Business
CBN links #EndSARS campaigners to terrorism
The Central Bank of Nigeria got a Federal High Court in Abuja to freeze the accounts of 20 #EndSARS campaigners after saying money in their accounts could be linked to terrorist activities.
This is contained in a written address in support of a motion ex parte filed by the CBN.
The CBN last month secured an ex parte order to freeze the accounts.
In the case with suit number FHC/ABJ/CS/1384/2020, filed before Justice A. R. Mohammed, the CBN, however, made no mention of the fact that the 20 accounts were owned by persons involved in the #EndSARS protests, but told the court that the funds might have emanated from terrorist activities.
The written address read in part, “My lord, the nature of the transactions undertaken through the defendants’ accounts are of suspected terrorism financing in contravention of Section 13(1)(a)and(b) of the Terrorism (Prevention)(Amendment) Act, 2013 and Regulation 31(2)(a)and (3)(b) of the Central Bank of Nigeria Anti-Money Laundering/Combating the Financing of Terrorism Regulations, 2013.”
In a supporting affidavit deposed to by one Aondowase Jacob on behalf of the CBN, it was stated that the Head of the Economic Intelligence Unit of the Governor’s Department, CBN, Joseph Omayuku, had conducted an investigation on the accounts of the defendants and other individuals and entities held with certain banks in Nigeria.
According to the affidavit, the investigation showed that the owners of the accounts may have been involved in terrorist activities.
It added, “There is a grave allegation that the defendants are involved in suspected terrorism financing via their bank accounts in contravention of the provisions of extant laws and regulations. The aforesaid transactions undertaken by the defendants, using their bank accounts, can cause significant economic and security harm to the public and the Federal Republic of Nigeria if left unchecked.
“The applicant (CBN governor) is thus desirous to have the court empower him to direct the freezing of the 20 accounts listed on the annexure to this application and all other bank accounts held by the defendants.
“A freezing order of this honourable court in respect of the defendants’ accounts would also enable the investigation of the activities of the defendants to a logical conclusion with a view to reporting same to the Nigerian Financial Intelligence Unit.”
The apex bank said unless the order was granted, it would not be able to ensure that the money remained intact, while investigations were ongoing.
The 20 accounts frozen by the CBN are domiciled in Access Bank, Guaranty Trust Bank, Fidelity Bank, United Bank for Africa and Zenith Bank.
The accounts were said to have been flagged after they received money with the narration #EndSARS.
One of the frozen accounts, marked 0056412470 and domiciled in Access Bank, belongs to Bolatito Olorunrinu Oduala, an #EndSARS campaigner, who was appointed into the Lagos State judicial panel set up by Governor Babajide Sanwo-Olu.
Another frozen account marked 0033974485 and domiciled in Access Bank belongs to Bassey Israel, the medical team coordinator for the #EndSARS protests in Port Harcourt.
Similarly, an account marked 0054676984 domiciled in Access Bank belongs to Gatefield Nigeria Limited, which paid freelance journalists to cover the protests.
Justice Mohammed froze the accounts for 180 days subject to renewal, but said anyone who was not satisfied with the ruling was free to challenge it.
Freezing protesters’ accounts illegal – Yesufu
A leading member of the #EndSARS protesters, Aisha Yesufu, described the freezing of the #EndSARS protesters’ accounts as illegal, noting that the government “is behaving like a terrorist.”
She questioned the freezing of the accounts ahead of the court injunction ordering the banks to block the accounts.
Yesufu stated, “The question is, why did they freeze the accounts before obtaining a court injunction? Why the illegality? Our judiciary should know that it is an independent arm of government and there is separation of power.
“The government should be ashamed of itself. The United Arab Emirates just convicted some Nigerians, who were accused of terrorism, and we are hearing that the government would appeal on their behalf. That is where the problem is.”
The activist accused the Federal Government of pampering insurgents, while bearing down on peaceful and harmless protesters.
She added, “#EndSARS campaigners are protesters and they protested the way the Constitution allows, so all these are shenanigans. They had better focus on the terrorists.
“Bandits are laying down their arms and they are taking them to Government Houses, while Boko Haram members are being given preferential treatment, but Nigerians, who were protesting, were being killed by the government. The government is the one behaving like a terrorist right now.”
-The Punch
Auto
Yingqi Auto Machinery opens factory to revive vehicle engines in Lagos
Yingqi Auto Machinery opens factory to revive vehicle engines in Lagos
‘Don’t throw away your old vehicle engines’
An auto company specializing in car engine refurbishment, Yingqi Auto Machinery Co Ltd, has been established in Lagos.
The firm says its aim is to help motorists maximise the service life of their vehicles.
In addition, the firm provides new energy technology support for companies in the automotive industry, including natural gas engines, electric vehicles and other technologies.
Located in the Ojodu Berger of Lagos State, the company opened its doors to corporate as well as individual customers at a an impressive event attended by stakeholders in the industry including the Rector of Yaba College of Technology, Dr. Ibraheem Abdul.
