A 43-year-old pastor with Mountain of Fire and Miracles (Worldwide), Chinedu Eze, has revealed how he was detained in prison for 14 years following his alleged refusal to cooperate with police on an issue he claimed he had no knowledge about.

He, however, said that while in prison, he enrolled for the Senior School Certificate Examination and bagged a Bachelor’s degree in Peace and Conflict Resolution from the National Open University of Nigeria out of the 996 inmates through the efforts of Christ Embassy Church.

While in prison, Eze said he wrote about 157 songs in detention and seven books.

Eze, an indigene of Enugu State, said he was freed on Thursday, May 2, 2019.

He added that he was arrested and sent to the Kuje Correctional Services by some policemen who had approached him sometime in 2005 to serve as a prosecution witness in a case he knew nothing about.

He spoke to journalists at the 14th anniversary Gala of Silver Lining for The Needy Initiative, a non-governmental organisation targeting vulnerable groups in Nigeria.

The Founder of SLNI, Hauwa Abass, said the organisation would continue to assist the needy and fight injustice in Nigeria.

Eze said he was asked to testify against a policeman who had issues with his superiors and appreciated the SNLI for helping him regain his freedom, saying he had already lost hope before the organisation came to his rescue.

He said, “I was sent to prison because of an issue involving a policeman who had issues with his superiors, and they wanted to punish him. Some policemen approached me and wanted to use me as a prosecution witness against him. But I told them that I couldn’t testify against him because I didn’t know anything about the scenario.

“One of the policemen, known as Emmanuel Abazie, told me that I had to cooperate with them unless I would regret it. At first, I thought it was just a mere threat. I never knew it would result in me going to prison. When I got to the prison, they hid my file. I stayed there for four years—no court, no files. It was a long, torturous journey that I had to stay 14 years under awaiting trial.”

Eze said he did not allow his predicament to deter him from furthering his education while in confinement.

He said he sat for the SSCE by the West Africa Examinations Council and thereafter obtained a Bachelor’s degree in Peace and Conflict Resolution from NOUN.

Eze said, “I got seven credits without English. I sat for the exam again the following year, and I got nine distinctions, including English and Mathematics.

“When I was writing WAEC, I had no intention of furthering education in the prison because there was no university, but I saw it as a providence arrangement because after two years that I wrote WAEC, the National Open University and Christ Embassy came to the prison and said that they were looking for those who were qualified and those who had what it takes to be enrolled in the university. I happened to be one of 31 persons. We were about 996 inmates in Kuje prison.

“So I was among the 31 people that met the requirements to be given a scholarship, so that’s how I was admitted to study Peace and Conflict Resolution.”

While stressing the need for Nigerians to disabuse their minds from the notion that everyone in prison was guilty of an offence, he said that many people who were in prison should not have been sent there in the first place.

Eze said, “My incident happened between 2005 and 2019. The SLNI came in 2017, and by that time I had given up. When they came, I had interaction with the founder, Hauwa Abass, and then she spoke with someone in her legal department, one Barrister Muhammad, who went to the court, located my file, and that was how my file was discovered. Muhammad later came to the prison and told me that this is the stage of my case, and then we picked it up from there. After about two years of my encounter with them, I was released on May 2, 2019.

“When you visit the prison, you will see something like 70 convicted inmates but 900 awaiting trials. A policeman who was indicted (while I was there) was released just about a month ago when the Chief Judge visited the prison. That policeman was simply set up by his superiors because of the issues he had with them and he spent about 18 years awaiting trial.”

Eze said he embarked on writing and composing of songs while in detention, adding that he had written about seven books.

“One of the books is about my experience, titled “14 years in prison”, I have the belief that I will meet people who will help me publish it. Also, my first album was launched in December last year. I wrote about 157 songs in detention, but I now have 160 songs.”

President Bola Ahmed Tinubu has approved the immediate retirement of all Service Chiefs and the Inspector-General of Police.

The president also approved the replacement of the Comptroller-General of Customs.

According to a statement signed by George Akume, the secretary-general of the federation, the president also announced their replacements with immediate effect

One week after the 10th National Assembly was inaugurated, lawmakers have begun jostling for the chairmanship and membership of key standing committees of both the Senate and the House of Representatives, Sunday PUNCH reports.

Lawmakers consider committees that oversee ministries, departments and agencies of the Federal Government with enormous influence and huge budgets as ‘juicy’.

The juicy committees are often reserved for key members of the dormant party, in this case, the All Progressives Congress, and those loyal to the presiding officers.

They include committees on Appropriations, Finance, Public Accounts, Defence (Army, Navy and Air Force), Police Affairs, National Security and Intelligence, Customs and Excise, and Ports and Harbours, among others.

The Committee on Public Accounts is the only recognised by the 1999 Constitution, with its chairmanship reserved for the opposition.

The committee derives its powers from the fact that it oversees the office of the Auditor-General of the Federation, which audits the accounts of all ministries, departments and agencies of the Federal Government. The committee has the power to uphold audit queries or recommend their nullification after grilling heads of the MDAs.

The committee, which exists in the Senate and the House, is a line item in the annual budget of the National Assembly, meaning that it draws its funds from source, separate from the Senate and the House.

The Committee on Appropriations sits over the annual budget of the Federal Government, putting the government and all its MDAs under its control.

Sources revealed to Sunday PUNCH that some lawmakers had been lobbying the new leaders of both chambers for committee positions.

On Tuesday, the presiding officers of the Senate and the House were elected. They were President of the Senate, Godswill Akpabio; Deputy President of the Senate, Jibrin Barau; Speaker of the House, Tajudeen Abbas; and Deputy Speaker, Benjamin Kalu.

Next is the selection or election of the principal officers who are leaders of the majority and minority caucuses in the chambers.

They are the Majority Leader, Deputy Majority Leader, Majority Chief Whip, Deputy Majority Chief Whip, Minority Leader, Deputy Minority Leader, Minority Whip and Deputy Minority Whip.

The 9th Senate had a total of 69 committees performing oversight functions over various government agencies and parastatals.

The Appropriations Committee is the most coveted, followed by the Oil and Gas Committee.

A source disclosed that Senator Adeola Solomon (APC, Ogun West) was being positioned for the chairman of Appropriations Committee in the camp of the Senate President, Godswill Akpabio, while Senator Sani Musa (Niger East) emerged in the camp of Senator Abdulaziz Yari (APC, Zamfara West), who lost to Akpabio.

Senator Jarighe Jarigbe (PDP, Cross River North), who is a protégé of Akpabio, is said to be eying one of the oil and gas committees, either upstream or downstream.

Kayode Odunaro, the Chief Press Secretary to Senator Solomon, said those were just speculations as people did with the presiding officers.

He noted that the presiding officers were still trying to settle down and attend to other matters, especially the welfare of senators, as many of them were still without offices.

Odunaro said, “Many of these things are speculations; the principal officers were just elected and they are trying to settle down in office.

“If you recall, that was how a lot of information was flying around about the Senate President and Deputy Senate President seats; so these things aren’t new.”

He, however, noted that if his principal was pencilled down for such the exalted appropriations committee, it must be because he merited it both in lawmaking and professionalism.

Odunaro added, “In case his name is pencilled down for the committee, it won’t be strange because he is eminently qualified for the position.

“In terms of the legislative capacity, he is qualified, ditto for professional experience and intellectual acumen required for such a tactical and demanding committee.”

Several members of both chambers, who lost their bids to become principal officers, have joined those seeking committee appointments.

In the House, Abbas has the dilemma of compensating several members and groups in the 360-member chamber, where got about 98 per cent of the votes across party lines.

All speakership aspirants stepped down for him except the outgoing Deputy Speaker, Ahmed Wase, and Sani Jaji.

All the members of the seven opposition parties that form the minority caucus in the 10th House voted for the APC candidate.

The seven minority parties are the Peoples Democratic Party, Labour Party, New Nigeria Peoples Party, All Progressives Grand Alliance, Social Democratic Party, African Democratic Congress and the Youth Progressive Party.

The PDP has 117 members; LP, 35; NNPP, 19; APGA, five; SDP, two; ADC, two; and the YPP, one, totalling 181 opposition members. Those in the APC are 178.

House of Reps Speaker constitutes seven special committees
A ranking member of the House, Oluwole Oke (PDP, Osun), who is the immediate past Chairman of the House Committee on Public Accounts and stepped down from minority caucus leadership race, pointed out that Abbas had the discretion of appointing chairmen of committees.

“You don’t look at any position. Appointment of committee members and chair is at the pleasure of Mr Speaker,” Oke stated.

Responding to a question on the jostle for committees’ chairmanship, the fifth-timer said, “It is expected.”

Gbajabiamila’s men

The immediate past Speaker of the House, Femi Gbajabiamila, had collapsed his structure in the chamber for Abbas to emerge as his successor.

Under the umbrella of the Joint Task -10th Assembly, Gbajabiamila’s men had mobilised support for Abbas, who was nominated by the outgoing Speaker and anointed by the APC and President Bola Tinubu.

Strong indications have emerged that several leaders of the APC-opposition alliance might retain the positions they held in the 9th House.

The Co-Chairman of the Joint Task, Kingsley Chinda (PDP, Rivers), has reportedly been picked as the Minority Leader of the House.

