10 unforgivable sins committed by Emefiele - Newstrends
Connect with us

metro

10 unforgivable sins committed by Emefiele

Published

on

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.

READ ALSO:

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.

READ ALSO:

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.

READ ALSO:

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

Pulse

Loading

metro

Nigeria Customs debunks fake recruitment update, warns job seekers

Published

on

Nigeria Customs debunks fake recruitment update, warns job seekers

Nigeria Customs debunks fake recruitment update, warns job seekers

The Nigeria Customs Service (NCS) has warned Nigerians to disregard a fake recruitment update circulating on social media, stating that the publication did not originate from the Service and should not be trusted.

In a statement released on Thursday, the NCS described the recruitment notice as false and advised prospective applicants to rely only on information released through its official communication channels.

According to the Service, the fake publication is part of a growing trend of recruitment scams in which fraudsters exploit the desire of Nigerians seeking government jobs by circulating false employment notices and demanding money or sensitive personal information from unsuspecting victims.

“The Nigeria Customs Service (NCS) wishes to inform the public that the purported recruitment update currently circulating on some social media platforms is fake and did not originate from the Service,” the statement said.

The Service urged Nigerians to verify every recruitment-related announcement before acting on or sharing it, warning that misinformation could expose job seekers to fraud and identity theft.

It stressed that all official information regarding Nigeria Customs recruitment, promotions, screening exercises and other activities is published only through its verified communication platforms.

READ ALSO:

The NCS advised members of the public to follow its verified Facebook page (Nigeria Customs Service) and its official Instagram, X (formerly Twitter), Threads and TikTok accounts under the handle @customsng for authentic updates.

“Members of the public are advised to disregard the publication and rely only on information disseminated through the official communication channels of the Nigeria Customs Service,” the statement added.

The Service also reminded applicants that it does not charge any fee at any stage of its recruitment process, warning that anyone requesting payment in exchange for employment should be regarded as a fraudster.

The latest advisory comes amid a resurgence of fake recruitment notices targeting applicants following increased public interest in employment opportunities within government agencies.

In recent months, the NCS has repeatedly disowned forged recruitment documents, fake screening schedules and fabricated Computer-Based Test (CBT) notifications circulated online by scammers attempting to deceive job seekers.

The Service reaffirmed its commitment to transparency, fairness and merit in its recruitment process, assuring Nigerians that whenever recruitment begins, the public will be informed through its official website and verified social media platforms.

It further urged citizens to remain vigilant by avoiding unofficial recruitment websites, refusing to make payments for employment offers and reporting suspected recruitment scams to relevant security agencies.

The NCS concluded its advisory with a reminder to Nigerians: “Stay vigilant. Verify information before sharing.”

As recruitment scams continue to evolve, the Service encouraged applicants to confirm any employment-related information through official sources before submitting applications or personal details.

Nigeria Customs debunks fake recruitment update, warns job seekers

Loading

Continue Reading

metro

ICPC uncovers 908 suspected ghost workers in Police, other federal agencies, recovers ₦942m

Published

on

ICPC uncovers 908 suspected ghost workers in Police, other federal agencies, recovers ₦942m
Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr Musa Adamu Aliyu

ICPC uncovers 908 suspected ghost workers in Police, other federal agencies, recovers ₦942m

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered 908 suspected ghost workers across at least 50 federal Ministries, Departments and Agencies (MDAs), with the Nigeria Police Force (NPF) accounting for the highest number of suspected fraudulent payroll entries.

The anti-corruption agency disclosed that the nationwide payroll verification exercise also led to the recovery of about ₦942 million in salaries allegedly paid to fictitious employees, describing the discovery as a significant breakthrough in its ongoing efforts to eliminate payroll fraud and improve accountability in the public sector.

Speaking on the findings, ICPC Chairman, Dr. Musa Adamu Aliyu (SAN), said the investigation exposed widespread manipulation of government payroll systems through the insertion of fictitious names, ineligible beneficiaries and non-existent employees into salary records.

According to the commission, ghost workers are individuals whose names are fraudulently inserted into government payrolls to illegally receive salaries despite not being legitimate employees. In some cases, public officials allegedly add the names of relatives, friends or associates to the payroll and divert the salaries for personal gain.

Aliyu revealed that investigators uncovered one case involving a suspect who allegedly placed the names of his wife, son and mother-in-law on the payroll while simultaneously collecting salaries meant for 12 other fictitious workers.

The Nigeria Police Force recorded the highest number of suspected ghost workers, with 570 names flagged during the verification exercise.

READ ALSO:

The National Water Resources Authority followed with 80 suspected ghost workers, while the Federal Ministry of Works recorded 56.

Other agencies affected include the Federal Ministry of Foreign Affairs, which had 24 suspected ghost workers, the Federal Ministry of Defence with 19, and both the Federal Ministry of Power and the Federal Ministry of Industry, Trade and Investment, each with 17 suspected ghost workers.

The Federal Ministry of Health recorded 15 suspected ghost workers, while the Office of the Head of the Civil Service of the Federation had 12.

The Office of the Accountant-General of the Federation and the Federal Ministry of Interior were also identified as agencies affected by payroll fraud, although the ICPC did not disclose the number of suspected ghost workers linked to the two institutions because investigations are still ongoing.

