Court rejects DSS bid to arrest Emefiele over alleged terrorism financing – Newstrends
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Court rejects DSS bid to arrest Emefiele over alleged terrorism financing

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2 years ago

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An application by the Department of State Services (DSS) presented before a federal high court sitting in Abuja to arrest and detain Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has been been turned down.

Justice JT Tsoho, in his ruling, said the secret police did not provide any concrete evidence to substantiate its claims that Emefiele was involved in terrorism financing and economic crimes.

The judge said he should have been taken into confidence if there was any evidence to back the allegations in the application, marked FHC/ABJ/CS/2255/2022.

The judge also wondered why the name of the respondent was given simply as ‘Godwin Emefiele’ without a material disclosure that he is the same person as the CBN governor, a highly ranking public official who occupies an extremely sensitive position.”

The court said such an application should have been accompanied with the presidential approval because of the grave implications for the Nigerian economy if the CBN governor is arrested and detained.

The ruling read in part, “Upon perusal of the documents that constitute the Applicant’s Motion Ex parte dated and filed on 7/12/2022, I am constrained to make the following vital observations:

1. The entire affidavit depositions, especially as per paragraph 4 of the supporting affidavit, purport that preliminary investigation has revealed various acts of Terrorism Financing, fraudulent activities perpetrated by the Respondent and his Involvement in economic crimes of national security dimension. These are no doubt, grave allegations, but which the Applicant has not presented any concrete evidence to support.

“The applicant should have taken the Court into confidence, while seeking the exercise of its discretion in favour of granting Its application. It is my respectful opinion that the ipse dixit of the Applicant standing on its own, is not sufficient evidence upon which to deprive a person of his liberty.

“2. The respondent in this application is named as “Godwin Emefiele” without disclosure of his status or position anywhere; not even In the affidavit. It is left to speculation if the “Godwin Emefiele” is the same person as the serving Governor of the Central Bank of Nigeria. If it is, then he is unarguably a high ranking Public Official In Nigeria and Indeed occupies a sensitive position as one of the key drivers of the Nation’s Economy. Therefore, an application of this kind should have evidence of the approval of the Respondent’s boss, that such measures are authorised to be taken. I however do not find such evidence in this Instant application, whereas it is a necessary procedure in the observance of the Rule of Law disclosed in the supporting affidavit.

“This is not the situation here, as Godwin Emefiele, the CBN Governor was shown on Television, even last night, having audience with the President of Nigeria. It therefore seems that the Applicant Intends to use the Court, as a cover for an irregular procedure, which is unacceptable.

“In the light of the foregoing reasons, I decline to grant this application Ex parte. If the Applicant believes that the evidence available to it so far is sufficient, then it can as well arrest and detain the Applicant, even without the Order of this Court. If however the applicant desires to still pursue this application, then It should place the respondent on Notice, considering the sensitive Public Office that he occupies.”

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Lagos Rail Mass Transit part of FG free train ride – NRC

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17 hours ago

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December 21, 2024

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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.

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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

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Business

NNPC denies claim of Port Harcourt refinery shutdown

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18 hours ago

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December 21, 2024

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Port Harcourt refinery

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.

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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

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CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

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2 days ago

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December 20, 2024

By

CBN Governor, Olayemi Cardoso

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.

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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

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