Business
Court freezes Kogi account over N20bn bailout loan
A federal high court sitting in Lagos has frozen a Kogi state salary bailout account domiciled in Sterling Bank Plc, over a N20 billion loan obtained from the bank.
Justice Tijjani Ringim granted the order following an ex parte application brought by the Economic and Financial Crimes Commission, pending the conclusion of the investigation or possible prosecution.
The application was brought pursuant to section 44 (2) of the Constitution and section 34(1) of the EFCC Act.
Counsel to the EFCC, Abass Muhammed, told the court that the order was necessary so as to preserve the ‘res’ (the fund in question) and abate further dissipation of the funds in the account.
In his submission, Muhammed informed the court that the N20 billion loan meant to augment salary payment and running cost of the Kogi state government was kept in an interest-yielding fixed deposit account with Sterling Bank.
The EFCC counsel said Sterling Bank Plc is yet to present any credible evidence to show that the facility is well secured.
In his ruling granting the application, the judge directed the EFCC to publish the court order in a national newspaper.
The judge also asked the commission to make a quarterly report to the court on the progress of its investigation, and adjourned the matter till December 1, for the report of investigation.
The commission, in a 13-paragraph affidavit in support of the motion, said it received credible and direct intelligence which led to the tracing of funds suspected to be proceeds of unlawful activities deposited in account No. 0073572696 domiciled in Sterling Bank Plc, with the name ‘Kogi State Salary Bailout Account’.
The commission said it discovered that on April 1, 2019, the management of Sterling Bank Plc approved an offer of N20 billion bailout loan facility for the Kogi State Government.
According to the deponent — a member of a team of investigators attached to the Lagos monitoring unit of the EFCC whose name wasn’t given in the affidavit — in the June 19, 2019 fiscal year, the state government, ministry of finance and economic development, office of the honourable commissioner, applied for a credit facility of N20 billion with an interest rate of nine percent for a tenure of 240 months from Sterling Bank Plc.
The deponent stated that prior to the said application for the loan, the state government had also on June 19, 2019, via a letter to the manager of Sterling Bank Plc, Lokoja, applied to open an account in the bank with the name ‘Kogi State Salary Bailout Account’, with Momoh Jubril, accountant-general of the state, and Elijah Evinemi, acting director of treasury, as signatories to the said account.
The fund was said to be to augment salary payment and running cost of the state government.
The EFCC investigating officer stated further that on June 26, 2019, the credit facility offer was secured by the state through a memorandum of acceptance signed by Yahaya Bello, Kogi governor; Asiwaju Asiru Idris, commissioner for finance, and Jibrin, the accountant-general.
“That upon the opening of the said account with No. 0072969301, Sterling bank Plc disbursed salary intervention loan to the tune of N20,000,000,000.00 to the account,” the affidavit reads.
“That rather than use the intervention funds for the purpose for which it was granted, the state government proceeded to open a fixed deposit account No. 0073572696.
“That on the 25 day of July 2019, Sterling Bank Plc acting on the instruction of the Kogi state government transferred the money from the loan account and placed same on the aforementioned fixed deposit account.
“That the said Account sought to be frozen received the Sum of Twenty Billion Naira, (N20,000,000,000) on 25th July, 2019.
“That as at 1st day of April, 2021, the balance standing to the credit of the said fixed deposit account was N19,333,333,333.36.”
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
READ ALSO:
- Nigeria denies alleged plot to destabilise Niger Republic
- Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship
- Troops arrest four Ambazonian rebels in Taraba
Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
READ ALSO:
- Like Ibadan, stampede claim 10 lives for Abuja Catholic church, 17 in Anambra
- Marketers react after NNPCL slashes petrol price to N899 per litre
- Electricity: We installed 184,507 meters, issued 50 licences in Q3, says FG
The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
READ ALSO:
- Badenoch’s negative portrayal of Nigeria Police unfair-PCRC
- Bitcoin price crashes to $95,000 as market continues to react to Federal rate cuts
- Bauchi high court dismisses blasphemy, cybercrime charges against Rhoda Jatau
All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
-
Railway1 day agoLagos Rail Mass Transit part of FG free train ride – NRC
-
metro12 hours agoWhy we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam
-
metro2 days agoCourt stops customs from seizing imported rice in open market
-
metro3 days agoIbadan stampede: Tinubu orders probe as death toll hits 40
-
metro2 days agoIbadan stampede: Ooni reacts after arrest of ex-wife
-
metro1 day agoNIMC warns against extortion, reaffirms free NIN enrollment
-
metro2 days agoAfe Babalola: Court grants Dele Farotimi bail, barred from media interviews
-
News3 days agoAdebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024