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Missing N500bn: Probe CBN, Falana, Others Tell PMB

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Missing N500bn: Probe CBN, Falana, Others Tell PMB
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The human rights lawyer, Mr Femi Falana (SAN),  Peoples Democratic Party (PDP), and the Social Democratic Party (SDP) have called on PMB to ensure that the allegation of missing N500bn in the Central Bank of Nigeria is thoroughly investigated.
Also, the Centre for Anti-Corruption and Open Leadership in a separate statement, has requested an independent probe into claims of financial fraud.
These calls followed a leaked audio tape wherein the CBN Governor, Godwin Emefiele, claimed N500bn was missing.
In the leaked tape, which was published by Sahara Reporters, Emefiele, his Deputy, Edward Adamu; and the Director for Finance, Dayo Arowosegbe; including one of the Special Advisers to the CBN Governor, Emmanuel Ukeje,  were caught on tape discussing how to cover up the loss of over N500bn stolen from the CBN in a private investment that failed.
In one of the clips, the CBN governor was heard saying the Ministry of Finance, as well as the National Assembly, must not know about the development.
In another part of the audio clip, N2bn was said to have been earmarked for the Economic and Financial Crimes Commission for no clear reason.
However, the CBN had claimed that no N500bn was missing in its accounts.
Speaking with one of our correspondents on the development, Falana said the rebuttal by the CBN was not sufficient enough to exonerate the CBN governor.
He said, “Having carefully listened to the recorded telephone conversation of the governor and top management staff of the CBN, it is indubitably clear that the sum of N500bn is missing from the CBN.
“The discussions clearly centred on how to cover up the monumental fraud including cooking up the books. It was even suggested that N2bn be set aside to compromise the EFCC. In view of the confirmation of the missing N500bn and the desperate moves to cover it up, President Buhari should set up a panel of enquiry to probe the scandal.
“The press statement of the CBN management denying the fraud should be treated with disdain as it is a dubious attempt to play on the collective intelligence of the Nigerian people.”
The anti-corruption crusader said this was not the first time that monies would go missing from the CBN.
He recalled how a former CBN Governor, Prof Chukwuma Soludo, questionably invested $7bn in 14 unnamed banks with no consequence, an allegation which Soludo denied.
Falana added, “The CBN has a penchant for covering up the criminal diversion of huge public funds. The bank covered up the sum of $12.4bn in the dedicated accounts withdrawn from 1988-1993 by military President, Gen Ibrahim Babangida.
“In the same vein, CBN covered up the $7bn withdrawn by Ex-Gov of CBN, Prof Charles Soludo, and purportedly placed as deposit in some unnamed banks. The Buhari regime which claims to be fighting corruption must not allow the CBN to cover up the missing N500bn.”
The Peoples Democratic Party and the Social Democratic Party on their own part said the allegation was too weighty to be ignored by the Federal Government and the National Assembly.
The National Chairman of the PDP, Prince Uche Secondus, who spoke with one of our correspondents, said, “The allegation is too weighty to be ignored. I think I understand why the Federal Government is foot-dragging. The money could have been used for election and all that.
“But I want to appeal to the National Assembly to rise to the occasion and do something about it. We cannot just close our eyes and allow that to go under the carpet.”
Also, the SDP National Publicity, Secretary, Alfa Mohammed said, “It is unfortunate that this kind of allegation about corruption is coming up under an administration that claims to be fighting corruption.
“Some whistleblowers have come up, suggesting that there is corruption in the CBN. This suggests that there is something negative fishing in the apex bank.
“We are, therefore, demanding that President Muhammadu Buhari should constitute a probe panel on this matter without further delay.”
The Executive Chairman, CACOL, Mr Debo Adeniran, in a statement by the group’s Coordinator, Media and Publications, Adegboyega Otunuga, said, “Though, the CBN, through one Issac Okorafor, its Director, Corporate Communications, confirmed the authenticity of the ‘selective conversation,’ which it claimed was just a routine ‘conversations among senior management of many agencies and should not be misconstrued as anything but that’, there are threads of conversation in the tape that simply do not tally with such a ‘hand waive ’ of the CBN management.”
In the same vein, a former Deputy National Publicity Secretary of the All Progressives Congress, Timi Frank, equally asked the Senate to withhold the confirmation of Emefiele for the second term over the leaked audio exposing the missing N500bn under his watch.
Frank said it would amount to a disservice to the nation if the Red Chamber went ahead on Emefiele’s confirmation without the public knowing how such a huge of amount of money disappeared from the treasury.
However, the African Democratic Congress described the allegation as a distraction.
The party’s National Publicity Secretary, Yemi Kolapo, said while the initial report on the alleged missing money appeared damning, she did not feel much energy should be dissipated on it.
Meanwhile, the Lead Director, Centre for Social Justice, Eze Onyekpere, said that the leaked audio of the conversation among the CBN Governor and some senior officials might not provide a sufficient ground for the matter to be investigated.

