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SEGUN AWOLOWO’S NEW FEAT

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By:Sinmiloluwa Fadoju

Mr. OlusegunAwolowo Jnr is indeed a happy man. Yes, very happy as dapper wings butterfly flits around his tummy in an elated mood. On 28th of February, He was Re-appointed by President MuhammaduBuhari as the Chief Executive Officer of the Nigerian Export Promotion Council (NEPC). As they all say, a good turn deserves another; in that light, the Ikenne born businessman has occupied that position since 2013. His re-appointment was announced in a statement signed by the Secretary to the Government of the Federation, Alhaji Boss Mustapha.

Segun is a jolly good fellow. Those who have come in contact with him can attest to the fact that he is a man who loves people around him with passion. Despite his status in the societal and business radar, he never sees the world under his feet. He is a man who lives for others. Fulfilling humanitarian ideals is one thing Segun loves to do. As a scion to the late Premier of the Western region, Chief ObafemiAwolowo, it shows he was born with a silver spoon; but made it to the top through sheer dint of hard work.

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Sunday Igboho, Gani Adams on warpath over assassination allegation…..

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Yoruba Nation agitator, Sunday Adeyemo, alias Sunday Igboho; and the Chief of Staff to Governor Babajide Sanwo-Olu of Lagos State, Mr Tayo Ayinde, have both threatened to drag the Aare Ona Kakanfo, Iba Gani Adams, to court for allegedly accusing them of plotting an assassination.

Igboho and Ayinde, in separate pre-action letters by their lawyers, demanded that Adams should retract the said assassination claim against them or they would drag him to court.

But when contacted by The PUNCH, Adams declined comments on the matter, saying: “No comment on that. No comment.”

In a March 20, 2024 pre-action letter, Ayinde’s lawyer, Adeyinka Olumide-Fusika (SAN), demanded that Adams should retract the allegation “without any need on my client’s part to press you further on the subject.”

Olumide-Fusika said the pre-action letter was informed by the content of a press release issued by Igboho, titled: “I did not take part in killing Chief Bola Ige…”

According to Olumide-Fusika, Igboho said the press release was in reaction to some allegations against him in a viral voice note made by Adams.

Olumide-Fusika said, “In the press release, Chief Sunday Adeyemo claimed to be reacting to ‘issues raised by the voice notes going around on social media released by Aare Gani Adams,’ which ‘attacked his character’.”

The lawyer said his client’s name was mentioned in Igboho’s press release, a situation that had made many people from within and outside Nigeria to inundate him with phone calls, prompting him to go and listen to the said voice note.

According to Olumide-Fusika, the 10th paragraph of Igboho’s press release suggested that Adams claimed that Ayinde hired Igboho to assassinate him (Adams).

According to Olumide-Fusika, Adams, in a viral voice note, was allegedly heard saying in Yoruba language: “I would send you a letter signed and sent by these people to Tinubu, imploring him to stop wasting time and give them the go-ahead to eliminate me (Adams). The letter was signed by them and sent to Tinubu’s Bourdillon address, and it was received there. Those are the characters in the circle of this thoughtless fellow; he covets their association. My enemy’s friend is my enemy. He (Igboho) says we should combine forces to liberate our people, but he is in bed with enemies of our cause.

“So, be careful associating with Igboho. Just last night, he was with Tayo Ayinde, the Lagos State Governor’s Chief of Staff. He was heavily paid. You know that I have an extensive intelligence network as Aare Ona Kakanfo of Yorubaland. Until about 2:45am, he was with Tayo Ayinde, the Lagos State Governor’s Chief of Staff, who Tinubu also uses in Lagos to coordinate the execution of his evil machinations. He has been doing work of that nature for Tinubu since his days in the SSS.

“He resigned from the SSS, Ibadan to concentrate fully on such work for Tinubu, who compensated him with the office of Chief of Staff to the Lagos State Governor. It was at his hotel somewhere in Ikeja, Lagos, that Igboho visited him to collect money for logistics to confront me. Igboho left lbadan at about midnight to attend this meeting which ended at about 2:45am.

“Tayo Ayinde gave N45m in cash to Igboho for the operation, thus shortchanging Igboho to the tune of N5m out of the N50m purse provided by Tinubu. The discovery of this has brewed disenchantment in their midst.”

