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Emefiele didn’t get approval to redesign naira – Ex-CBN director

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The trial of the immediate-past Governor of the Central Bank of Nigeria, Godwin Emefiele, continued on Tuesday with a former Director of Operations at the apex bank, Ahmed Umar, telling the court that the naira redesign embarked upon by Emefiele late 2022 did not have the approval of the Committee of Governors.

The Economic and Financial Crimes Commission had on May 15 arraigned Emefiele before Justice Maryanne Anenih of the Federal Capital Territory High Court on charges bordering on alleged unlawful redesign and printing of the new naira notes.

In the charge marked CR/264/2024, the EFCC alleged that Emefiele carried out the naira redesign policy without the approval of the CBN Board and President, Buhari.

The anti-graft agency said without the approval of the CBN Board and the President Muhammadu Buhari, Emefiele spent N18.96bn for the printing and swapping of new naira notes worth N684.5m

It alleged that Emefiele, “knowingly disobeying the direction of Section 19 of the CBN Act, 2007” approved “the printing of N375,520,000.00 pieces of colour swapped N1,000 notes, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria, among other things.”

At the trial opening on Tuesday, the EFCC fielded ex-CBN Director of Operations, Umar, as its first witness.

Led in evidence by the EFCC prosecutor, Rotimi Oyedepo (SAN), Umar told the court that his department in 2022 was directed to come up with the new design for the naira.

“The management of CBN directed my department to come up with a memo on the design of the naira note sometime in August 2022.

“We prepared the bill with the Committee of Governors and passed it through the line Deputy Governor Operations, which he forwarded to the Governor and it was listed for consideration by the Committee of Governors.”

The ex-director, who told the court that he joined CBN 35 years ago and retired in July 2023, explained that the Committee of Governors comprised five members, including the CBN Governor as chairman.

The witness told the court that the naira redesign memo was presented to the Committee of Governors for their consideration/ review on October 26, 2022, but the committee did not approve it.

Umar said, “We humbly requested the implementation of the amendment. (But) the extract from the COG did not approve item one and item three. While item two was modified to include N200 denomination, the proposal for the exercise in 2023 wasn’t approved by the COG.

“The procedure requires the Board of Directors to recommend to the President for design and form.

“The design shall be contained in the currency after the approval of the President then the production of the currency will commence.”

Justice Anenih, admitted in evidence, the Certified True Copy of the memorandum filed by the Operations Department and marked it as Exhibit A.

The EFCC, in the charges, accused Emefiele of spending N4.4bn to print “coloured swapped N500 notes.”

According to the EFCC, Emefiele spent N3.4bn to print “137,070 pieces of coloured N200 notes.”

The EFCC said Emefiele carried out the alleged actions between October 2022 and March 2023 in Abuja in clear violation of Section 19 of the CBN Act.

The EFCC alleged that Emefiele disobeyed the direction of the law with the intent to cause injury to the public with the manner in which he implemented the naira swap policy.

Emefiele was also accused of unlawfully approving the withdrawal of N124.8bn from the Consolidated Revenue Fund of the Federation.

The ex-apex bank chief, however, denied all the allegations, pleading not guilty.

 

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Tunde Olaogun Celebrates Birthday With The Down Trodden. (Photos)

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He Kept the Governor Waiting For Several Hours…. Multiple Sins Of Impeached Ex Speaker, Obasa!

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Arise TV host, Reuben Abati has highlighted some reasons that might have led to the impeachment of the Speaker of the state House of Assembly, Mudashiru Obasa.

 

 

Speaking on the Arise Morning show on Tuesday, January 14, 2025, Abati in his submission indicated that Obasahas breached several protocols in the house and had at some point been disrespectful to Lagos State Governor, Babajide Sanwo-Olu.

 

“And then there are reports that the governor will want something, he will not listen to the governor. He will arrive late at events that the governor will have arrived earlier than him which is a breach of protocol. So there’s that flaw of character. The argument is that he had become so disrespectful of the governor and the power establishment in Lagos State that they felt they needed to do something about him, Abati said in his submission.

 

 

All the House of Assembly members who wanted him removed said he wanted change, and that they were tired of him. That must have been a failure on his own part. And they didn’t even do it in his presence. He was far away in Atlanta, Georgia. They left him stranded, removed his pictures, impeached him, and they said even the president tried to talk to him. The president was not impressed. So he had it coming.”

 

Multiple sources confirmed that the lawmakers removed Obasa during a sitting on Monday after 90 per cent of the House backed the motion.

 

The Deputy Speaker, Mojisola Meranda, was subsequently sworn in as the new and first female Speaker of the Assembly.

 

 

In a viral video, a lawmaker, flanked by other members of the Assembly, said, “It is only death that is constant, so change is inevitable. Members of the parliament today have decided to change the leadership of the House. The Constitution makes it clear that the House has the power to regulate its proceedings.

 

Meanwhile, The Lagos State Governor, Babajide Sanwo-Olu, on Monday, distanced himself from the impeachment of the Speaker of the state House of Assembly, Mudashiru Obasa.