Chinda had lost his bid for the position in the 9th House to Ndudi Elumelu, who aligned with the Gbajabiamila-led APC camp.

Sources in the Joint Task disclosed that the outgoing chairmen of the Committee on House Services, Olawale Raji; Defence, Babajimi Benson; Police Affairs, Bella Kumo; and Niger Delta Development Commission, Olubunmi Tunji-Ojo, among others, might retain their positions.

“People say we have done well,” one of them told Sunday PUNCH on condition of anonymity.

Another leader of the Joint Task said, “He (Abbas) knows my contributions. I am a founding member of his campaign.”

When asked about the possibility of the speakership aspirants, who stepped down for Abbas, retaining the chairmanship of their respective committees, the member said, “Well, I don’t know. There is a possibility.”

Committees may reduce

A ranking member of the APC, who is close to Gbajabiamila, noted that Abbas might be forced to reduce the number of committees of the House.

Gbajabiamila had in an attempt to compensate stakeholders for his victory in 2019 created more committees and allowed first-timers and opposition members to become chairmen.

The lawmaker said this time, “there is no need to increase the number of committees, rather, in my opinion, the committees should be consolidated for effectiveness. A situation where you have two to three committees carrying out oversight on a ministry does not allow for effectiveness.”

When asked if the Speaker was considering harmonisation instead of expansion of the committees, the lawmaker stated, “I have not said so, but I think it is better, so that when there is a joint sitting of the committees between the Senate and the House, we should not have a situation where you will have one senator with about two or three chairmen from the House. It is something that will be looked into.”

Sources in the House also noted that Abbas had to “settle” the aspirants who stepped down for him, especially those in the G-7.

It was gathered that the aggrieved aspirants presented their demands to Tinubu during the President’s negotiations with them at the Presidential Villa. It was also learnt that some of them might be given appointments outside the National Assembly.

“For those who stepped down, discussions were held outside the National Assembly. They are good party men and women,” a source in the APC caucus said.

When asked if the ministerial appointment allegedly offered to Wase was still available after contesting against Abbas, the lawmaker said, “Your guess is as good as mine.”

The sources, however, claimed that the G-7 members, especially the immediate past Chairman of the House Committee on Appropriations, Aliyu Betara; and his counterpart on the Navy, Yusuf Gagdi, might retain their former positions.

Sources said the outgoing Chairman of the House Committee on Finance, James Faleke, a known ally of the President and Gbajabiamila, was allegedly eyeing the appropriations committee.

A source, who noted that Abbas would be mindful of the chairmanship of the committee, said, “For appropriations, you will mention Faleke, Betara and some other people, especially Abubakar Bichi.”

The source noted that Bichi was one of the major financiers of Abbas’ speakership campaign.

The Deputy Chairman (South) of the Joint Task, Olawale Raji (APC, Lagos), said Abbas would “do it by the grace of God,” adding, “It is an all-inclusive administration that will run as reflected in the outcome of the election. It is a reflection of his (Abbas) general acceptability and that puts a lot of responsibility on him. He will find a way of accommodating everybody.”

Another key leader of the Joint Task, Babajimi Benson (APC, Lagos), stated that appointments were at the direction of the Speaker, adding, “I am ready to serve in any capacity.”

Abdulrasheed Bawa, the Chairman of the Economic and Financial Crimes Commission (EFCC) has hinted that the Commission is currently investigating Bola Tinubu, National Leader of the All Progressives Congress (APC).


Bawa disclosed that the investigation would take time because it takes time.

Speaking with ThisDay, the EFCC czar revealed that they have a request for Tinubu’s assets declaration form.


According to Bawa: “You asked me a question earlier about arresting people before an investigation and now you are saying why didn’t we arrest Tinubu? Why didn’t you just say ‘arrest him’?

Some high profile Nigerians after my life – EFCC boss, Bawa cries out

“Investigation is ongoing. When you are investigating matters like this, they don’t end in a day. Thousands of investigations are going on, on a daily basis.


“You understand? You know you are from the media. After you will say we are doing a media trial.”

Recently, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, had dismissed plans to probe Tinubu

Malami had said his office had no plans to investigate the former Lagos State governor.

Vice-President Kashim Shettima has apologised over a comment credited to him during the race for the senate presidency.

Shettima was quoted to have said the most incompetent southern Christian is better than the most puritanical northern Muslim.

The vice-president reportedly said this while making the case for a south-south Christian candidate to become president of the senate.

Even though the All Progressives Congress (APC) had nominated Godswill Akpabio for the position, Abdulaziz Yari, senator representing Zamfara west and a Muslim, was a contender till the very end.

Olusola Abiola, director of information in the office of the vice-president, said mischief-makers twisted his principal’s plea out of context.

“It would not be ill-advised for the lawmakers to choose a non-Muslim contestant, even if against a more qualified Muslim option, in order to achieve balance,” Abiola had said.

Abiola’s clarification failed to douse debates elicited by Shettima’s remarks.

Speaking with BBC Hausa, the vice-president said he made those comments in the interest of Nigeria.

Shettima said as the son of Muslim scholars, he does not have the intention of discrediting any religion in the country.

“I am human and imperfect, so I am asking for the forgiveness of the community and my God,” he said.

Damilola Adeparusi popularly known as Chef Dammy, the current rave, has become an overnight celebrity as a result of her 120-hour cook-a-thon.

The Ekiti-based chef was recently spotted heading out for an event with a security detail and this stirred reactions online.

Since finishing her effort to break the Guinness World Record for the longest cooking marathon, the 22-year-old has been making the rounds in the media.

A viral video captures the moment she exited a business and a police escort unlocked the car door for her to enter.

Meanwhile, Chef Dammy also revealed that she intends to officially break the world record by cooking for 150 hours.

The video, which apparently features one of Sabinus’ old skits before he gained popularity, shows him looking completely different.

Dr. Baffa Bichi, Secretary to the Kano State Government (SSG), has explained why the symbolic Tumbin Giwa roundabout at Kano Government House was demolished.

News made rounds earlier that the roundabout was demolished in the wee hours of Wednesday, June 14, as part of the new government’s mission to demolish “illegal” structures that were tampering with the state’s masterplan.

During a radio interview, Bichi revealed that the roundabout was taken down because of the presence of a Christian cross which contradicts the teachings of Islam.

Kano SSG reveals
He said;

“If you take a drone to take the picture from the top, you will see a cross. In Kano, you cannot do that. Not only that it is in Kano, but in the Government House roundabout. This is against our norms and values and also against the teachings of Islam.

“Another reason is that the roundabout is blocking people from seeing others from different directions. That is causing holdup and accidents along Government House road. This is not a wise decision.

Kano SSG reveals
“Secondly, the Hotoro interchange flyover is also carrying a big cross. We have to look at that too. This means if you are viewing Kano from the top using a drone, you will see two big crosses. That of the Government House and the flyover. We will not let that be.”

Speaking on the demolition exercise carried out in other parts of Kano, Bichi added,

“How can you build shops inside mosques and residential area? This is wrong and that is what we are trying to address. That is why we ask everyone from the places that are wrongly built to remove their belongings. We gave notice severally, even before swearing in.”

Regarding the question of compensation, the SSG urged the victims to claim their money from the people who defrauded them.

…call for his arrest and prosecution

Northern groups, the Arewa Civil Society Organisation, and the Arewa Youths Consultative Forum have applauded the indefinite suspension slammed on the Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa by President Bola Tinubu.

They said the suspension was long overdue while calling
for his immediate arrest and prosecution.

According to them, the former EFCC remained a bad example to the young generation of Nigerians.

President Tinubu had on Wednesday announced the suspension of the EFCC chairman in a statement by the office of the Secretary to the Government of the Federation.

Bawa was suspended based on “weighty allegations of abuse of office” leveled against him.

He(Bawa)was subsequently replaced by Mr. Abdulkarim Chukkol, who was the Director of Operations of the Commission as the Acting Chairman


Reacting, the Arewa Civil Society Organization said the suspension of the former EFCC chairman, was timely in view of the weighty allegation leveled against him, noting that Bawa over the years, had abused his office.

According to the Chairman of the group, Adamu Musa, in a statement in Kaduna on Thursday, with the suspension of Bawa, the organization has been vindicated for calling for his sack under the former President, Major General Muhammadu Buhari (retd) but to no avail.

He said, “The suspension of Abdulrasheed Bawa is a stitch in time that will save a few more than nine because Bawa has constantly and continuously abused and misused his powers and office, engaging in various corrupt practices.

“We have been vindicated for our earlier stance on calling for the removal of Bawa, now the President has listened, this is very courageous and exemplary, and we must commend him for taking this bold and righteous decision.

“Moreso, most of our grievances that made us take that stance, are the reasons the DSS invited the suspended Chairman for questioning.

“They include various charges of abuse of office, accused of stealing and selling dozens of petrol-bearing trucks confiscated from suspected looters, auctioning them off to his proxies at ridiculous prices while he was in charge of the Port Harcourt office of the EFCC, and alleged violation of the code of conduct for public officers by owning properties beyond his legitimate income.

“The Department of State Security must continue to hold Bawa and his co-perpetrators to get all the answers needed. The EFCC has lost its credibility & bearing and has dented the fight against corruption, making Nigerians no longer believe in it.”

