Financial system rotten under Emefiele - Tinubu – Newstrends
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Financial system rotten under Emefiele – Tinubu

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President Bola Ahmed Tinubu and Godwin Emefiele

Financial system rotten under Emefiele – Tinubu

President Bola Tinubu, on Friday in Paris, France, described Nigeria’s financial system under the suspended Governor of the Central Bank of Nigeria, Godwin Emefiele, as “rotten.”

He cited the difficulty in the flow of forex in and out of the country, saying it enriched a few people while impoverishing the vast majority of Nigerians.

“The financial system was rotten. Few people were making away with our money…that is gone now; the man (Emefiele) is in the hands of the authorities,” Tinubu said at his first Diaspora engagement with Nigerians living in France.

Tinubu’s comments come exactly two weeks after the suspended the former CBN chief to pave the way for the investigation of his office and the planned reforms in the financial sector, a statement from the office of the Secretary to the Government of the Federation explained.

Emefiele was later arrested and is currently being detained by the Department of State Services as operatives combed his Lagos residence, where they reportedly recovered some vital documents.

The embattled Emefiele has since approached the Federal Capital Territory High Court in Abuja to challenge his detention by the DSS.

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Speaking further in France on Friday, Tinubu said his administration would implement further financial reforms in the coming weeks.

He said while addressing Nigerians residents in France, “Then, the financial system was rotten. Few people were making away with our money and then you yourselves, stopped sending money home to our poor parents.

“That is gone now. The man (Emefiele) is in the hands of authorities; something is being done about that; they will sort themselves out.

“We have security challenges in the country. Maybe that is how they are fuelling insecurity; we have to look at everything. We will change the financial system; it will work for you.”

The President said he and his Special Adviser on Monetary Policy, Mr Wale Edun, turned the fortunes of Lagos State around between 1999 and 2003 moving the internally generated revenue from N600m annually to N50bn monthly.

“Now, Lagos is on auto pilot. Anybody intelligent enough can navigate it,” he added.

Tinubu also promised to work for those who did not vote for him during the February 25 election in which he was declared the winner.

“Whether you voted for me or you didn’t vote for me, I am your president. By the grace of God, I have to work on your behalf,” he explained.

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The President who described Nigeria’s challenges as “enormous,” said he was prepared for the job ahead of him.

Tinubu stated, “So, your President is here. I danced for it and I have to continue to be prepared for it.

“The challenges are enormous. But do we have hope? Yes. With perseverance, determination and persistence, we can achieve whatever we desire.”

He also noted that he, like some in the audience, had experienced the rough side of Diaspora life, saying “I know the road and I’ve been through what many of you have been through outside the country. I’ve been in America and in the UK; I had been a night guard, security man and a door man in America. But I have achieved my aim.”

Meanwhile, Tinubu on Friday in Paris said Nigeria was ready to work with the Republic of Benin towards economic prosperity as both countries needed each other, especially on issues of trade, security and border controls.

“We must recognise the fact that we need each other. We are in a loop and no one should separate us,” Tinubu said when he received the President of Benin Republic, Patrice Talon, after the summit on New Global Financing Pact.

The President’s Special Adviser on Special Duties, Communication and Strategy, Dele Alake, in a statement, described Nigeria’s relations with Benin as that of Siamese twins. Tinubu assured Talon that his administration would always be open and accessible to all neighbouring countries.

Responding, Talon said he was inspired with renewed hope for the sub-region and Africa at the inauguration of President Tinubu in Abuja, pledging to provide support on trade and security policy, especially at the borders.

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Explosion in Yobe, three people hospitalised

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Yobe State Police spokesperson, DSP Dungus Abdulkarim

Explosion in Yobe, three people hospitalised

At least 3 persons have been hospitalised after an undetonated Improvised Explosive Device exploded in Gujba Local Government Area of Yobe State.

The explosion took place on Saturday at Ngomari Community in Buni Yadi, headquarters of Gujba Local Government Area.

A reliable source in the area told Daily Trust that the incident happened when a 22-year-old discovered live ammunition and four AK47 rounds while fetching firewood in the bush.

“The young man attempted to open the ammunition out of curiosity.

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“He proceeded to strike the ammunition with a hammer, which triggered an explosion. 3 persons including the young man sustained various degrees of injury,” the source said.

