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After Wrecking Nigeria’s Economy, Central Bank Governor, Emefiele Wants To Destroy Nation Also—Youth Leader

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1 year ago

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A Niger Delta youth leader and businessman, Richard Akinaka has lambasted the governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, over his continued denial and stay in office despite his move to join the 2023 presidential race on the platform of the All Progressives Congress, APC.
He described Emefiele as a morally weak aspirant hiding to contest for President.

He, therefore, called for the disqualification of the CBN governor.
Richard said though he has nothing against anyone with the requisite qualifications to seek political office, Emefiele vying for political office while still occupying the office of governor at the apex bank is a gross violation of ethics.
Akinaka described it as gross misconduct not needed for anyone vying for such an exalted office.
According to Akinaka, Section 9 of the CBN Act, 2007 provides that “the governor and the deputy governors shall devote the whole of their time to the service of the bank, and while holding office, shall not engage in any full or part-time employment or vocation, whether remunerated or not.”
He pointed out that “politics is a vocation and the CBN Governor is not allowed by law to engage in partisan politics. It is unthinkable that Emefiele, despite his embarrassing failures of managing the country’s economy still wants to further wreck the entire country.”

He said, “Every young Nigerian, especially those of us within the age bracket of 40 years and below, should be concerned with what is going on in this country to the extent that it should be our priority to decide the next set of leadership we desire. Because we have a great stake in this country now.
“But in the interim, what is the major issue now is the level of decadence in our public sector. The loss of value to the extent that public offices are now being driven by the whims and caprices of those who occupy them.
“I see no reason why the Central Bank Governor will be politically exposed. Though he has a right as a Nigerian to contest elections, he has a right to pursue his political aspirations but not at the expense of the office he occupies, when campaigns, billboards and branded cars and posters are everywhere about his ambition and he is denying it.

“But right now, it is on record that nomination form has been bought and according to him or media reports, it was bought by local farmers. A form worth 100 million naira! It is not true. With the level of hunger ravaging this country, I don’t think local farmers have the money to make such contributions.
“It is rather unfortunate that he cannot come out boldly to own up to his aspiration because he doesn’t want to resign from his office and this is the height of immorality and irresponsibility and for me, this alone should disqualify him.
“In any case, what does the CBN governor, Emefiele have to offer to Nigeria seeing the level of the economic woes we have in this country under his watch? What else does he have to offer this country that he has not done?
“So, I am calling on the National Assembly, as a matter of urgency, to enact a law so that people in public offices will not have the undue advantage to use government resources and influence to pursue their political aspirations. What is going on is wrong. Emefiele has a mark of honour which I know he has lost and should resign immediately and save the sanctity of that office if he wants to contest.”
A coalition of rice farmers and other crop growers had purportedly moved to drag Emefiele into the 2023 presidential race by purchasing N100 million All Progressives Congress’ presidential expression of interest and nomination forms for him.

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Ecobank Alerts Customers on Sim Card Fraud

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7 hours ago

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October 3, 2023

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Ecobank has once again, raised alarm on the dangers of SIM swap fraud, stressing that fraudsters could use it to impersonate them.

In a message to customers via email, the bank explained that SIM swap fraud occurs when scammers use your phone number to access your accounts.

According to the bank, “Scammers impersonate you and trick your mobile phone’s carrier into activating a SIM card, which gives them control over your phone number. It means scammers could potentially enter your username and password when logging onto your online banking platform and then receive the SMS verification code to access your account.

“Protect yourself against SIM swaps, don’t share personal information that fraudsters could use to impersonate you (such as your mother’s maiden name or birthplace) on social media. Never reveal your logins and passwords for your mobile phone, online bank, or credit card accounts to anyone. Please always report any suspicious activity”.

Ecobank also reminded the customers that the bank will not ask them to provide their personal or financial information, stressing that when they receive an email that includes a link to a website, they should ensure that the website is legitimate before visiting the site.

Ecobank further, urged customers not to respond to emails, SMS and unsolicited calls from people they don’t know asking for your personal or banking information.

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Bribery: UK court restricts Diezani’s movement, EFCC begins extradition

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7 hours ago

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October 3, 2023

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A former Minister of Petroleum Resources, Diezani Alison-Madueke, on Monday, appeared before the Westminster Magistrates’ Court in the United Kingdom over an alleged £100,000 bribe.

The district judge, Michael Snow, granted Alison-Madueke a £70,000 bail.

Snow further imposed other terms on Alison-Madueke including an 11 pm to 6 am curfew, an electronic tag to be worn by her at all times and a £70,000 surety to be paid before she could leave the court building.

Although she did not formally enter a plea, her attorney, Mark Bowen, informed the court that she would plead not guilty, Reuters reported.

Her next court appearance will be on October 30 at Southwark Crown Court, which deals with serious criminal cases.