On their part, the leadership of the Arewa Youth Consultative Forum said the suspension of the former EFCC chairman was a welcome and long overdue development.

While hailing President Tinubu over the suspension, the National President of the organization, Alhaji Yerima Shettima in a statement in Kaduna on Thursday, said the swift move by President Tinubu, was a re-assurance that his administration was committed to fighting corruption.

However, besides the suspension of Bawa, the organisation called for a total overhaul of the anti-graft agency.

He said, “On behalf of the youths of Northern Nigeria, the Arewa Youths Consultative Forum wishes to express its deep appreciation for the swift action taken by President Bola Ahmed Tinubu of suspending the widely believed compromised Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa indefinitely, and ordering a thorough investigation of the activities of the agency under his watch.

“The move by Mr. President is a reassurance of his government’s commitment to addressing the sceptre of endemic, widespread, corruption and political avarice that characterised the eight-year tenure of the previous administration attributable to a lack of application of relevant laws against corrupt practices among officials of the regime and the apparent compromise of the EFCC under Abdulrasheed Bawa.

“While welcoming the federal government action against Bawa, we are also of the view that it needs to extend the measure to include a total overhaul of the EFCC to flush out remnants of Abdulrasheed Bawa’s accomplices entrenched in top positions of the agency.”

…call for his arrest and prosecution

Northern groups, the Arewa Civil Society Organisation, and the Arewa Youths Consultative Forum have applauded the indefinite suspension slammed on the Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa by President Bola Tinubu.



They said the suspension was long overdue while calling
for his immediate arrest and prosecution.

According to them, the former EFCC remained a bad example to the young generation of Nigerians.

President Tinubu had on Wednesday announced the suspension of the EFCC chairman in a statement by the office of the Secretary to the Government of the Federation.

Bawa was suspended based on “weighty allegations of abuse of office” leveled against him.

He(Bawa)was subsequently replaced by Mr. Abdulkarim Chukkol, who was the Director of Operations of the Commission as the Acting Chairman

Reacting, the Arewa Civil Society Organization said the suspension of the former EFCC chairman, was timely in view of the weighty allegation leveled against him, noting that Bawa over the years, had abused his office.

According to the Chairman of the group, Adamu Musa, in a statement in Kaduna on Thursday, with the suspension of Bawa, the organization has been vindicated for calling for his sack under the former President, Major General Muhammadu Buhari (retd) but to no avail.

He said, “The suspension of Abdulrasheed Bawa is a stitch in time that will save a few more than nine because Bawa has constantly and continuously abused and misused his powers and office, engaging in various corrupt practices.

“We have been vindicated for our earlier stance on calling for the removal of Bawa, now the President has listened, this is very courageous and exemplary, and we must commend him for taking this bold and righteous decision.

“Moreso, most of our grievances that made us take that stance, are the reasons the DSS invited the suspended Chairman for questioning.

“They include various charges of abuse of office, accused of stealing and selling dozens of petrol-bearing trucks confiscated from suspected looters, auctioning them off to his proxies at ridiculous prices while he was in charge of the Port Harcourt office of the EFCC, and alleged violation of the code of conduct for public officers by owning properties beyond his legitimate income.

“The Department of State Security must continue to hold Bawa and his co-perpetrators to get all the answers needed. The EFCC has lost its credibility & bearing and has dented the fight against corruption, making Nigerians no longer believe in it.”

On their part, the leadership of the Arewa Youth Consultative Forum said the suspension of the former EFCC chairman was a welcome and long overdue development.

While hailing President Tinubu over the suspension, the National President of the organization, Alhaji Yerima Shettima in a statement in Kaduna on Thursday, said the swift move by President Tinubu, was a re-assurance that his administration was committed to fighting corruption.

However, besides the suspension of Bawa, the organisation called for a total overhaul of the anti-graft agency.

He said, “On behalf of the youths of Northern Nigeria, the Arewa Youths Consultative Forum wishes to express its deep appreciation for the swift action taken by President Bola Ahmed Tinubu of suspending the widely believed compromised Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa indefinitely, and ordering a thorough investigation of the activities of the agency under his watch.

“The move by Mr. President is a reassurance of his government’s commitment to addressing the sceptre of endemic, widespread, corruption and political avarice that characterised the eight-year tenure of the previous administration attributable to a lack of application of relevant laws against corrupt practices among officials of the regime and the apparent compromise of the EFCC under Abdulrasheed Bawa.

“While welcoming the federal government action against Bawa, we are also of the view that it needs to extend the measure to include a total overhaul of the EFCC to flush out remnants of Abdulrasheed Bawa’s accomplices entrenched in top positions of the agency.”

The President, Bola Tinubu signed the Data Protection Bill into law on Monday 12th June 2023, the Nigeria Data Protection Bureau has disclosed.

According to the bureau, about 500,000 jobs are expected to be created through the training of Data Protection Officers and licensing of Data Protection Compliance Organisations to offer services to data controllers and processors.

It noted that the new act is one of the strategic ways of meeting the campaign promise of Tinubu to create one million jobs in the digital economy sector. This was contained in a statement signed by the Head, Legal Enforcement and Regulations, NDPB, Babatunde Bamigboye.

The National Commissioner, NDPB, Dr Vincent Olatunji, stated that the act will advance the privacy rights and other fundamental freedoms of Nigerians both in cyberspace and in analog transactions.

The statement read in part, “Nigeria has taken a giant leap forward in the global data race with the assent to Nigeria Data Protection Act by President Bola Ahmed Tinubu. The Act was signed on the 12th of June 2023.

“The NDPB, pursuant to the express provisions of the new act, has transmitted into a full-fledged commission and it is mandated to among others: Regulate the deployment of technological and organisational measures to enhance personal data protection.

“Foster the development of personal data protection technologies, in accordance with recognised international best practices and applicable international law; conduct investigations into any violation of a requirement under the Act; impose penalties in respect of any violation of the provisions of the Act or subsidiary legislation made thereof.

“Where necessary, accredit, license, and register suitable persons to provide data protection compliance services; issue regulations, rules, directives, and guidance under the Act; and register data controllers and data processors of major importance.”

On Wednesday, the naira traded for 755 to the dollar at the investors and exporters (I&E) window, following a reported float of the local currency on the instruction of the Central Bank of Nigeria (CBN).

This means that the naira fell from N471 per dollar on Tuesday to N755 on Wednesday. In this brief explainer, TheCable will break down what this means for you and your business, and what happens next to the Nigerian naira, based on available data.

For context, this happened in June 2016 — exactly seven years ago — when the Central Bank of Nigeria allowed the naira to float at the interbank market. The local currency depreciated from 197 to the dollar to 253 in a few hours — before ending the day at about N280 to the greenback.

Investors were excited and the dollar inflow into Nigeria recorded a significant increase, as the new rates were seen as more reflective of the naira. In August, the country recorded a more than five times increase in FX inflow from before the float.

What does it mean to float the naira?
Simply put, currency float is an exchange rate system where the local currency is set by the forces of demand and supply within the forex market.

In Nigeria, it means the elimination of a fixed price for forex trading within the country. This removes the direct intervention of the CBN from the forex market.

So what happened today was that when the fixed price was removed today, the market decided that the dollar should trade anywhere between N755 and N664 — not the N471 previously quoted by the CBN and the I&E window.

First Move: Parallel Market reacts


Parallel market is expected to respond immediately

If 2016 is anything to go by, the first move is for the parallel market to react to the float immediately. The naira is expected to recover at the parallel market as demand drops. On the first day of the float in 2016, the naira recovered by 10 percent at the parallel market.

Once the float was activated at the I&E window on Wednesday, the naira fell to N755 but recovered to 664 by the close of business at the FMDQ trading platform.

The market also recorded a 3.13% rally at the Nigerian Exchange, showing investors’ endorsement of the policy and subsequent inflow of the greenback.

With easy-to-get forex at the I&E window, the demand at the parallel market is expected to reduce, and the prices should appreciate significantly.

What does this mean for students?
For students seeking to pay fees abroad, the forex subsidy is gone. But that is not all bad news; you can still fill out Form A and get forex, but this will be at the going rate at the I&E window.

TheCable understands that students who have filled out the form and have got approvals will get their forex at the old rate. For persons who have not received their approvals, they are expected to get dollars at the new rate or get their naira back.

Generally, access to forex will be a lot easier for students and those seeking medical care abroad.

What does this mean for businesses?

Exports will now fetch more money

For businesses, this is a double-edged sword — both good and bad. For businesses that have taken dollar-denominated investments in the past, this means a significant increase in debt to be repaid.

If a business takes a $100,000 loan in January 2023 through the official channels, that would be N47,000,000.

By the time the business begins to pay back by the end of the year, it will be paying back at the new rate anywhere between N75,500,000 to N66,400,000. That is approximately N20,000,000 difference. A similar float of the naira in 2016 led to the exit of Etisalat from Nigeria in 2017.

The good side, however, is that investors will get more interested in Nigeria and are expected to vote more money into the economy.

In addition to this, Nigerian exports will now earn more money. For instance, 50kg of garri exported to the United States to sell at $100 returned N47,100 last week. Today, that same 50kg will return N75,000.

What does this mean for ordinary Nigerians?

Imported food is expected to get more expensive

For most Nigerians, not a lot will change because a majority of goods and services were already priced at the parallel market rate of N750 to the dollar for about a year now.

