ISTANDWITHBUHAR: Then since no one claim the money Court have the right to forfeit the money to the Government..
you are correct, but am only particular on EFCC linking an unknown transaction to a speculated individual, am wondering what they tend to achieve by doing so
henryanna36: Senator Shehu Sani today handed over keys and papers of a house he donated to Fityanu Islam first aid group to the group.Disclosing the news,he said....
'Today we handed over the keys and papers of a house we donated to Fityanu Islam first aid group in Kaduna'
WorldRichest: Go and drink acid. The money is not hers, is the money yours? Did you not read about Mama Piss going to court to claim money in her P.A., drivers and maids' accounts?
Let's just agree for a second that they were the same corrupt people under PDP, what stopped Jonathan and his EFCC and law enforcement agencies from investigating, prosecuting and jailing them? last time I checked, they all defected while Jona was in office.
You people come up with the lamest logic to excuse away corruption.
ANOTHER ZOMBIE SPOTTED... PLS WHAT CAN CURE THIS DISEASE
nairaman66: Listen, I think everyone should give the APC 16 years before anyone can judge them including you! When the PDP was playing ping pong with Nigeria's finances, where were the likes of you and TonyeBarcanist It is laughable to say these kind of articules flood Nairaland to justify the wasted years of the PDP!
The APC is trying to clean up the mess PDP left Nigeria in. The PDP is an evil party that needs to be resisted on all levels as their agenda is not only satanic but anti-democratic! The PDP should hide their head in shame as we are paying currently for the mess they caused us!
PDP is just the name of the party. The people that created the mess are they not in APC.
If this is all you could write, you are a COLOSSAL disgrace to the entire Nigerian youths, you are also a great INDICTMENT to the TENETS of GOOD GOVERNANCE,
So you don't know that there is a difference between ECONOMIC GROWTH & ECONOMIC DEVELOPMENT?
With all the data that you claimed was achieved under GEJ, did it make YOUR life better under your hero of corruption?
Despite the having the biggest rebased economy, how is our quality of life better than that of South African under GEJ?
Has it made Nigeria developed than South Africa, Ethiopia or Rwanda?
You did not explain how $47 billion reduced to $30 billion with oil at an average of $100bpd but you could blame the governors for the ECA?
You did not mention how Sanusi was booted out of CBN for blowing whistle on the missing $20 billion under GEJ
You did not talk about our ARMS MONEY were shared by Dasuki for politicians under the direction of GEJ
You also forgot the BLOODIEST RECRUITMENT conducted in the history of Nigeria by by Abba Moro whom GEJ refused to sack
You did not mention how Nigeria was disgraced by South Africa with the over $15 million found in Oritsejafor's private jet
You failed to tell us why Okonjo Iweala was borrowing to pay workers salaries despite the oil boom,
You did not tell us what happened with Stella Oduah's BMW
Or have you for gotten the Andrew Yakubu's loot?
What about the $15 million MEDICAL FEES of PEJ?
You failed to mention how Tompolo had 13 billion naira in his account?
What about Obanikoro's confession that GEJ ordered him to ferry over 4 billion naira to Fayose?
So, all these did not put Nigeria in a sorry state?
Every time I read your article, I'd always thought you meant well for Nigeria not knowing you can't be a good Councillor let alone a President
The Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), has said there are corruption allegations in the Central Bank of Nigeria’s foreign exchange allocation and transactions.
Malami added, on Wednesday, the fraud allegations were “supported by several documents.”
The PUNCH sighted a subtle query issued by Malami to the Governor of CBN, Mr. Godwin Emefiele, demanding “prompt response” to the allegations.
Malami’s letter, dated February 6, 2017, and with reference number, HAGF/CBN/2017/VOL.1/1, was sighted with an official, close to the legal unit of the apex bank.
The letter, in polite terms and without giving any ultimatum, asked Emefiele to respond to the allegations “to enable us to advise the Presidency and take appropriate measures.”
Titled ‘allegations of racketeering in the Central Bank of Nigeria; disparity in allocation of foreign exchange’, and addressed to Emefiele, the letter was delivered to the CBN governor’s office on Monday.
The minister, in the letter, said he became aware of the corruption allegations through several petitions.
Four major allegations contained in Malami’s letter to Emefiele include alleged corruption in the apex bank’s “foreign exchange allocation transactions.”
The second is “questionable policy” in the apex bank’s allocation and sale of foreign currency to Nigerians.
The third is the issue of “arbitrary allotment of different exchange rates for same purposes” by the CBN.
The last is allocation of conflicting foreign exchange rates by the CBN.
The letter partly read, “Some of these petitions have been supported by several documents allegedly showing that the central bank has implemented a questionable policy in its allocation and sale of foreign currency to Nigerians.
“It is further alleged that this arbitrary allotment of different exchange rates for same purposes at the same time is being pursued as policy by the Central Bank of Nigeria. See attached documents from Leadershipng publication.
“Also attached is a report of the October 2016, allocation of conflicting foreign exchange rates by the central bank.
“In view of these allegations of corruption and arbitrary allocations of foreign exchange to a certain class of persons, you are kindly requested to comment on these allegations to enable us to advise the Presidency and take appropriate measures as may be dictated by the circumstances of the case.”