The commission explained that the payroll audit forms part of its broader strategy to support the Federal Government’s drive to eliminate financial leakages from the Integrated Personnel and Payroll Information System (IPPIS) and strengthen transparency in public financial management.

As part of the anti-graft campaign, the ICPC recently secured a final forfeiture order from the Federal High Court in Abuja for approximately ₦942 million traced to accounts linked to the payroll fraud scheme. The recovered funds have been forfeited to the Federal Government.

The commission disclosed that an earlier phase of the investigation initially identified 587 suspected ghost workers during a joint payroll audit conducted with the Office of the Accountant-General of the Federation. Following further verification, 120 individuals were confirmed to be legitimate employees, while investigations into the remaining suspicious accounts continue.

Aliyu said the ICPC would continue to deploy technology, data analytics and collaboration with relevant government agencies to detect payroll fraud, recover stolen public funds and prosecute anyone found culpable.

He also urged heads of ministries, departments and agencies to strengthen internal control systems, conduct regular personnel audits and ensure strict compliance with payroll verification procedures to prevent future abuses.

The ICPC reaffirmed its commitment to sanitising the Federal Government payroll system, blocking revenue leakages and promoting transparency, accountability and prudent management of public resources.

ICPC uncovers 908 suspected ghost workers in Police, other federal agencies, recovers ₦942m

Loading

Continue Reading

metro

How to apply for FG’s YouthCred loan and qualify for up to ₦2 million

Published

on

How to apply for FG's YouthCred loan and qualify for up to ₦2 million

How to apply for FG’s YouthCred loan and qualify for up to ₦2 million

The Federal Government has launched YouthCred for Entrepreneurs, a new financing initiative designed to provide collateral-free business loans of between ₦200,000 and ₦2 million to young Nigerians running micro and small businesses.

The programme, unveiled in Abuja, is part of the government’s broader effort to improve access to affordable credit, reduce barriers to entrepreneurship and support the growth of Micro, Small and Medium Enterprises (MSMEs) across the country.

According to the government, the initiative will initially support 500,000 young entrepreneurs, with plans to expand the programme to one million beneficiaries before the end of the year.

Unlike conventional bank loans that often require collateral and guarantors, YouthCred uses an alternative credit assessment model that evaluates applicants based on their business cash flow, repayment capacity and credit behaviour.

Who is eligible to apply?

To qualify for the YouthCred loan, applicants must:

  • Be between 18 and 35 years old
  • Own or operate a business
  • Demonstrate responsible credit behaviour
  • Show evidence of business cash flow and ability to repay the loan
  • Complete the required verification process

How much can applicants borrow?

Eligible entrepreneurs can access loans ranging from:

  • Minimum: ₦200,000
  • Maximum: ₦2 million

The amount approved will depend on the applicant’s business performance, repayment capacity and credit assessment.

Who can benefit?

The programme targets young Nigerians operating small businesses and providing essential services, including:

  • Caterers
  • Fashion designers and tailors
  • Make-up artists
  • Hairdressers and barbers
  • Content creators
  • Ride-hailing drivers
  • Mechanics
  • Young farmers
  • National Youth Service Corps (NYSC) members
  • ICT professionals
  • Other eligible micro and small business owners

READ ALSO:

How to apply for the FG’s YouthCred loan

Applicants can complete their application online by following these steps:

Step 1: Visit the official YouthCred application portal.

Step 2: Create an account using your email address and personal details.

Step 3: Select the Youth Entrepreneur category.

Step 4: Fill in the online application form with accurate personal and business information.

Step 5: Upload the required identification and verification documents.

Step 6: Submit the application for verification and credit assessment.

Step 7: If successful, the application will be processed through participating regulated financial institutions before the loan is disbursed.

Is collateral required?

No.

One of the major advantages of the YouthCred programme is that applicants are not required to provide collateral or guarantors.

Instead, loan approval is based on:

  • Business cash flow
  • Credit history
  • Repayment capacity
  • Overall financial assessment

Flexible repayment options

Successful applicants can repay the loan over a period of one to 12 months, depending on the repayment plan that best suits their business and financial situation.

The flexible repayment structure is intended to make borrowing more accessible while encouraging responsible financial management.

How to increase your loan limit

Borrowers who perform well under the programme can qualify for larger loans in future by:

  • Repaying previous loans on time
  • Building a positive credit history
  • Completing the platform’s financial literacy and business training modules

Government explains purpose of the scheme

Speaking at the launch, the Minister of Finance and Coordinating Minister of the Economy said the initiative was created to unlock the entrepreneurial potential of young Nigerians by giving them access to affordable financing.

According to the minister, more than 90 per cent of Nigeria’s MSMEs are microenterprises operated by individuals such as caterers, mechanics, fashion designers, ride-hailing drivers, content creators and young farmers.

He said improving access to credit would help these entrepreneurs expand their businesses, create jobs and contribute more to national economic growth.

The Managing Director and Chief Executive Officer of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, said the government intends to reach 500,000 beneficiaries in the first phase and one million young Nigerians before the end of the year.

He encouraged beneficiaries to repay their loans promptly, noting that responsible borrowing would strengthen their credit profiles and allow more Nigerians to benefit from the programme.

The Federal Government said the initiative forms part of its broader strategy to promote financial inclusion, stimulate entrepreneurship and empower young Nigerians with affordable access to business financing.

How to apply for FG’s YouthCred loan and qualify for up to ₦2 million

Loading

Continue Reading

Trending