However, imported goods and services, which were priced at 471 to the dollar, will get more expensive. For instance, imported drugs and pharmaceuticals will get more expensive, IELTS and visa costs will get more expensive.

The Nigerian economy is highly dependent on imports, hence, an increase in the price of import means a hike in the prices of such goods and services.

What does this mean for states?

Governors expected to smile to the bank

State governors are likely over the moon at this time. Their federal allocations are expected to increase by about 20 percent — all things being equal. In the interim, states will get more funds to run their affairs.

If the federal government got $1 billion in oil receipts and royalties for a month to share with states, that money would exchange for N471 billion last month. Now, the same money will exchange for N664 billion to N755 billion.

This means the federal, state, and local governments will earn more money following the float.

This also has a downside; due to the increase in prices of goods and services, workers will press harder for an increase in minimum wage and salaries. Hence, the increase in state income may be evened out by the increase in salaries.

Only if the CBN does not backtrack

The future of this float rests on the CBN

A lot of what will happen in the future depends on the Central Bank of Nigeria (CBN). In 2016/2017, the CBN did not leave the naira to float. The bank intervened in the market to influence the price, thereby tampering with the investors’ confidence in the policy.

In eight months, the naira depreciated from N330 at the parallel market to N520 — more than a 50 percent devaluation. The CBN intervened some more to bring the naira to N360 to a dollar, but with multiple policy decisions down the line, the naira is now at 750 to the dollar.

The CBN and by extension, the government, must be willing to watch the naira appreciate and depreciate without intervening. A single intervention could change the entire direction of the policy.

The Central Bank of Nigeria (CBN) has reportedly told Deposit Money Banks to freely float the naira against the dollar and other international currencies.

This is as the naira trades at N730 to N755 per dollar at the Investors and Exporters (I&E) window on Wednesday.


Although the apex bank is yet to release an official statement on the matter, bankers and customers who traded in Foreign Exchange on Wednesday told Channels Television that the naira now trades between N730 and N750.

The development came just two weeks after President Bola Tinubu vowed to unify the exchange rates and remove fuel subsidy in his inauguration speech on May 29, 2023.

“Monetary policy needs a thorough housecleaning. The Central Bank must work towards a unified exchange rate,” the President had said. “This will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy.”

The development is also in spite of the denial by the apex bank on June 1, 2023 that it had not devalued the naira to about 630 naira to a dollar.

Also, the development trailed the suspension of the Godwin Emefiele as the CBN Governor last Friday and his arrest by the Department of State Services on Saturday.

The implication of the development is that buyers and sellers of foreign currency in the official FX market are allowed to quote their preferred rates, as against previous practice where CBN dictate rates.

The new rate N755/$1 showed over 20% decline in the value of the naira compared to the previous rate of N463/$. At the moment, naira is now on a par with the dollar both at the I&E window and at the black market.

Prof. Mahmoud Yakubu, the Chairman of the Independent National Electoral Commission (INEC) will on Thursday appear before the Presidential Election Petition Court Thursday.

This was stated on Tuesday by Chris Uche, SAN lead counsel to Atiku Abubakar and the Peoples Democratic Party in their ongoing petition.

In a petition marked CA/PEPC/05/2023, Abubakar Atiku and Peoples Democratic Party (PDP) are challenging the outcome of the Feb.25 presidential election which declared President Bola Tinubu as the winner.

The respondents are Independent National Electoral Commission (INEC president Bola Tinubu and the All Progressives Congress (APC).


Uche said the INEC chairman will during his appearance testify on the conduct of the disputed presidential election.

Uche told the court that he does not want the respondents especially Tinubu and the All Progressives Congress (APC) to be caught unawares.

Earlier, the petitioners called their 19th witness (PW19), Alex Ter, their first star witness to testify.

Ter is a lawyer and a politician, National coordinator of PDP ‘s National situation room.

Abubakar Mahmoud , SAN counsel for INEC however, objected when the witness was about to adopt his statement which were more than one.

Mahmoud told the Court that they objected on May 20 to the petitioners’s ‘ reply on the additional statements.

He stated that it was not pleaded in line with the provisions of the law and therefore, urged the court to dissmiss it and uphold the objection.

He however, told the court that he would reserve their reasons for the objections for be communicated at the final addresses

Uche for the petitioners told the court that the objections INEC raised has been argued and ruling reserved by the court.

“Whatever objection that INEC has should be kept aside, “ Uche said.

He therefore, urged the court to overrule the objection and allow the process go on.

He told the court that they are tendering Manual for the conduct of the 2023 election.

He said he will be tendering video clips of broadcast, by the chairman of INEC on the preparation for the election and that of Festus Okoye National Commissioner and Chairman of the Information and Voter Education Committee of INEC on the election.

The also said that he will be tendering European Union (EU) election observers mission broadcast alongside the transcripts and the certificates of authenticity of the three videos.

He said this was pursuant to Section 84 of the Evidence Act.

He also tendered INEC I-reV screen shots of the portal as of March 18 and March 19.

Also tendered was I-reV results portal at the pulling units of March 1and the transcripts and certificates of authenticity.

INEC did not object but Tinubu and APC objected, but all the respondents reserved their responses until their final written addresses.
Under cross examination by INEC’s lawyer, Mahmoud, the witness admitted that he was not at the National Collation Center but was at the PDP situation room in the Federal Capital Territory (FCT).

He also admitted not being an ICT experts but that he based his report from information obtained from agents of the PDP at the collation centers.

The witness faulted INEC for not transmitting presidential election results electronically, adding that calculation errors led the electoral body into grave errors .

Also cross examined by Akin Olujimi SAN, counsel for Tinubu, the witness said that he came to the conclusion that the presidential election was invalid by reason of corrupt electoral practices as related to him by PDP agents.

Testifying as the petitioners ‘ 20th witness (PW20) was Olutunji Shelle.

He alleged during cross examination by INEC counsel that there were some secret pulling units set up by APC in Lagos.

He however said he did not visit any.

The News Agency of Nigeria (NAN) reports that the petitioners have called 20 witnesses so far out of 100 the told the court their would call.

Meanwhile, the five-man panel led by Justice Haruna Tsammani adjourned until tomorrow for further hearing of the petition.

President Bola Tinubu was not handed Nigeria at its best socio-economic state, and he knows this fact; perhaps, this has informed some of the steps he has taken within the last 13 days since he officially took the reins.

Uneasy they say lies the head that wears the crown, and indeed the first few days have not been easy, especially because the new president had to delve headlong into the subsidy quagmire even as his lawyers continue to battle election petitions at the tribunal.

There are many who have said that Tinubu has shown some applaudable character within these very early days in office and as such we sought to review some moves that the president has made within this short period under review, looking the impact of some of these steps taken, and their benefits to the Nigerian people.

1. Met with the Service Chiefs and NSA

Security is a very crucial need for the country especially if the economy is to be restored back to a level of stability for the citizens. Bearing this in mind, one of the first tasks executed by the president was to meet with the Service Chiefs and the National Security Adviser.

At the meeting, Tinubu tasked security and intelligence agencies in the country on the importance of information and intelligence sharing, to obliterate counter productivity of resources in the fight against terrorism.

Highlighting the importance of backing their efforts with knowledge, the president underscored that in order to achieve economic revival, prosperity and development, security should be of utmost priority.

2. Had a forum with governors of the 36 states
The president also held a forum with governors of the 36 states and there he made it clear that differences must be shelved aside, noting that everyone must jointly focus on alleviating the sufferings and pains of the people.

President Tinubu stated that the nation should be seen as one big family, adding that good governance would safeguard the future of democracy.


3. Appointed Gbajabiamila – Chief of Staff
Appointing former Speaker of House of Representatives, Rt. Hon. Femi Gbajabiamila as Chief of Staff, was another major move by the president.

In a meeting with prgressive governors, the president also appointed Sen. Ibrahim Hassan Hadejia, a former Deputy Governor of Jigawa State, as Deputy Chief of Staff.

This move many saw as a very strategic one that sets the tone for what his cabinet will look like and the caliber of persons Tinubu will be working with to set Nigeria back on track.


4. Made Akume SGF
In a similar fashion, the president appointed Senator George Akume to serve as Secretary to the Government of the Federation.

Speaking on this development, the president said Akume will serve the nation tremendously in his new capacity as SGF.


5. Charged Representatives of Major Oil Marketers

In meeting up with the challenges of fuel subsidy removal, the president met with representatives of major oil marketers in Nigeria, charging them to work with his government to be able to meet the needs and demands of Nigerians.

As a result of this meeting, the Oil marketers association announced their intention to donate between fifty to a hundred ’50-seater’ mass transit buses to help the masses.

This they said is expected to cost about a 100 million naira each and 10 billion naira cumulatively, to cushion the effect of the subsidy removal within the next 30 days.

The president also met with Exxon Mobil Executives, marking the continuation of his administration’s efforts to secure the collaborations of critical players in the oil sector towards ensuring stability and transparency and fair competition in the sector.




6. Asked Shettima-led NEC to find palliatives for subsidy
Following his meeting with the oil marketers, the president directed the National Economic Council (NEC) led by Vice President Kashim Shettima to device an approach and begin the process of working on interventions to mitigate the impact of subsidy removal on the Nigerians.