 

 

Sanwo-Olu’s Special Adviser on Media & Publicity, Gboyega Akosile, in an interview with The PUNCH, described Obasa’s impeachment as a strict legislative affair devoid of politics or the state government’s influence or interference.

 

 

 

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Alaafin: Owoade gears up for traditional rites, royal families tackle Makinde

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In a race to conclude all processes before the four-week coronation date set by Governor Seyi Makinde, the new Alaafin of Oyo, Oba Akeem Owoade, has begun preparation for the mandatory traditional rites.

Makinde had on Monday presented a certificate of appointment and staff of office to Owoade, at the Governor’s office, Ibadan, affirming his appointment as the 46th Alaafin.

Speaking  on Tuesday, the Head of Oyo princes, Chief Mukaila Afonja, said the princes and those concerned with overseeing the Alaafin’s traditional rites were itching for Owoade to begin the processes.

As part of the processes, he said the Alaafin would visit a number of houses to offer sacrifices, make appeasements, and even sleep over at some of the houses to carry out some night rites.

After performing the traditional rites at some traditional homes in Oyo town, the new Alaafin will then enter Ipebi (seclusion) for the conclusion of the traditional rites within a secluded part of the Alaafin palace.

The ancestral rituals to be done during Ipebi would be the crescendo of rituals before Owoade is crowned Alaafin.

Affirming the traditional processes set to unfold, Afonja said, “Kabiyesi has not started the traditional rites but will start soon. He has gone to prepare ahead.

“He will do some sacrifices, and appeasement at various places before Ipebi at a secluded place in the palace. The governor has given four weeks to do the coronation, so all the traditional rites will be concluded before then.”

Afonja, who is Baba Iyaji of Oyo, appealed to those aggrieved at the emergence of Owoade to embrace the fact that Oyo now has a king.

Afonja’s appeal came as nine royal families from Oyo, otherwise known as the Atiba 9, declared their rejection of the appointment of Owoade as Alaafin.

The Atiba 9 hinged their rejection on that the appointment of Owoade runs contrary to the custom, culture and tradition of Oyo, and is against the rule of law.

Their stance was contained in a statement issued by Prince Sina Afolabi of the Adeitan Royal Family.

The other eight princes from the Atiba Royal Families included Prince Remi Azeez (Tella Okitipapa); Prince Lamola Olanite (Olanite); Prince Agboin Adelabu (Adelabu); Prince Raji Adeniran (Adeniran); Prince Nureni Taiwo (Tella Agbojulogun); Prince Muftau Adejare Adesokan (Adesokan Baba Idode): Prince Adesiyan (Adesiyan) and Prince Bello Rasheed (Abidekun).

They noted that they were not against the persons of Prince Akeem Owoade and Prince Ridwan Gbadegesin, another contestant, as they had the legitimacy to aspire for the throne, but that the process that produced Owoade ran contrary to the tradition of the ancient Oyo Town.

They maintained that they were in court to challenge the processes that sprung up in both Owoade and Gbadegesin.

“What the governor did was totally against the highly revered Alaafin stool. His action has reduced the throne to an object of ridicule.

“It was expected of Governor Makinde, an apostle of due process, to have followed a just line of action and avoid reducing the Alaafin stool or the Alaafin to an Oba Gbandu or Oba Yebuyebu (an ordinary oba without honour).

“When the Ooni of Ife, Oba Enitan Ogunwusi, was to be made the oba, he entered Ipebi and everything was done by the custom and tradition of Ife before he was proclaimed as the Oonirisa.

“We don’t want our revered stool or the Alaafin to become an object of ridicule and mockery in the future. We don’t want him to be referred to as an Oba that was anointed in Ibadan, precisely at the Office of the Governor. We don’t want people to refer to him as an Alaafin who did not enter Ipebi.

“The Alaafin of Oyo is a prominent and first-class traditional ruler in the entire Yorubaland. We, the Atiba 9, are against the process embarked upon by the state government to make Omooba Owoade the Alaafin.

“It should be stopped and the right thing must be done in appointing a new Alaafin.

“We don’t have anything personal against Omooba Owoade who was appointed as the Alaafin on Monday. He too made efforts to become the Oba. We don’t have any personal issues with Omooba Ridwan Gbadegesin either.

“However, our grouse is against the process through which Owoade and Gbadegesin emerged as candidates to the Alaafin Stool. And what Governor Makinde had done by making Omooba Owoade the Alaafin is an attempt to ridicule the throne. We, the Atiba 9, don’t want it!

“We respect Professor Wande Abimbola who consulted Ifa, but if he wants to be fair to all, he should come and consult Ifa at Ojude Ogun here in Oyo,” the statement read.

The Atiba 9 also charged the Oyo Mesi, under the leadership of Basorun, to amicably resolve whatever disagreement they have among themselves, noting that they are the only ones who can initiate the process of selecting a new Alaafin.

“Whatever is the grouse or disagreement between the Basorun and other members of the Oyo Mesi should be resolved.

“They should call themselves together and settle their crisis amicably before any process of installing a new Alaafin can be embarked upon,” the statement further read.

 

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