₦airaland Forum

Tinubu till 2031

How can petrol be selling above 1k

Ofunaofu:
If you wish others good, good things will follow you, but when you spread hate and say bad things against others who have not offended you in any way, dead shall be your portion. It's natural. Calling on the mods won't change that.

k

Ofunaofu:
Why calling on the mods

Are you afraid of death

k

lexyclasy:
Look at this walking corpse that may be deleted tomorrow without witnessing the fulfilment of tomorrow, you will roll in your grave if Obi becomes president, Iam APC, don't speak like God.

k

Ofunaofu:
Probably, you have to die for God to bestow on this nation a purposeful leadership

Tinubu will rule till 2031, he will handover to a northerner on may 29 2031

Gbajue himself

There were millions of Nigerians that couldn't spend #200 on buying it. They will rather buy one cup of garri

gaby:
Nigerian journalists no go kill person with laugh...

Dem say na anti corruption Czar...lol

They obviously do not understand the true meaning of the word "czar". They only utilized it for how fancy it sounds and to make their write up appear loaded..

What's the meaning of "czar"? I thought it mean emperor

The Economic and Financial Crimes Commission may prosecute 300 forex racketeers trading on a peer-to-peer platform outside the financial regulations.

The EFCC Chairman, Ola Olukoyede, who gave this indication during an interactive programme with editors and bureau chiefs in Abuja on Tuesday, revealed that the accounts were frozen following a court order on Monday.

He disclosed that one of the accounts traded over $15bn in the past year.

Recently, the Federal Government through the Nigerian Communications Commission blocked the online platforms of Binance and other crypto firms to avert what it considered continuous manipulation of the forex market and illicit movement of funds.

It also detained two senior executives of Binance, a cryptocurrency exchange amidst efforts by the government to rein in speculation on the naira by cracking down on cryptocurrency exchanges.

The government also sent EFCC operatives to arrest Bureau De Change operators at the popular Wuse Zone 4 in Abuja.

While the websites of Binance, Coinbase, and Kraken have been inaccessible in the country, reports said crypto traders now use alternatives like Bybit, Bitget, Kucoin, and Coincola and messaging platforms like Telegram which comes with an in-app wallet to make transactions.

But highlighting the measures being taken to protect the naira and stimulate the economy, Olukoyede explained that the forex accounts were frozen to ensure the safety of the foreign exchange market and protect the economy.

He stated that the efforts had helped the value of the naira and the forex market.

He pointed out that the commission needed the support of Nigerians to succeed as he emphasised that if the agency failed, Nigeria had failed.

‘Worse than Binance’

Olukoyede stated, “We observe due process in whatever we do. Do you know that the Binance case we are currently handling now has helped us to bring down the madness in the forex market?

‘’Suddenly, we discovered that there are people in the system who are even doing worse than Binance. They called them P2P and all of that. We noticed in the last two days ago that dollars have started appreciating. There was stability for 24 hours, then the naira was devalued again by N20 and N25. I don’t know whether you noticed that.

“It was due to the activities of some of these guys on P2P platforms like coolcoin. Some of you must have seen them on social media. To shock you; just yesterday (Monday), I asked them to freeze over 300 accounts. We found that one of those guys (account owners), had traded over $15bn last year.’’

Continuing, the lawyer said 300 illicit accounts would have led to a crash of the naira in the next week if the EFCC hadn’t moved against them.

He added, ‘’Our job is serious. We work 18 hours per day. We are not saying that Nigerians should praise us because that was what we signed for but where we deserve, we should be given. We are humans like Nigerians.

“Over 300 accounts in illicit forex trading that would have led to another crash in the next one week if we didn’t move yesterday. Some people just want to see this country go from bad to worse. We must find a way to work together. We got an order to freeze those accounts; Imagine what would have happened if we didn’t seize those accounts.’’

The EFCC boss said his agency was focusing on illegal mining which he described as an economic crime.

‘Illegal miners’

He stated that EFCC operatives had recently intercepted 40 trucks of illegally mined lithium, promising to prosecute the perpetrators.

He also shed light on the current moves to arrest a former Kogi State Governor, Yahaya Bello, vowing to pursue the case to its logical conclusion.

Olukoyede vowed to resign as EFCC chairman if Bello was not prosecuted even as he declared that he would bring to book those who obstructed the arrest of the former governor.

The EFCC chairman vowed that everyone involved in obstructing Bello’s arrest from his Abuja residence would face the full wrath of the law.

He hinted that the incumbent Kogi State governor, Usman Ododo, accused of helping his predecessor to escape arrest, may be investigated for obstructing a lawful operation.

The EFCC is seeking to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2bn.

Olukoyede said that no matter what anyone did or the amount of attack against the anti-graft agency, he and his men would not relent in helping to sanitise the country.

He revealed how he put a phone call across to Bello following the allegations of corruption brought against him.