In August, the UK’s National Crime Agency said it suspected that Alison-Madueke had accepted bribes in return for awarding multi-million-pound oil and gas contracts.

In a statement published on its website, NCA said the ex-Nigeria minister “is alleged to have benefitted from at least £100,000 in cash, chauffeur-driven cars, flights on private jets, luxury holidays for her family, and the use of multiple London properties.

“Her charges also detail financial rewards, including furniture, renovation work and staff for the properties, payment of private school fees, and gifts from high-end designer shops such as Cartier jewellery and Louis Vuitton goods.”

In March 2023, the NCA also provided evidence to the US Department of Justice that enabled them to recover assets totalling $53.1m linked to Diezan’s alleged corruption.

Head of the NCA’s international corruption unit, Andy Kelly, said the “charges are a milestone in what has been a thorough and complex international investigation. Bribery is a pervasive form of corruption, which enables serious criminality and can have devastating consequences for developing countries. We will continue to work with partners here and overseas to tackle the threat,” Kelly added.

Diezani was the minister of petroleum resources from 2010 to 2015 during the administration of former President Goodluck Jonathan.

Shortly before Jonathan handed over to President Muhammadu Buhari in 2015, she left the country for the UK.

The Economic and Financial Crimes Commission alleged that the former minister stole $2.5bn from the Nigerian government while she was a minister.

Efforts by the EFCC to arraign her have been unsuccessful as she has not returned to Nigeria since 2015. But the anti-graft agency said on Monday that it had commenced an extradition process to bring Diezani back to Nigeria to face trial.

The spokesperson for the EFCC, Dele Oyewale, said, “The EFCC welcomes, with keen interest, the arraignment of former Minister of Petroleum Resources, Diezani Alison-Madueke, at the Westminister’s Court in London, United Kingdom, following alleged bribery allegations.

“Although the charges preferred against her at the London court, are diametrically different from the 13 counts, bordering on money laundering that the EFCC has raised against her, it is instructive to note that criminality is criminality, irrespective of jurisdictional differences. No crime can go unpunished. The money laundering charges for which Madueke is answerable to the EFCC, cover jurisdictions in Dubai, the United Kingdom, the United States of America and Nigeria.

“To bring the former Minister to trial in Nigeria, an arrest warrant has been obtained and extradition proceedings have been initiated. The commission is on course on her trial. She will soon have her day in our courts.”

 

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Mike Adenuga-led Conoil rewards shareholders with N1.73 billion dividend

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5 days ago

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September 28, 2023

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  • Conoil Plc declares a substantial $2.2 million dividend for fiscal year 2022. 
  • Shareholders to receive N2.5 per share in recognition of Conoil’s outstanding financial performance. 
  • Mike Adenuga’s leadership drives Conoil’s profit before tax up by 60% in 2022.

Leading petroleum marketing firm Conoil Plc, headed by the third-richest man in Nigeria and multibillionaire businessman Mike Adenuga, has declared a sizeable dividend distribution to shareholders of N1.73 billion ($2.2 million).

The $2.2-million payment, which is the last dividend for Conoil’s fiscal year 2022, is equivalent to N2.5 ($0.00319) per share for all 693,952,117 of the company’s outstanding common shares.

At Conoil’s 53rd Annual General Meeting, which took place on September 22, 2023, in Uyo, Akwa Ibom State, shareholders accepted this choice.

According to the information reaching us, the final dividend, which recognizes Conoil’s outstanding financial performance in its 2022 fiscal year, will be deposited to shareholders’ accounts on September 29, 2023.

Conoil’s profit before tax increased dramatically under Adenuga’s direction, rising from N3.83 billion ($4.9 million) in 2021 to N6.13 billion ($7.84 million) in 2022 while confronting various obstacles and a challenging working environment. During the same period, earnings after tax rose by an equally astounding 60%, from N3.08 billion ($3.94 million) to N4.96 billion ($6.35 million).

The increasing profitability of the petroleum-marketing subsector boosted Conoil’s profits per share to N7.14 ($0.0091), a stunning 60.8 percent rise over the N4.44 ($0.00568) generated in 2021.

The company’s board of directors decided to approve a final dividend of $2.2 million, or N2.5 ($0.00319) per share, as a result of this exceptional achievement.

Conoil has strengthened its position as a major player in Nigeria’s petroleum marketing sector under the shrewd leadership of Adenuga. The business is well known for its proficiency in the marketing of a variety of lubricants sold under the “Quarto” brand, including diesel, kerosene, gasoline, aviation fuel, and other liquids.

Adenuga, a well-known telecom tycoon and one of Africa’s wealthiest billionaires, continues to have majority ownership in the oil marketing firm of 74.4 percent, or 516,298,603 shares, further solidifying his position as a key player in the continent’s oil sector.

Conoil’s dedication to providing value to its shareholders and its tenacity in overcoming obstacles in the Nigerian market are both shown by this dividend payment.

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