Managing Director, Yingqi Auto Machinery, Mr. Vincent Ke, in his address at the event, said, “The birth of Yingqi Auto Machinery stems from a group of entrepreneurs with an unending passion and pursuit for automotive technology.
“Our team brings together elite talents from the automotive field, with rich industry experience, deep professional knowledge, and keen insights.”
He added, “Yingqi Auto Machinery, with its unique perspective and innovative thinking, is focused on the automotive sector, dedicated to solving industry challenges through advanced technology and improving people’s quality of life.”
The MD also spoke on the need for collaboration, saying, “As an international partner, I fully understand the importance of cross-border cooperation and exchange.
“In today’s globalized world, no country or enterprise can exist and develop in isolation”.
Mr. Vincent Ke, who is a Chinese national, also explained that the company is ready to play by the rules and assist in developmental projects in Nigeria.
He said, “We are also keenly aware that as a new enterprise, we bear greater social responsibility.
“We will actively respond to Nigeria’s national policies, promote green and low-carbon development, and contribute to Nigeria’s progress.
“We will also actively participate in public welfare and give back to society, doing our part in Nigeria’s development.”
Some of the machines already installed at the factory include a surface grinder, which is used to grind the surface of the engine block, stopping overheating and other related problems, and the boring machine for boring holes in the engine block, thereby bringing the engine back to standard.
Others are the benchtop grinder and honing machine to smoothen inside the engine block, as well as crankshaft grinder, lathe machine, hydraulic machine, among others.
Also speaking, the Rector of Yaba College of Technology, Dr. Abdul, said, “Yaba College of Technology welcomes Nigerian enterprises to participate in the college’s cooperation.
“We firmly believe that through the joint efforts and in-depth cooperation of both the university and enterprises, we will surely achieve even more fruitful results in talent cultivation, scientific research innovation, and social services.”
Owner and promoter of Nike Art Gallery, Nike Davies-Okundaye, praised the decision of the company to set up a factory in Nigeria, as she noted that it would contribute to job creation and transfer of technology.
She noted that Nigeria and China had come a long way in their developmental collaborations, and urged Yingqi Auto Machinery to keep the cooperation going.
Business
FG not responsible for petrol price hike, says minister
FG not responsible for petrol price hike, says minister
The Federal Government says it is not responsible for the latest increase in the pump price of petrol.
The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday increased the pump price of petrol from N897 per litre to N1, 030 in Abuja; from N855 to N998 in Lagos; N1,070 in North-East; N1,025 in other South-West states; N1,045 in the South-East and N1,075 in the South-South.
The Nigeria Labour Congress in its reaction asked President Bola Tinubu to order an immediate reversal of the sudden increase.
But Minister of Information and National Orientation, Mohammed Idris, said the government should not be held responsible for the latest hike in petrol price.
The minister said the NNPCL made the decision in response to prevailing circumstances in the energy industry.
He stressed that the oil company did not act on any instruction from the Federal Government, adding the government could no longer fix prices of petroleum products, in line with the provisions of the Petroleum Industry Act (PIA).
He said with the subsidy regime ending since May 2023, the NNPCL had only been paying differential to keep the price within the range it had been, but the company said it could no longer absorb the losses.
“The differential you’re seeing is a result of different factors. One of them is the crisis in the Middle East. There’s volatility in the market. Therefore, the prices of petroleum products are going up, consistent with what is happening with other operators in the industry globally.
“Secondly, NNPC cannot continue to absorb these losses for Nigeria because as a limited liability company, it would be operating at a loss,” he said.
The minister urged Nigerians to continue to show understanding with the NNPCL and the government, assuring that in the long run the prices would ultimately come down.
He said the government would continue to invest the savings from removal of subsidy to improve other critical sectors such as healthcare, education, infrastructure, and security.
FG not responsible for petrol price hike, says minister
Auto
Convert your vehicle to CNG with pay later portal launched
Convert your vehicle to CNG with pay later portal launched
The Federal Government has opened a website for people interested in converting their petrol-powered vehicles to run on compressed natural gas (CNG) and pay later for the service later.
The National Orientation Agency (NOA) announced this new initiative on its X handle in a statement.
“Switching to Compressed Natural Gas (CNG) is now more accessible than ever,” it stated.
“With flexible payment plans tailored to fit your budget, transitioning from petrol to CNG has never been smoother or more affordable.
“These payment options allow you to convert your vehicle now and pay later with affordable monthly instalments at competitive rates.”
The agency said with an easy online application and quick approval process, beneficiaries would be supported every step of the way, to ensure a hassle-free experience.
“Visit: gocng.ng to get started,” NOA said.
The agency listed the benefits of CNG as cost savings, environmental impact, enhanced engine life, safety and reliability, as well as proven technology with a track record of safety and dependable performance.
The FG on October 7, launched a portal that would allow youths to access CNG-powered tricycles.
Project Director and Chief Executive Officer (CEO) of the Presidential CNG initiative (P-CNGi), Michael Oluwagbemi, said the initiative would enhance the economic well-being of Nigerians by reducing dependence on petrol.
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