The NEC is to come up with palliative measures to aid Nigerians even as the nation transitions and adjusts to being without subsidy.



7. Held a meeting with traditional rulers
Within the period the president has also met with traditional rulers and in the course of their dialogue he tasked them with supporting the administration’s efforts to ensuring lasting peace and unity by promoting responsible behaviour and patriotism.

He also gave them an assurance that his government will support them as they continue in their role as powerful custodians of the nation’s unique cultural values.


8. Selected and got approval for 20 special advisers
In his desire to make the right choices and do that which is best for the Nigerian citizens, the president selected 20 Special Advisers.

The president wrote a request to the Senate, and while he did not mention the identities of the 20 Special Advisers and their schedule of duties, the Senate approved the request.

According to the Senate, the request was an urgent one and needed to be approved to have the president hit the ground running fully.


9. Negotiated with JOHESU
For days, Health workers’ union under the umbrella of the Joint Health Sector Unions (JOHESU) had been on strike, however, the body suspended its 12-day-old strike following a meeting with the president.

National vice-president of JOHESU, Obinna Ogbonna, told newsmen that the strike was suspended due to the progress made during an engagement with President Bola Tinubu.

He said the health workers called a meeting shortly after meeting with the president and decided to call off the strike, and gave a 21-day timeline to the government.

JOHESU
10. Reach agreements with NLC

FG representatives meeting with the NLC leaders at the State House on Monday, June 5, 2023.
In a similar fashion, the president was able to broker a deal with the Nigeria Labour Congress (NLC), causing them to also suspend plans to hold a strike and protests over the subsidy removal issue.

According to the authorities the president was able to reach 7 key agreements with the NLC and other labour unions in a bid to abort the strike.


11. Signed 2023 Electricity Bill into Law
The 2023 Electricity Act which is expected to de-monopolise electricity generation, transmission and distribution at the national level was also signed into law by the president within the period under review.

In signing the electricity bill into law, Tinubu has now empowered state governments, companies and individuals to generate, distribute and transmit electricity.


12. Assented to Bill on new retirement age for Judicial officers
Similarly, President Tinubu in exercising the powers vested in him under the 1999 Constitution as amended, assented to a fresh amendment of the Constitution of the Federal Republic of Nigeria.

He signed into law the “Constitution of the Federal Republic of Nigeria, 1999 (Fifth Alteration) (No.37), 2023” presented by the outgoing 9th National Assembly.

With the signing of the Constitutional amendment Bill, retirement age and pension rights of judicial officers have been effectively brought into uniformity and other related matters.

According to president’s spokesman, Abiodun Oladunjoye, while signing the amendment Bill into law, Tinubu pledged his administration’s dedication to strengthening the judiciary, ensuring the rule of law, and empowering judicial officers to execute their responsibilities effectively.

13. Made fundamental declarations regarding subsidy
Within the time the president has made some declarations that stirred great reactions from the people and one of them is that the country cannot continue feeding smugglers and acting as Father Christmas to neighbouring countries.

At the interactive session with the Royal Fathers under the aegis of the National Council of Traditional Rulers of Nigeria (NCTRN), the president said he remains committed to the decisions on remove fuel subsidy, improve security, create jobs, and to sustain the environment.


14. Met with opposition leaders
In staying true to his promise to reach out and accept anyone willing tom work with him, President Bola Tinubu met with members of the defunct G-5, including Okezie Ikpeazu (Abia), Ifeanyi Ugwuanyi (Enugu), Samuel Ortom (Benue), Nyesom Wike (Rivers) and current Oyo State governor, Seyi Makinde.

While the core reason for the visit is yet to be made known, Governor Makinde told newsmen that the group came to intimate the President on happenings.

He said: “Nation building is a very difficult task. You have to keep evaluating…know what you’re doing, where you’re going. So, we have to keep seeing the President, to let him know what is happening. We also came to let the President know what we stood for – fairness, justice and equity.”

On new focus of the G-5, he said: “We are going towards Mr. President, you know, coming with us on the route for fairness, for justice and for equity in Nigeria.”

15. Suspends Emefiele as CBN governor

In what some have termed his most striking move, the president on Friday, suspended Godwin Emefiele as the Central Bank of Nigeria (CBN) governor.

This according to the presidency is a sequel to the ongoing investigation of Emefiele’s office and the planned reforms in the financial sector of the economy.

Emefiele was directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate) [Folashodun Adebisi Shonubi], who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.

The Nigerian stock market rose to its highest level since July 2008 on Tuesday, the first day of trading after the suspension of the Central Bank Governor, Godwin Emefiele.

According to a report by Bloomberg, investors are betting on a currency devaluation and sent the main index of the Nigerian Exchange to above 57,437 points, which contrasted with a flat performance for MSCI’s main emerging equity benchmark.

The report stated that this move takes the country’s stocks’ year-to-date gains to 11.8 per cent, almost double the six per cent return on the MSCI index.

It noted that the rally, which followed increased gains on Nigerian dollar bonds on Monday, reflected optimism over the policy signals from the newly elected President, Bola Tinubu.

The head of research at Chapel Hill Denham, Tajudeen Ibrahim, stated, “An improvement in the economy will enhance the performance of companies operating in the market.”

Since resuming office, the new president has scrapped fuel subsidy and recently suspended the apex bank’s governor, Emefiele.

The NGX Banking Index has since risen by 8.5 per cent to 570.64, its biggest advance in more than eight years.


Ibrahim, added, “The exchange rate convergence is expected to lead to improvement in liquidity in the foreign currency market and will increase trading activities for the banks.”

Meanwhile, pressure is mounting on the naira to fall towards its market value. The currency has fallen to 474 per dollar, with traders betting on further depreciation.

The family of the acclaimed winner of the June 12, 1993 presidential election, the late MKO Abiola, has urged the President Bola Tinubu-led Federal Government to pay all the incentives due to the Abiola family.

The family secretary and one of Abiola’s children, Ameen, made the call while speaking to newsmen during a prayer session held at the MKO Abiola family House, Gbagura, Abeokuta, Ogun State.

The family secretary said beyond payment of the entitlements, the family wished that the government implement most of the people-oriented policies which Abiola promised Nigerians while alive.

The military junta of General Ibrahim Babangida had annulled the June 12, 1993 presidential election, which is widely believed to have been won by the late MKO.

However, former President Muhammadu Buhari, in 2018, formally conferred on Abiola the national honour of the Grand Commander of the Federal Republic, reserved for Presidents.

Ameen, while speaking with journalists, called on the current President to pay the family presidential entitlements due to Abiola.

He said “I believe that this government has the capacity to be able to ensure that all incentives that are due to the Abiola family get to the Abiola family.

“So, I believe this government would do everything it takes to make sure that all that we ought to have got from previous government would get to us.”

Ogun State Governor, Dapo Abiodun, noted that 30 years after the June 12 election, it was important to continue to reiterate the role played by the late Abiola in fighting for democracy.

Abiodun, represented by his Deputy Governor, Mrs Noimot Salako-Oyedele, said that Abiola lived a good life worthy of emulation.

“He lived a good life we should learn from. We should learn from his good deeds. He always followed the tenets of God in all his activities,” he said.

The governor called on Nigerians to continue to pray and support the Tinubu administration.

Also speaking at a rally held in celebration of June 12 at the MKO Abiola Stadium, Abeokuta, Abiodun urged Nigerians to give Tinubu maximum support

He said, “It is gratifying that one of the dependable, loyal, dogged and hardened proponents of the June 12 struggle, Bola Tinubu, is today the President of Nigeria.

“Some of the recent policies, like the subsidy removal, may come out with some initial inconvenience, but we must persevere as the benefit far outweighs whatever it is we are sacrificing.

“As we move on in our democratic journey, it is important for us to continue to be patriotic in all our daily activities.”

President Bola Tinubu says there will be more reforms in the country’s judiciary.

The president said court orders that truncate democracy would no longer be allowed.

Tinubu spoke on Monday during his maiden Democracy Day speech as president.

The president said he is determined to give the country a “vibrant judiciary that can be trusted to deliver justice and strengthen institutions”.

“It has become imperative to state here that the unnecessary illegal orders used to truncate or abridge democracy will no longer be tolerated,” he said.

“The recent harmonization of the retirement age for judicial officers is meant to strengthen the rule of law, which is a critical pillar of democracy. The reform has just started.”

Tinubu on June 8 signed into law the bill on uniform retirement age for judicial officers.

The bill, titled: “Constitution of the Federal Republic of Nigeria, 1999 (fifth altercation) (No.37) bill, 2023”, was the first to be signed by the president since taking the oath of office on May 29.

The law extends the retirement age of high court judges — and others — from 65 to 70 years.

The retirement age of justices of the appeal and supreme courts is already pegged at 70.

The legislation also ensured uniformity in the pension rights of judicial officers of “superior courts of record” specified in section 6(5) of the 1999 constitution (as amended).

While giving assent to the bill, the president pledged that his administration would strengthen the judiciary and empower judicial officers.

The West African Examination Council (WAEC) says it has handed over 20 school officials allegedly aiding and abetting malpractice during the 2023 West African Senior School Certificate Examination (WASSCE) to the police for prosecution.

NAN reports that Patrick Areghan, head of WAEC Nigeria, spoke about the development on the sidelines of a monitoring exercise he carried out in some schools on Thursday in Lagos state.