In the pre-action letter written on Ayinde’s behalf, Olumide-Fusika described the alleged claims by Adams as injurious to the person of his client, asking the Aare Ona Kakanfo to retract the same.

The lawyer said, “You will agree with me that the imputations in the above are as serious and damaging, as those who have listened to the ‘voice notes’ have represented it to my client by their telephone calls and visits. It includes that my client is complicit in a conspiracy to murder you (Adams), and is in fact the coordinator of the phantom operation.

“Given your own experience in life, I am sure you will appreciate how painful it is to be unjustly accused, as you have done in this instance against my client.”

The lawyer added, “My instructions are, therefore, to respectfully demand that you retract the false and wicked allegation, either through another voice note to go round the same social media, or by a press release referencing and recanting the allegation.

“I do believe that this gentlemanly request will be voluntarily heeded by you without any on my client’s part to press you further on the subject.”

On his part, Igboho in a letter by his lawyer, J.A. Sanusi, dated March 18, 2024, addressed to Adams, stated that he had been inundated with several calls “over the unfortunate lies peddled by you (Adams) against him (our client).”

The lawyer, on behalf of Igboho, said the people of Nigeria world over wished to confirm the veracity of the said “malicious interview or phone calls you (Adams) had with a person unknown that has become subject of public embarrassment and caused serious odium against the person of our client.”

The letter, which asked Adams to retract the allegations, also demanded the sum of N500m in compensation.

It partly read, “You (Adams) are aware that there is an audio clip which is presently going viral on all new media platforms where you have alleged the following against our client (Sunday Igboho) viz:

“That our client is an assassin who used to work for His Excellency Bola Ahmed Tinubu, President, Federal Republic of Nigeria.

“That our client is rumoured to be one of the persons that assassinated the late Chief Bola Ige, SAN, together with one Fryo.

“That our client was involved in a series of murder cases but escaped prosecution as a result of his political connection.

“That our client received the sum of Forty-Five Million Naira (N45,000,000.00) sometime in 2022 to carry out some dirty works for His Excellency, President Bola Ahmed Tinubu GCFR; and

“That our client swindled Nigerians in diaspora for a fake self-determination agenda of the Yoruba race.”

Sanusi said Igboho wished to inform Adams “that the malicious lies against our client only exist in the figment of your imagination as our client is a law-abiding citizen, whose only offence at the time was to protect the interest of the Yoruba race, a responsibility which you were ordinarily saddled to discharge but failed to so do.”

He stressed that the false outburst had not only caused embarrassment but also economic losses to Igboho.

He stated further, “It is in the light of the above that we call on you to forthwith retract all the negative comments (highly defamatory too) made against the person of our client which has just been released to the social media, including YouTube platform.”

The lawyer said Igboho would be seeking redress in the court should Adams fail to meet his demands.

 

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Olayemi Cardoso Trudges On

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It was unprecedented, and never before seen, the way the naira to the dollar exchange rate galloped out of control. There was close to a 300% fall in the value of the naira against the dollar. From as low as 450 naira to the dollar, we witnessed an astronomical climb to about 1900 naira to the dollar. It defied all economic theories and indices, as the CBN huffed and puffed to anchor the psuedo-fall of the naira. The dollar remained bullish and defied all the laws known to the nation’s financial regulators, including the ‘laws of gravity’ within those 8 months spell. Ten months after, the dollar that was rearing towards a rate of 2,000 naira to the dollar, has now plummeted to about 1,362 naira to a dollar at the parallel market. The dollar-rate run has finally come to a halt, but not without some very drastic measures put in place by the apex bank.

It was more than evident that the exchange rate was not determined by market forces. The per-second shift in rate was egged on by speculators who had made the naira a commodity, and were making a kill off of the buying and selling of the naira and dollar. They were enabled by online exchange platforms, especially Binance and other cryptocurrency channels. The CBN had to clampdown on these agents. Notably, Binance executives were interrogated by the CBN along with the NSA’s office over fraudulent activities enabled by their platform, that saw to the manipulation of the naira-dollar exchange rate. Binance had just recently been fined over 4 billion dollars for financial impropriety in the US, and it remains to be seen whether the CBN will take such measures, including their demand for the names of subscribers that have been used as proxies for the sponsorship of terrorism.