Confirming the incident, the Secretary of the Local Metal Fabricators Association, Gujba LG, Malam Isyaku Dahiru, said the victims were moved to Yobe State Specialist Hospital Buni Yadi for urgent treatment.

Efforts to get the reaction of the Public Relations Officer of the Yobe State Police Command, SP Dungus Abdulkarim, were not successful as he did not pick his calls and was yet to reply to the calls as at the time of filing this report.

Boko Haram terrorists have been using IEDs to launch attacks on communities in the area.

 

Explosion in Yobe, three people hospitalised

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Rivers: Presidency reveals security intelligence leading to emergency rule

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Federal Capital Territory Minister Nyesom Wike, Suspended Rivers State Governor Siminalayi Fubara and President Bola Ahmed Tinubu

Rivers: Presidency reveals security intelligence leading to emergency rule

The Presidency has revealed that security intelligence reports led to the suspension of Rivers State Governor Siminalayi Fubara, his deputy, and elected members of the State House of Assembly.

According to the government, militants were already targeting oil pipelines, posing a serious threat to national security and the economy.

Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, disclosed this in an article titled “Imagine Rivers State Without a State of Emergency”, published on Sunday.

He maintained that intelligence reports showed an escalating crisis in the oil-rich state.

President Tinubu, in a nationwide broadcast on Tuesday, explained that his efforts to mediate the political conflict in Rivers had been ignored. He stated that worsening security threats necessitated the declaration of a state of emergency.

“The latest security reports made available to me show that between yesterday and today, there have been disturbing incidents of vandalization of pipelines by some militants, without the governor taking any action to curtail them. I have, of course, given stern orders to the security agencies to ensure the safety of the good people of Rivers State and the oil pipelines,” Tinubu said while announcing the emergency rule.

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The decision has drawn criticism from various quarters, with many questioning its necessity. However, the Presidency has defended the move, insisting it was based on credible security intelligence.

Onanuga explained that Section 305 of the Constitution empowers the President to act when there is a threat to law, order, or economic security.

“Impeachment threats might have spurred attacks on lawmakers by the governor’s supporters, while militants in the creeks—primed to sabotage critical oil infrastructure—could have plunged Nigeria’s oil production back to pre-2023 lows,” he stated.

He further alleged that militants were awaiting instructions from Fubara before launching attacks on pipelines.

“Intelligence confirmed that militants, told by Fubara to await signals, were already targeting pipelines, risking a collapse in output and a Niger-Delta domino effect,” Onanuga added.

According to him, Tinubu’s intervention was crucial, as Rivers State is a key player in Nigeria’s oil sector. He warned that any disruption in the region could have dire economic consequences.

He dismissed claims that the emergency rule undermines democracy, arguing that it is a “temporary, surgical” measure aimed at restoring order rather than replacing democratic institutions.

Rivers: Presidency reveals security intelligence leading to emergency rule

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Shehu Sani faults senators taking voice vote objection to media

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Former Kaduna Central Senator, Shehu Sani

Shehu Sani faults senators taking voice vote objection to media

A former senator who represented Kaduna Central Senatorial District has slammed lawmakers for going to the media to raise objections against the adoption of voice voting for the confirmation of a State of Emergency in Rivers State.

Shehu Sani said that any lawmaker who wished to raise such an objection ought to have done so in the chambers of the National Assembly and not the media.

Recall that members of the National Assembly had voted on the proclamation of a State of Emergency in Rivers by President Bola Tinubu.

However, rather than adhere to the provisions of the law by taking a head count to determine that the Assembly had formed a quorum, the leadership of both chambers adopted voice voting.

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Shortly after the voting process which was condemned by many including Peter Obi, Atiku Abubakar, and the Peoples Democratic Party among others, Ireti Kingibe, a serving lawmaker condemned the process.

In his reaction, to this Sani said all objections should be done within the chambers, not outside or in the media.

He wrote on X, “If any lawmaker had issues with voice votes or quorum, he or she is supposed to raise a point of order on the floor and insist on being heard; and not be silent in the chamber then come to the media to raise objections.

“If there is no quorum, it’s because some lawmakers deliberately chose to abstain,” Sani noted.

 

Shehu Sani faults senators taking voice vote objection to media

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