from the suspects now in detention undergoing further investigation.

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The statement also said that in another operation following actionable intelligence, troops deployed at Natilde community in Bantaji District of Wukari Local Government Area intercepted a truck with registration number WKR 66 BB, transporting 19 pieces of stolen pipelines belonging to the Nigerian National Petroleum Corporation Limited (NNPCL).

It said that further collaborative efforts with the Nigeria Security and Civil Defence Corps (NSCDC) in Wukari Division led to the recovery of an additional 11 pipes, bringing the total to 30.

“The recovered items have been handed over to the NSCDC Wukari Division for further investigation and necessary action.

“The 6 Brigade Nigerian Army will remain resolute in its commitment to safeguarding lives and property while ensuring the security of critical national infrastructure.

“We urge members of the public to continue providing timely and credible information to security agencies to enhance our collective efforts in maintaining peace and security,” the statement added.

 

Troops arrest four Ambazonian rebels in Taraba

(NAN)

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