The partners in crime to the cryptocurrency exchange platforms have been the BDCs. They also arbitrarily switched exchange rates along the lines of the rates quoted by the online platforms. The CBN along with the EFCC had to crackdown on some of the manipulative BDC operators across the country. More than 4000 BDCs had their licenses revoked. Some due to irregularities, and some for fraudulent activities. The CBN has in addition, released new guidelines for the operations of the BDCs, including an increase in the capital requirements to bolster the regulation of the BDC operations in the country. Other measures taken includes the decision to allow International Oil Companies repatriate only 50% of their proceeds abroad. There’s also the enforcement of the Net Open Position of commercial banks, as it was seen that the banks were holding far too much foreign exchange than they are supposed to. The aforementioned efforts have in turn made the naira bullish in its climb up the exchange rate capsule, regaining some of its lost glory. The CBN’s understanding with IMOs is also making available an estimated 20 billion dollars into the Nigerian Market from diaspora remittances. Even the Almighty NNPC is today channeling its earnings to the CBN, which is also boosting our FX reserves and building on transparency.

 

2024 is seeing a lot of positives from the CBN’s tough stances and decisions. It has been able to clear FX backlogs of about 7 billion dollars which will no doubt boost investors’ confidence. Its recent offer of 500 billion naira at the OMO auction was over-subscribed, selling N1.053 trillion, with 79% of the total bids (530 million dollars), coming from foreign investors. This is quite impressive and is a sign that foreign investments are queueing into the country. The CBN has also been able to sustain increases in our foreign reserves, thereby sustaining the availability of forex in the exchange market. As the nation’s daily crude output increases, it will also help improve on our forex inflow, along with other FPIs.

A lot of Nigerians insist that Nigeria does not have a money problem but a spending problem. Just recently, there was a lot of buzz around a seminar hosted for State commissioners of finance at a Hilton hotel in the UK. Those kinds of events and other foreign travels that become jamborees, eats up quite an amount of foreign exchange, and if you put the figures together from all government ministries and agencies, it could be nothing short of a few billion dollars per annum. As a measure to that kind of waste, Mr. President issued a directive to the SGF’s office, banning all foreign trips by all government officials, except with the express approval of the Presidency. This move certainly looks like a Cardoso advisory. It would be a waste of effort and policy if the CBN is struggling to rake in foreign exchange, meanwhile government officials are draining the purse on trips that should be avoided in times of austerity like this. During the campaigns, Mr. President told us about the trust he reposes in the Headmaster, Mr Cardoso. From what we have seen so far with the Headmaster, the naira is ‘headed’ for more gains in no time!

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Nigerian Govt sends Interpol after fleeing Binance Director

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Minister of Information and National Orientation, Mohammed Idris on Monday said there is no hiding place for Nadeem Anjarwalla, a Director of Binance who escaped from custody and fled the country after he was detained by the Nigerian Government.

The minister said the International Police (Interpol) were currently on Anjarwalla’s trail.

Idris was reacting to the Binance executive’s escape from Nigeria.

According to Idris, since Binance is an international firm, there is no way the culprit will evade arrest.

His explanation came barely few hours after the Office of the National Security Adviser confirmed that Anjarwalla, a key suspect in the ongoing criminal investigation regarding Binance’s activities in Nigeria, managed to escape lawful custody on Friday, March 22nd, 2024.

In an official statement released by the Head of Strategic Communication for the Office of the National Security Adviser, Zakari Mijinyawa, it was explained that collaborative efforts between the office, relevant security agencies, various government bodies and the international community are already underway to swiftly locate and detain the fugitive.

The statement stressed that security agencies are working with Interpol for an international arrest warrant on the suspect as preliminary investigation shows that Anjarwalla fled Nigeria using a smuggled passport.

The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention.

It would be recalled that the Federal Government of Nigeria, like other governments around the world, has been investigating money laundering and terrorism financing transactions perpetrated on the Binance currency exchange platform.

Anjarwalla, who holds British and Kenyan nationalities and serves as Binance’s Africa regional manager, was being tried by Nigerian courts before he escaped while under a 14-day remand order issued by a court.

He was scheduled to appear before the court again on 4 April 2024.

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