Areghan said the officials were arrested across various parts of the country.

“The issue of examination malpractice can no longer be treated with kid gloves. It is no longer business as usual, as it has completely eroded morals and values in our society. It is taking a dangerous dimension, which, if not tackled will bring our country to its knees,” he said.

“Now, since the commencement of this examination, we have deployed our technology, designed to catch examination cheats and we are happy with the results we have gotten so far.

“For instance, in Ibadan, Oyo, where we have our zonal office, which takes care of Osun, Kwara and Oyo itself, we made three arrests in a school and for the purpose of confidentiality, I will not mention the name.

“There, a supervisor at a centre, principal and invigilator were all arrested. They were arrested for allegedly snapping and posting the questions to some platforms, thereby, aiding and abetting examination malpractices.’’

The WAEC head in Nigeria said in Maiduguri, Borno state, a teacher and principal were also arrested. He further revealed that similar arrests were made in Abia, Oyo, Kaduna, and Osun states.

He described the act as “a monumental disgrace,” adding that the arrests would continue until the end of the examination.

Areghan enjoined candidates not to allow their future to be compromised by the people promising to “assist” them pass their examination through illegal means.

The Department of State Services has confiscated the passport of the suspended Central Bank Governor, Godwin Emefiele, The PUNCH has learnt.

The service, it was also learnt, may search Emefiele’s home and office this week.

Following his suspension on Friday as a result of the ongoing investigation of his office and the planned reforms in the financial sector, the service arrested Emefiele in Lagos and flew him to Abuja in a private jet on Saturday.

The spokesperson for the service, Peter Afunanya, in a statement said Emefiele had been taken into custody and was under investigation.

However, a source in the DSS on Sunday said it was standard procedure for his travel document to be seized pending the conclusion of the ongoing investigation.

The source added that the office and residence of the suspended apex bank governor would be searched.

The source said, “Of course, Emefiele’s travel document would be confiscated as part of the standard process pending the conclusion of our investigation. Also, as part of the investigation, his house and office would be searched for documents that can aid the ongoing investigation on his management of the CBN.”

Our correspondent had reported that other top directors of the CBN might also be invited or arrested for questioning over their roles in the administration of the apex bank.

It was learnt that the DSS might revisit the criminal charges it earlier filed against Emefiele which borders on terrorism financing and fraud.

The secret police similarly accused the suspended CBN box of mismanaging the CBN subsidiary, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending and the Anchor Borrowers Programme.

The DSS spokesman, Afunanya, could not be reached for comment on Sunday as calls to his line indicated that he was unreachable.

He had yet to respond to a text message on the detention of Emefiele as of the time of filing this report.

Meanwhile, human rights lawyer, Femi Falana, SAN, has said the DSS lacked constitutional power to investigate and prosecute Emefiele.

Falana in a message sent to one of our correspondents said Emefiele should be transferred to the custody of the Economic and Financial Crimes Commission who according to him, posses the legal right to prosecute Emefiele.

“A few months ago, the State Security Service levelled grave allegations of terrorism financing, money laundering, and other economic crimes against Godwin Emefiele, the Governor of the Central Bank of Nigeria. At the material time, the attempt by the SSS to arrest, investigate, and prosecute Mr. Emefiele was frustrated by the erstwhile Buhari administration.

“However, following the suspension of Mr. Emefiele as the Governor of the CBN by President Bola Tinubu, the SSS quizzed him in Lagos and flew him to Abuja yesterday. According to media reports, the investigation of the suspect by the SSS has commenced. Even though the SSS which initially denied the arrest has since turned around to admit that Mr. Emefiele is in its custody.

“In the case of Dr. Bukola SarakI v. Federal Republic of Nigeria (2018) 16 NWLR (pt. 1646) 433-434, the Supreme Court ruled that the Economic and Financial Crimes Commission lacks the vires to investigate and prosecute the appellant for the breach of the provisions of the Code of Conduct Bureau and Tribunal Act. It was for that principal reason that Senator Saraki was freed by the apex court.

“In line with the principle of law enunciated by the apex court in Saraki’s case the SSS lacks the power to investigate and prosecute Mr. Emefiele in respect of allegations of money laundering and other economic crimes. Therefore, after investigating the alleged involvement of Emefiele in terrorism financing the SSS should transfer him to the EFCC for the purpose of investigating

Operatives of the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC) have arrested 56 suspected internet fraudsters in Port Harcourt, Rivers.

Its Spokesperson, Wilson Uwujaren, said this in a statement on Friday in Abuja.

According to him, they were arrested on Monday in a sting operation at Rivtaf Golf Estate, Port Harcourt, following intelligence on their alleged internet fraud-related activities.

He said that this included dating/romance scams, investment scams, oil scams, contract scams, impersonation, business scams, possession of fraudulent documents, cryptocurrency scam and forgery.

“The suspects are Chukwuemeka Andrew, Gospel Asawale, Godbless Otuan, Francis ThankGod, Kingsley Udennaka, Ajuobi Obioma, Gogo Johnson, Hope Offor, Oxford Ibinabo, Boma Kallu, Ebuka Igwe, Hope Nweke, Augutus Chukwudi and Benard Greatman.

“Others are Chile Mark, George Lumartins, Iyala Ibisejubotonbo, Chizzy Collins, Marvin Maccus, Chimaobi Emmanuel, Precious Chibukem Kelvin, Peter Ayigi, Godswill Chukwu, Dele Emmanuel Niabari, Gabriel Noble, George Williams, Prince Sonah.

“The suspects also include Iwuoha Wisdom Chinemerem, Divine Loiya Princewill, Victor Ajieaku, Goodluck Richman, Nnadozie Kenneth, Daniel Bright Asuquo, Dickson Mirade, Onyechi Emmanuel, Chika Eguma, Fraclin Onokpite, Silvar Uzoeto and Great Rapheal,” he said.

According to him, others arrested are Victor Awahobasi, Sydney Morris Olaka Nkpoma, Boma Sobio, Uche Jerry, Onooriode Ruemu, Prince Davidson, Michael Anderson, Lovina Harry, Oti Wilfred Chinonso.

“They also included Divine Success, Promise Blessing Tamunoimama, Kpakol Bethram Tombari, Michael Solomon, Faisal Abdul, Victor Eseh Chika and Daniel David Elubu.

“Items recovered from the suspects include phones of different brands, Laptops, Nigerian and Spanish Passports, Apple Wrist Watches, ATM cards, local and foreign currencies (Pounds, Dollars, Cents and E2 Coins (Binary Coin).

“Other items include different brands of exotic cars – a black Lexus GS 460, C300 4Matic Mercedes Benz car, a black Lexus IS250, a black Lexus ES350, a Toyota Corolla 2007 Model, a black Range Rover and a black Toyota Camry,” he said.

He said that the suspects would be charged to court as soon as investigation is concluded.

President Bola Tinubu has assented to the electricity bill, which empowers states, companies and individuals to generate, transmit, and distribute electricity.

The new electricity law repeals the Electricity and Power Sector Reform Act of 2005 and consolidates the laws relating to the Nigerian Electricity Supply Industry (NESI).

TheCable had reported that the senate passed the electricity bill in July 2022 to solve the sector’s challenges.

On the other hand, President Muhammadu Buhari had signed 16 constitutional amendments in 2022, one of which pertains to the devolution of powers (national grid system) – clarifying the powers of the federal government and states to generate, transmit, and distribute electricity.

Consequently, states have been granted constitutional authority to enact laws that allow them to generate, distribute, and transport electricity within its boundaries, including territories formerly covered only by the national grid.

Speaking on the enactment of the new act, President Bola Tinubu, during an interactive session with traditional rulers on Friday, said the constitutional amendment permits Nigeria’s 36 states to generate electricity.

‘‘That’s devolution of power and that should be our contribution to the developmental projects you are looking for and we will continue in ways that will help our people,’’ he said.

NEW ELECTRICITY ACT: AN OMNIBUS FOR POST-PRIVATISATION PHASE

Meanwhile, the newly-signed act provides an omnibus and ideal institutional framework for the post-privatisation phase of Nigeria’s power sector in the areas of generation, transmission, distribution, supply, trading, and general use of electricity.

According to the document, the primary objective of the regulation is to create a comprehensive legal and institutional framework to guide the operation of a privatised, contract, and rule-based competitive electricity market in Nigeria.

It also aims to attract, through transformative policy and regulatory measures, private sector investments in the entire power value chain of the NESI.

Additionally, it provides a framework for the improvement of access to electricity in rural, unserved, underserved, peri-urban, and urban areas through the use of conventional sources and renewable energy off-grid and mini-grid solutions.

Under the law, states would be able to issue licenses to private investors who have the ability to operate mini-grids and power plants, but such licenses would not apply to the distribution of electricity between states or internationally.

FUNCTIONS OF NERC

According to the electricity act, until a state has passed its electricity market laws, the Nigerian Electricity Regulatory Commission (NERC) will continue to regulate electricity business exclusively carried out in those states.

The Electricity Reform Act, 2005, also empowers the NERC to oversee the electricity industry activities, including licencing and regulating persons engaged in the generation, transmission, and system operation.

The new electricity act said NERC would continue this function.