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CBN Shakes Up Banking Sector: A Paradigm Shift Unveiled

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By Ademola Oyetunji 

In a surprising turn of events on Wednesday, the Central Bank of Nigeria (CBN) dissolved the boards of three prominent commercial banks – Keystone, Polaris, and Union Bank. This move, although unanticipated, transpired despite the Central Bank’s recent endorsement of these banks’ financial soundness.

Governor Olayemi Cardoso, at his inaugural address during the Chartered Institute of Bankers of Nigeria (CIBN) annual dinner last year, had lauded Nigeria’s financial sector’s resilience in 2023.

Stress tests conducted on the banking industry indicated its strength under various economic scenarios. However, Cardoso highlighted the need for banks to reassess their responsible banking framework, a sentiment echoed by President Tinubu.

President Tinubu’s evident discontent with the Godwin Emefiele-led CBN triggered a comprehensive review of the financial system. A special investigator, Jim Obazee, was appointed to conduct a forensic investigation into Emefiele’s tenure, with damning revelations emerging. Recent developments suggest the initiation of a full-blown financial system reform.

The CBN’s dissolution announcement and the subsequent appointment of new executives for the affected banks, including Yetunde Oni, Mannir U. Ringim, Hassan Imam, Chioma A. Mang, Lawal M. Omokayode, and Chris Onyeka Ofikulu, might mark the beginning of implementing the investigation’s recommendations – a significant cleanup of the financial sector.

Allegations surfaced during the investigation, suggesting non-cooperation from some bank executives and Emefiele’s questionable acquisitions through proxies and cronies. Cardoso may have secured presidential approval for the CBN’s decisive action.

The CBN cited various infractions by the banks, including regulatory non-compliance, corporate governance failures, and activities threatening financial stability. Despite the challenges, the CBN assured the public of depositors’ fund safety and its commitment to upholding a safe, sound, and robust financial system.

The Special Investigator’s report revealed documents pointing to Emefiele’s involvement in Titan Trust Bank and Union Banks’ acquisitions with ill-gotten wealth. The CBN’s swift replacement of the ousted chief executives received widespread commendation, especially from high-net-worth stakeholders aiming to avert a crisis of confidence within the affected banks.

Adewale Aderounmu, an industrialist, applauded the CBN for implementing effective policies under Olayemi Cardoso’s leadership, despite detractors’ actions against the Naira. Ayomide Deepak, an Abuja-based stockbroker, welcomed the action but emphasized the need for caution in handling revelations from the investigation to prevent further economic challenges.

As the CBN wields its regulatory hammer on these banks, the hope is that other bank executives and investors will learn valuable lessons for the sake of the economy. The CBN’s action is perceived as a strategic move aimed at revitalizing the economy and financial system, not a mere vendetta.

*Ademola Oyetunji writes from Ibadan.