Media reports, relying on the document tiled ‘Bank utilisation report on 60:40 rule for October 2016’, which was attached to Malami’s letter sent to the CBN governor, had raised allegations of corruption and the implementation of questionable foreign exchange allocation policy.
In October 2016, alone, as revealed by the document, no pattern or template could be deciphered to have been used in calculating the exchange rates.
The criteria used in selecting the firms or sectors for which certain volume of foreign exchange was allocated and at what rate could not be pinned to any template.
The 1,312-page document revealed the names of various customers, their corresponding addresses, form numbers, amount allocated to them (in United States dollars), the items or purposes, the sector and the banks used for the month of October alone.
It shows how some companies and individuals got foreign exchange in US dollars at the rates as low as low as N0.61 to $1 while others got it in rates that were as high as N470 to $1.
For instance, an individual got $4,327 at the rate of N23.34 to $1 through “credit card payment” for “invisible” purpose and under “invisible sector”.
A bank also got $3,589.11 at the rate of N3.19 to $1 also for “invisible” purposes and under “invisible” sector.
There was a transaction involving sale of $66.72 at the rate of N0.62 to $1.
There was also a sale of $5.56 to a company at the rate of N0.61 also for “invisible” purposes.
A particular transaction also involved the sale of $570.8 at the rate N3.17.
In contrast, there was a company, who purchased $1,462,480.83 at the rate of N425 to $1.
The document shows that individuals and companies got foreign exchange for purposes ranging from importation, PTA, school fees, “invisible”, family maintenance allowances, mortgage payments and medical travel among others.
But the CBN had debunked the allegations in a publication posted on its website on January 30, 2017.
The publication titled ‘CBN clarifies alleged wrong FOREX purchase figures’, was signed by the apex bank’s Acting Director, Corporate Communications, Mr. Isaac Okorafor.
The bank stated that it neither allocated foreign exchange nor did it deal directly with bank customers.
Insisting that its forex policy was transparent, the apex bank also said it was not responsible for fixing FOREX rates for transactions by individuals or companies.
The statement read, “Following media reports alleging irregularities in the rates at which foreign exchange was obtained by some individuals and companies from different Deposit Money Banks under the new [60:40] Foreign Exchange Policy by the Central Bank of Nigeria, which prioritises FOREX sales to manufacturers, agriculture, plant and machinery, critical raw materials, among others, we wish to make the following clarifications:
“The Central Bank of Nigeria neither allocates foreign exchange nor does it deal directly with bank customers;
“The CBN does not fix FOREX rates for transactions by individuals or companies.
“In line with our principle of transparency, we directed DMBs to forward to us evidence of FOREX sale to end users and to advertise same in national dailies.
“Since the introduction of the new FOREX Policy in 2016, we have published, monthly, the evidence of sale from DMBs, as received from the banks and without any alteration by us in the spirit of transparency.
“We have recently observed, however, that some DMBs forwarded inaccurate data, which were erroneously published and gave a wrong impression of disparate rates;
“The DMBs involved in providing inaccurate data have since been issued queries accordingly. Some have returned a response, indicating that some of the figures were related to formatting errors, which do not affect the true rates of the affected transactions.
“As the constitutionally authorised industry regulator, mandated to manage the FOREX market, maintain external reserves and to safeguard the international value of the legal tender currency, we wish to state unequivocally that the CBN has a duty to perform and would not indulge in acts capable of discrediting the FOREX market.
“We therefore wish to reiterate that the sale of FOREX under the new policy is most transparent and it is not intended to benefit any individual or corporate body in anyway.”
Seventeen years after it was originally launched, what is deemed to be the world’s most resilient and reliable phone ever made is making a comeback.
The Nokia 3310 will reportedly re-launch at the Mobile World Congress later this month. According to reports, the phone will initially be available only to European and North American consumers. It’s still possible to buy the 3310 on Amazon, though only through its marketplace and not directly from the company itself. The phone will have features such as a clock, calculator, the ability to store up to 10 reminders and four games: Snake II, Pairs II, Space Impact, and Bantumi.
kabrud: If u can suggest a way of creating something out of nothing or giving what u don't have, then certainly, solving the palava is like a child play, otherwise stfu.
Do u really have to tell me to shut up.... chai, like father like son
kabrud: God bless u Prof Yemi Osinbajo, the Ag President. Meanwhile, children of 8 are coming to give us their version of the reason behind the high exchange rate.
so no other way dey to solve this palava ba.... and u @ [quote author=kabrud post=53706369][/quote]how come you always find way to defend this rubbish
Untainted007: It's thoughtful of him to give kudos to a mother that is worth celebrating. Some mothers are out there today, their fruits (kids) are fruitless/leaving useless life even while they (mothers) are still alive. If it's only Pastor Chris she gave birth to, that's glorious than having worthless 5,000 kids. May she live long to continue to eat the fruits of her labour.
but if na to celebrate the mother of Jesus Christ you go say na idolatry
Keneking: He is in London maybe close to your office Useless public funded broadcaster-that has no news to cover. Useless media house that should be preoccupied with Queen's health and BREXIT Useless news outlet
Webmasters › Re: I Have Been Approached To Create A Ponzi Scheme Website by martooski(m): 3:55pm On Feb 17, 2017
It is laughable to say these kind of articules flood Nairaland to justify the wasted years of the PDP!