The regulation also states that the commission will promote competition and private sector participation in the post-privatised power sector, “when and where feasible; establish appropriate obligations regarding the provision and use of electricity services”.

The Labour Party (LP) has asked two house of representatives members-elect — Amobi Ogah and Obi Aguochaby — to tender an apology for their comments after meeting with President Bola Tinubu.

Speaking after a meeting of the members-elect with Tinubu at the presidential villa on Thursday, Ogah, who will represent Isuikwuato/Umunneochi federal constituency of Abia in the 10th assembly, said he did not know that the president is “so intelligent”.

Ogah said Tinubu’s charisma shows that he is ready for the challenging task of leading the nation.

However, in a statement on Friday by Obiora Ifoh, LP’s publicity secretary, the party said comments by Oga and Aguochaby, contradicted the ideals “for which Labour Party stands for”.

“The members-elect had in their different interviews said that they alongside some of their colleagues have “agreed to go towards government and party decision” on the zoning of the leadership of the national assembly,” the statement reads.

“Though as newly elected lawmakers on the platform of the Labour Party, the members-elect made the utterances which are clearly within their rights as individuals as enshrined in the laws of the land. However, the party has a view quite different from what the honourable members were quoted to have said.

“As individuals, the lawmakers do not have the mandate to speak for the party and therefore cannot claim to be standing on the platform of the Labour Party to speak, giving views that are diametrically opposed to ideals for which Labour Party stands for.

“Labour Party is presently in the tribunal hoping to retrieve our mandate which was expressively given to our presidential candidate on February 25, and every testament emanating from the tribunal points to the fact that Labour Party clearly won the election but was robbed. We have remained resolute to our belief that justice will be done and so soon.

“For the records, Labour Party has nothing against the personality of President Tinubu. However, we are challenging both the process and the final outcome of the presidential election. We as a party insist that the route to His Excellency must be excellent and anything other than that amounts to a mockery of democracy.

“We, therefore, caution the two lawmakers and by extension, any other member elected on the platform of the Labour Party who chose to walk outside the agreed position and ideals of the party to desist from such trajectory and vain glory.”

The senate has approved the request of former President Muhammadu Buhari to pay the Kebbi government N6.7 billion for projects the state undertook for the federal government.

The Kebbi government had constructed some federal government roads within its jurisdiction.

Buhari had made the request in September 2022.

The approval followed a report presented by the senate committee on local and foreign debts on Thursday.

While presenting his report on the floor of the upper legislative chamber, Clifford Ordia, chairman of the committee, said representatives of the Kebbi government appeared before his panel to defend the state’s claim.

“It was for projects executed on behalf of the federal government. The report was referred to the committee for further legislative action,” Ordia said.

“The communication contained a request for approval of N18.6 billion for the Yobe government, N2.47 billion for the Taraba government and N6.7 billion for the Kebbi government.

“It will be recalled that the committee noted that it would resume the consideration of the outstanding request in respect of Kebbi as soon as possible.

“Subsequently, on Nov. 23, 2022, the senate considered the committee’s report on the promissory note programme for Taraba and Yobe, for projects executed on behalf of the federal government.

“The upper chamber then mandated the committee to re-invite the Kebbi government to defend its claim before the committee within two weeks

“The contract specifications can stand the test of time. That the projects were executed between 2006 and 2012 and are federal roads.

“That series of inspection visits were carried out by the ministry of works and housing on the federal roads completed in the state and it ascertained that the level of work had met the required standard.

“That the state government had paid all the contractors that executed the projects.”

Rauf Aregbesola, the immediate past Minister of Interior, has returned to Osun State, saying he has come back to restructure the All Progressives Congress, APC, and to beg for forgiveness from all those he offended.
Specifically, Aregbesola, who was Osun Governor between 2010 and 2018, on Wednesday, at the Nelson Mandela Freedom Park via Old Garage, Osogbo, while addressing residents of the state, thanked President Bola Tinubu, saying he is the “architect of my success.”

Aregbesola added that it was with the help of God and “the support of Asiwaju, I was able to excel as a governor for 8 years even though it was not easy.”

SaharaReporters had in February 2022 reported that in the heat of the rundown to the Osun State Governorship election where Gboyega Oyetola then was seeking reelection and backed by Tinubu, Aregbesola had mocked the duo at a programme in the Oriade Local Government Area.

Aregbesola while castigating Tinubu had said, “Won ti n to ara” which is translated in English “they’re already urinating on themselves.”
The comment came days after Tinubu was seen in a viral video with suspected pee stains on his cloth during a visit to a monarch in Ogun State, the Awujale of Ijebuland.
Tinubu, who was seated on a black leather couch alongside some other party stalwarts had risen to give a speech but his attire had soaked from behind, particularly at the butt area.

The politician's security aide was seen constantly holding his nose while looking at the wet area as another woman immediately wore her face mask as the Asiwaju rose up to speak.
The APC in Osun had had two factions: one was loyal to Aregbesola while the other was to Oyetola who eventually lost the reelection bid.
But speaking on Wednesday, Aregbesola had some nice words for President Tinubu in a desperate bid to seek forgiveness.

He said: “I have not returned to Osun for animosity or acrimony but reconciliation of our party. I have come here today to beg for forgiveness from anybody who is offended towards me.

“The reason why people are applauding me over my successes in Osun today was because of the great work I did when I was in government and those who turned themselves into enemies today, we worked together in government.

“I thank God who showcased me from Lagos through the help of President Bola Tinubu. He is the architect of my success. I spent 8 years as commissioner in Lagos.

“In 2004, we had a meeting in Badagry where we talked about how we will take over our states from the opposition party. President Tinubu and other Yoruba elders directed me to come and take over Osun State from the opposition.

“With the help of God and the support of Asiwaju, I was able to excel as a governor for 8 years even though it was not easy with the help of those that turned to my enemy for four years.
“In 2019, after the Supreme Court judgment, I came to this venue with the person I handed over power to. I counseled that I have played my own part and handed over to the person I loved.
“But I said, the person must do it right by ensuring unity within the party. If that is done, I will now be the godfather. But unfortunately, Satan took over them in interpreting what I said. I never begged for anything from them when he was in power.”

“I am saying it today and I am begging for forgiveness. After this, we are not going to beg anybody again. We didn’t offend anyone and we don’t believe anyone offended us but it’s possible that they believe we offended them, that’s why we are apologising to them,” Aregbesola said.

Bitcoin and other cryptocurrencies have long been a topic of debate and regulatory scrutiny worldwide, and Nigeria has been no exception.

In February 2021, the Central Bank of Nigeria (CBN) issued a circular to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

The CBN further warned local financial institutions against dealing in crypto-assets or facilitating payments for crypto exchanges.

The apex bank cited concerns over money laundering, terrorism financing, cybercrime and the volatility of cryptocurrencies as reasons for the ban.

The directive received significant backlash from the Nigerian public and the cryptocurrency community, as many saw it as a hindrance to technological advancement and economic growth.

However, just two years later, the government has taken a surprising turn by introducing taxation on cryptocurrencies.

Here is a timeline of major events in the two-year period that shaped the evolution of Nigeria’s stance on cryptocurrencies.

February 5,2021: CBN directs banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

February 9, 2021: CBN launches investigation into financial institutions offering services to cryptocurrency traders.

February 11, 2021: The senate invites the CBN, the Securities and Exchange Commission (SEC) to discuss opportunities and threats of cryptocurrency on Nigeria’s economy and security.

February 18, 2021: The International Monetary Fund (IMF) backs CBN, says cryptocurrencies may be used for illegal activities.

February 22, 2021: The SEC says there is a need to regulate cryptocurrencies.

February 26, 2021: Yemi Osinbajo, Vice President of Nigeria, calls for a regulatory framework for cryptocurrencies rather than an outright ban.

March 21, 2021: The CBN clarifies its position on the ban and states that individuals are not prohibited from buying and trading crypto, just not through any Nigerian bank or fintech.

April 15, 2021: SEC says discussion is ongoing with the CBN over the regulation of cryptocurrencies.

April 26, 2021: The Economic and Financial Crimes Commission (EFCC) warns Nigerians to be cautious before investing in Bitcoin.

July 22, 2021: The CBN announces plans to launch the “ eNaira”—a central bank digital currency (CBDC) — which is quite different from Bitcoin and other cryptocurrencies.

October 25,2021: Nigeria becomes first African nation to launch a digital currency — the “eNaira”.

April 7, 2022: CBN hits six banks with a N1.3 billion fine over alleged non-compliance with its regulation on accounts of cryptocurrency traders.

May 15, 2022: The SEC recognises digital assets as securities and issues regulations on exchange and custody of cryptocurrencies in the country.

INTRODUCTION OF TAXATION ON CRYPTOCURRENCY

The federal government surprised many by announcing its decision to tax cryptocurrencies.

The government said it recognised the growing adoption and economic significance of digital assets and aimed to harness their potential for revenue generation.

By doing so, Nigeria joins the league of jurisdictions currently taxing digital assets, including the United Kingdom, the United States of America, Australia, India, Kenya and South Africa.

December 2, 2022: Zainab Ahmed, minister of finance, budget and national planning, says there is a provision to tax cryptocurrency and other digital assets in the latest finance bill.