Olukoyede said, “I called Yahaya Bello, as a serving governor, to come to my office to clear himself. I shouldn’t have done that. But he said because a certain senator had planted over 100 journalists in my office, he would not come.


“I told him that he would be allowed to use my private gate to give him a cover, but he said my men should come to his village to interrogate him.”

Olukoyede noted that the EFCC did not violate any law while trying to arrest the former governor from his residence.

“Rather, we have obeyed the law. I inherited the case and I didn’t create it. Why has he not submitted himself to the law?” he asked.

He added, “I have arraigned two past governors who have been granted bail now — Willie Obiano and Abdulfatah Ahmed.”

Speaking further, he said, “We would have gone after him since January but we waited for the court order. As early as 7 am, my men were there; over 50 of them. They mounted surveillance. We met over 30 armed policemen there. We would have exchanged fire and there would have been casualties.

“My men were about to move in when the governor of Kogi drove in and they later changed the narrative.”

He vowed that all those who had dipped their hands in the nation’s coffers would be investigated and prosecuted.

“If I can do (Ex-Anambra governor Willie) Obiano, (Ex-Kwara governor) Abdulfatah Ahmed and Chief Olu Agunloye, my kinsman, why not Yahaya Bello?” Olukoyede noted.

He further revealed how the former governor withdrew $720,000 from the state’s coffers to pay his child’s school fees in advance.

Olukoyede noted that Bello wired the $720,000 from the state’s coffers through a Bureau de Change operator.

The EFCC boss, while expressing his dissatisfaction with the ex-governor for failing to honour the EFCC summons, said, “A sitting governor, because he knew that he was going, he removed money directly from government’s account to bureau de change, and used it to pay his child’s school fee in advance. Dollars, $720,000 in advance, in anticipation that he was going to leave the government house.”

He expressed dismay over the activities of internet fraudsters which he said was enjoying the support of some unscrupulous Nigerians.

According to him, banks in the country lost over N8 billion to internet fraud in 2022.

He said more than 71 per cent of companies operating in Nigeria were victims of cybercrime in 2022, adding that the anti-graft agency’s fight against internet fraud is about saving the nation’s future.

Olukoyede disclosed that the commission has created a cybercrime research centre where convicted internet fraudsters, known in local parlance as Yahoo Yahoo boys, will be trained to channel their knowledge to positive aspects of society.

The EFCC chair also said the agency is prosecuting two of its operatives for violating the agency’s code of conduct.

He said the commission has implemented some reforms to enhance its fight against corruption, including creating a directorate of fraud risk assessment/control and ethics/integrity.

Meanwhile, ex-governor Bello was on Tuesday served his charges through his counsel, Abdulwahab Muhammad (SAN) after Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, ruled that the defendant should be served through his counsel, especially as he failed to appear before the court, yet again.

This was contained in a statement on Tuesday by the EFCC spokesman, Dele Oyewale.

The EFCC is prosecuting Bello alongside his Ali Bello, Dauda Suleiman and Abdulsalam Hudu on 19-count charges bordering on money laundering to the tune of N80.2bn

The commission’s attempt to arrest him last Wednesday at his Abuja residence failed as Bello refused to grant the operatives access to his residence or give himself up, leading to a stand-off which lasted for several hours.

He subsequently managed to escape the dragnet as he was allegedly helped by Governor Ododo who took him away in his car.

The EFCC declared him wanted while the Nigeria Immigration Service put him on its watchlist.

At Tuesday’s sitting, Bello’s counsel, Adeola Adedipe (SAN) prayed the court to quash the arrest warrant granted the commission against Bello, arguing that Tuesday’s substituted service to the defendant through Muhammad has invalidated the arrest warrant.

“The court is expected to do justice at all times. A warrant of arrest cannot be hanging on Bello’s neck when we are in this court. It appears to us that the defendant will not get justice because the court granted a warrant of arrest before service,” he said.

However, prosecution counsel, Kemi Piniero (SAN) in response, urged the court to decline hearing on any motion from Bello’s legal team until the defendant is physically present in court for his arraignment.

“The stage we are in now is to determine the whereabouts of the defendant. He cannot be in his house while the trial proceeds without him coming here to take his plea. My Lord, this is a criminal matter not a civil matter, he must come and take his plea.

‘’It is a matter of over N80 billion. All these applications by the defendant are to prevent his arraignment and frustrate the commencement of trial,” he said.

After hearing both counsels, Justice Nwite adjourned ruling on the defence’s application, seeking a revocation of the arrest warrant on Bello till May 10.


https://punchng.com/efcc-may-prosecute-300-forex-racketeers/?utm_source=telegram&utm_medium=social

predictor1:
Nigerians will not starve. You should just say even if you starve you will still vote for Tinubu.
Tinubu is the president now and we hope and pray that things will turn out well under him but stop raining curses on yourself all because of online argument with ibos. Tinubu does not even know you.

k

Some analysts have projected that companies like Nigerian Breweries Plc and others who have suffered hefty foreign exchange losses in the financial year ended 2023 will return to profitability on the back of a more stable foreign exchange regime.

NB Plc had announced N106bn loss for 2023, mostly as a result of the foreign exchange headwinds that led to the devaluation of the naira. In the same sector, International Breweries Plc suffered a loss of about N70.03bn on the back of foreign exchange losses (realised and unrealised).

Another multinational, Nestlé Nigeria, has independently revalued its property, plant and equipment to reflect a true and fair value as it aims to tackle a negative asset position at the end of 2023, mostly as a result of N79.6bn loss brought on by the revaluation of its foreign exchange obligations.

To tackle the loss, NB has announced strategic business recovery plans which include the raising of N600bn through rights issue, the inclusion of a whiskey portfolio in the basket of offerings, and the temporary closure of two of its nine breweries.

Speaking on the development, the Managing Partner of QL Resources, Abdulmumin Ali, who hinged Nigeria’s economic recovery on the resilience, energy, and creativity of Nigerians, said the foreign exchange instability occasioned by last year’s fall in the exchange rate of the naira will likely not be witnessed in much of 2024, thus giving rise to positive returns by most companies.

Also commenting on the business recovery plans announced by Nigerian Breweries, he said, “I’m aware that Nigerian Breweries, for instance, is approaching the capital market to raise N600bn through a rights issue. This sum, if successfully raised will not just reflate the company but also set it on the part of a new trajectory by offsetting the debts associated with the bleak balance sheet records of last year. I have also read that most of its dollar-denominated credit lines might be converted to naira thereby staving off exposure to the vicissitudes of foreign exchange fluctuations. These are positive steps that would engender quick recovery.


Ali went on to commend the majority shareholders of the company for restating their commitment to the Nigerian market by opting to take up their share of the N600bn right issue, saying it sent a strong signal to the international investor community about the Nigerian market.

“Heineken made a strong statement of its faith in this economy by opting to take up such a significant volume of the offer. What they did is a sign of confidence in the Nigerian economy and the message will be heard across the investment capitals of the world that Nigeria remains a fertile market for investments despite temporary setbacks,” the analyst said.

The Managing Director and Chief Executive Officer of Lyceum Alliance Limited, a financial advisory and management consulting firm, Dr Jekwu Ozoemena, also projected a positive economic outlook as the country’s currency continues to stabilise against the dollar and other major international currencies.

Ozoemena said, “If you look at the 2023 annual result of Nigerian Breweries, for instance, the company performed well on most critical performance indicators but was shaken off the profits path by the external factor of naira devaluation. For example, this company recorded a significant growth of more than N1bn in assets, from N621bn in 2022 to N797bn in 2023. It also made significant savings in the marketing side of the business, spending N51 billion in 2023 as against N57 billion in 2022. This means that the company, given all other factors, would have made more profits in 2023 than in 2022, but these were undone by the rapid decline in the value of the naira between August and December 2023,” he stated.

He, however, said that with the recent gains of the naira against the dollar, and the expected stability of the currency over the remaining months of the year, the expectations are that most companies operating in Nigeria that were adversely affected by the unstable periods of the naira will recover and return to profitability.


https://punchng.com/forex-analysts-predicts-better-days-for-nb-others/?utm_source=telegram&utm_medium=social

vanbonattel:
Were happy, just stop disturbing us with e bi n kpa wao

Even if Nigerians starve the way Igbos starved during the civil war, Tinubu ruling till 2031 is non negotiable

StarRida:
are you God common gaaaaaat out here mehnnnnnnnn idiok

You're not also God.

Tinubu will rule till may 27 2031 and handover to Shettima

Racoon:
Whao! Still affirming the first class gbajue CSU certificate forger got no respite for the worsening economic situation. This is the state when there is no more rational or logical reason to continue to defend cluelessness incompetency and ineptitude.

Even if the exchange rate become 20000/$, Tinubu will rule till 2031

vanbonattel:
Neither will Naira metrics

Everything he says will be correct, while they don't exist.

Well, anyhow, Tinubu will rule till 2031 even if the exchange rate becomes 100,000/$

vanbonattel:
Don't underestimate the mischievious capabulities of that man, that's his only achievement in life. Ask CSU.

Chicago State University has never claim he didn't attend or graduate from their school

vanbonattel:
Propaganda news

So naira metric is spreading propaganda on behalf of Tinubu just like Goldman Sachs

The Federal police has failed to secure the lives amd properties of Nigerians

Where's your sauce?

It's funny the government didn't sanction this foreign airlines when they were charging ridiculous prices

Biodun556:
God bless Tinubu

God bless Nigeria

The second map is wrong. The road won't pass through benin,sapele and warri

SalamRushdie:
Who will he approach to get dollars to buy Crude oil ? Please let's stop all this deception

He will buy crude oil in naira

Biodun556:
I disagree

He buys huge amount of dollars from CBN from time to time.

ElSudani is right