May 28, 2023: President Muhammadu Buhari signs the 2023 finance bill into law. The law introduces a 10 percent taxation of gains on the disposal of digital assets including cryptocurrency. The law is effective as of May 1, 2023.

A report by Human Rights Watch (HRW) says the Nigerian Air Force (NAF) has finally taken responsibility for a fatal airstrike on Kwatiri, a Nasarawa village.

In January 2023, TheCable reported how at least 27 persons were killed following the airstrike.

The Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) said the airstrike occurred after the herders went to get 1,250 of their cows impounded by the Benue livestock guards.

A day after the accident, Abdullahi Sule, Nasarawa governor, said the explosion in Kwatiri was not carried out by a NAF aircraft.

He said enquiries revealed that “no air force plane flew through the area,” adding that the bombing was done by a drone whose operators were yet to be identified.

Nearly six months after the incident, the HRW report revealed that NAF has provided little information on the incident.

The human rights organisation said the military’s unacceptable delay in owning up to the killing of dozens of civilians only compounds the tragedy of the attack.

The report adds that NAF should provide financial compensation to the victims and bereaved families.

“The Nigerian air force admitted for the first time, in response to an inquiry from Human Rights Watch, to carrying out the airstrike.

“It said it was an air component of Operation Whirl Stroke, a joint military, police, and Department of State Security operation deployed in response to security problems in and around Nasarawa state.

“The air force claimed it carried out the airstrike in response to suspected terrorist activities but provided no details,” the report reads in part.

“In a response on May 17, Air Commodore D. D. Pwajok, on behalf of the chief of air staff, acknowledged that the air force carried out the strike based on credible intelligence and in synergy with other security forces and agencies in Nasarawa state.

“The letter said that air force surveillance footage showed the movement of suspected terrorists who converged around a truck suspected to be a logistics vehicle, which arrived at the location at night and was determined to be a target for the airstrike.

“The letter did not respond to key questions, including how information regarding the suspected threat was considered and verified, whether efforts were made to investigate and verify the identity of those targeted, or if any assessment was carried out before the airstrike to avoid or mitigate civilian harm.

“The absence of details raises the question of whether the air force carried out the airstrike based on mere suspicion. The letter concluded that the Nigerian air force is committed to upholding human rights and is open to further deliberations on the issue.”

Since 2017, over 300 people are reported to have been killed by airstrikes that the Nigerian air force claimed were intended for bandits or Boko Haram terrorists.

President Bola Tinubu is currently meeting with the state governors at the presidential villa, Abuja.

The sit-down is the president’s first engagement with all the governors of the 36 states of the country.

TheCable understands that the meeting commenced at about 12:36 pm on Wednesday.

The governors of Zamfara, Kano, Taraba, Kogi, Ogun, Nasarawa, Bayelsa, Adamawa, Ebonyi, Lagos, Rivers, Osun, Jigawa, Benue, Taraba, Delta, Enugu, Rivers, Oyo, Plateau, Kebbi, Abia, Imo, and Bauchi — are present at the meeting.

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The deputy governors of Edo and Niger are representing their states.

Vice-President Kashim Shettima, and George Akume, secretary to the government of the federation (SGF), are also in attendance.

More to follow…

Osun State House of Assembly on Tuesday elected a 38-year-old member representing Odo-Otin State Constituency, Adewale Egbedun, as the Speaker of the Assembly.

He emerged as the speaker after being nominated by Ibrahim Abiola of Irewole/Isokan constituency and seconded by Areoye Samuel.

Also, Akinyode Oyewusi, representing Ife North Constituency, was elected as the Deputy Speaker of the House

Osun Assembly to probe govt's debt profile
The inaugural sitting of the 8th Assembly was presided by the Clerk of the House, Simeon Amusan.


Similarly, Mudashiru Obasa has been re-elected as speaker of the Lagos state house of assembly.

Obasa was unanimously re-elected on Tuesday after the proclamation of the state’s 10th assembly by Governor Babajide Sanwo-Olu.

The lawmaker representing Agege constituency 1 was nominated by Temitope Adewale, member representing Ifako-Ijaiye constituency 1.

Mojisola Meranda was elected as the deputy speaker of the house.

Obasa is the highest ranking member of the house. He has been re-elected as speaker for a third consecutive term.

Noheem Adams, immediate past deputy majority leader, was elected as the new majority leader while Adedamola Kasunmu was elected the deputy majority leader.

Mojeed Fatai was elected as the chief whip while David Setonji was elected the deputy chief whip.

The Governor of Lagos State, Babajide Sanwo-Olu, on Tuesday, proclaimed the 10th Assembly of the state for the commencement of Legislative duties.

The Lagos House of Assembly has a total of 40 members.

The All Progressives Congress party has 38 members while Labour Party has two members representing their various constituencies across the state.

Proclaiming the 10th Assembly, the governor said, “Members-elect, ladies and gentlemen, in the exercise of the powers conferred on me, I hereby proclaim the 10th Assembly of the LSHA.”

The Economic and Financial Crimes Commission, on Tuesday, arraigned two bankers, Freeman Jacob and Umar Abdullahi before Justice Simon Akpah Amobeda of the Federal High Court, Kano on a three-count charge of conspiracy and stealing.

The commission also arraigned two others – Ahmed Bashir and Abdulhakim Musa (aka Gandu) for working with the duo in 2020.

According to the commission, the defendants allegedly conspired among themselves to produce an ATM card in the name of one Alhaji Sani Muntari.

They used the same to steal the sum of N20,000,000 from his bank.

One of the charges reads, “That you, Freeman Austin Jacob, Umar Abdullahi, sometime in February 2020, at Kano within the jurisdiction of this Honourable Court, connived with Ahmed Bashir and Abdulhakim Musa to prime and issued Automated Teller Machine card” from a commercial bank account number belonging to one Alhaji Sani Mutari without the knowledge or consent of the said customer and thereby committed an offence punishable under Section 14 (7) of the Cybercrimes (Prohibition, Prevention, Etc,) Act, 2015.

The defendants perpetrated the fraud by using the account holder’s SIM card, which was stolen by Bashir, the third defendant, to produce an ATM card with the help of the first and second defendants.

It added that the investigation traced some of the proceeds of the theft to the bank account of the fourth defendant, Abdulkarim Musa, a friend of the third defendant, Ahmed Bashir.

However, all the defendants pleaded not guilty.

Counsel for the prosecution, Aisha Tahar Habib prayed that the defendants be remanded and urged the court to fix a date for the commencement of trial.

Counsel representing the 1st and 2nd defendants made an oral bail application on behalf of his clients which was opposed by the prosecution counsel on the grounds that the application ought to be formal.

L.A Umar who represented the 4th defendant informed that she intends to file a formal bail application and subsequently prayed to the court for a date to do the same and serve the prosecution.

After listening to the parties’ submissions, Justice Amobeda agreed with the prosecution that bail applications should be made formally as the court is a court of record.

He subsequently remanded the defendant and adjourned the matter till June 26, 2023, for hearing of bail applications and commencement of trial.

At least 78 Nigerians have been killed and 12 abducted in violent attacks across the country since President Bola Tinubu took the oath of office.

The incidents happened in Rivers, Zamfara, Kaduna, Ogun, Sokoto, and the Federal Capital Territory.

This was contained in data obtained from the Nigeria Security Tracker, a project of the Council on Foreign Relations.

The reported noted that gunmen killed four and beheaded two persons in Rivers on May 29.

On May 30, bandits killed a vigilante leader and 24 others in Zamfara. Also, on May 30, two APC women leaders were kidnapped after attending the Kaduna governor’s inauguration.

On the same day, bandits killed a man and kidnapped his wife, and four kids in Kaduna. Also, on May 30, suspected cultists killed six persons in Rivers communities.

On May 31, gunmen in camouflage attacked an Ogun farm, killed three and abducted two. In Abuja, gunmen kidnapped four on June 4, 2023.

On Sunday, bandits killed 37 over refusal to pay levy in Sokoto.

The Director, Defence Media Operations, Defence Headquarters, Maj. Gen. Musa Danmadami, did not pick up his calls.

He had yet to respond to a text message sent to his line by our correspondent.

A security expert, Timothy Avele, said the recent killings and abductions in the country were a call for the President to act fast to address the menace,

Avele said, “It simply means he is running out of time. The security structure must be immediately reset and the head of the security agencies must be kept on their toes.”

The President, Bola Tinubu, on 29th May, during his inaugural speech announced the removal of the fuel subsidy. With the announcement, the cost of premium motor spirits known as petrol went up with some filing stations selling as much as N700 per liter.

Contrary to expectations that the NNPCL would increase the official price of fuel in June, they however did so on 31st May, two days after Tinubu announced subsidy removal,

Explaining the reason for this, the NNPCL stated that since 2022, the Federal Government has not made any subsidy payment, adding that as of March 2023, the FG owes the NNPCL N2.3trn fuel subsidy money.

With the removal of the fuel subsidy, here are five things to know about the NNPCL and the fuel market.

1. Although the NNPCL is still selling old stock, the corporation has explained that it needed to sell at the new rate to be able to restock.

2. The NNPCL will no longer be the sole importer of fuel into the country.

3. The NNPCL will no longer fix the price of fuel in the market. The price will be determined by the seller.

4. The cost of fuel in the market will be determined by market forces

5. Government authorities would, however, be on alert to ensure that citizens are not cheated.