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Firm Blazes The Trail To Revolutionise  Nigeria’s Transport Sector

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Independent Capital, a visionary project finance firm has blazed the  trail in the country by championing green innovation and facilitating as well as  supporting green innovative projects in Nigeria.

This is coming on the heels of the plan by the Nigerian government to introduce gas-powered vehicles in the country as a fallout of the removal of fuel subsidies.

The Chief Executive Officer (CEO) of the firm, Dr.

George Nwangwu who announced this in a statement in Abuja on Tuesday, said it was aimed at  a transformative leap towards sustainable transportation in the country.

He said with the company’s fusion of financial expertise, a profound understanding of environmental and social impact, a commitment to reducing carbon emissions and  improving transportation quality, “the company aims to reshape the nation’s mobility landscape for a cleaner and more prosperous future”,adding that “it is charting new territories in the realm of sustainable finance by announcing ambitious plans that signify a paradigm shift in Nigeria’s approach to eco-friendly initiatives”.

Similarly, Nwangwu said, its strategic approach combines financial expertise with a profound understanding of environmental and social impact, positioning the firm as a catalyst for positive change in the country’s transportation sector.

He added that the  cornerstone of Independent Capital’s visionary plans involves the unbundling of its three-wheeler Electric Vehicle (e-trike) which signals a significant move towards eco-conscious mobility.

 The CEO further said that the company is committed  to establishing a robust network of solar-powered charging infrastructure to support the operations of its e-trike fleet as the  innovative strategy not only tackles the obstacles associated with adopting electric vehicles but  would also actively contribute to the establishment of a sustainable energy ecosystem.

“We are dedicated to reducing carbon emissions, alleviating congestion and improving the overall quality of transportation for the Nigerian population. Independent Capital aims to create a greener and more efficient transportation ecosystem that enhances the lives of individuals and contributes to a cleaner environment, “he noted.

According to the firm’s CEO, in response to the recent removal of fuel subsidies, the Nigerian market is experiencing a fundamental shift, creating an opportune moment for innovative solutions in the e-mobility sector which “Independent Capital is well-positioned to capitalize on this shift by introducing sustainable transportation alternatives that cater to the evolving needs of the market”.

Also, speaking, the Chief Finance Officer (CFO) of the company, Mr.Moses Saromi said “with the e-mobility sector undergoing significant developments, driven by environmental concerns, technological advancements and shifting government policies our firm is poised to play a pivotal role in shaping the future of transportation in Nigeria,”

He revealed that  the demand for e-mobility solutions in Nigeria is projected to grow exponentially by 15% CAGR and thus, Independent Capital stands at the forefront of providing sustainable alternatives to traditional vehicles and that with  a focus on e-trikes, the company strategically positions itself to capture a significant share of the expanding market to  meet the diverse needs of individual consumers and delivery services to the Nigerian society.

He added that in  the pursuit of a cleaner and more efficient transportation ecosystem, Independent Capital remains a driving force in the nation’s journey towards a greener future.

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Dangote Refinery Port Facility Receives Maiden Crude Cargo

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Dangote Petroleum Refinery and Petrochemicals plant has purchased 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria as well as globally, trading over 8 million barrels of crude oil per day.

The STASCO cargo contained 1 million barrels from Agbami and sailed to Dangote Refinery’s Single Point Mooring (SPM) where it was discharged into the refinery’s crude oil tanks.

The maiden 1 million barrels, which represent the first phase of the 6 million barrels of crude oil to be supplied to Dangote Petroleum Refinery by a range of suppliers, should sustain the initial 350,000 barrels per day to be processed by the facility.

The next four cargoes will be supplied by the NNPC in two to three weeks and the final of the six cargoes will be supplied by ExxonMobil.

This supply will facilitate the initial run of the refinery as well as kick-start the production of diesel, aviation fuel, and LPG before subsequently progressing to the production of Premium Motor Spirit (PMS).

This latest development will play a pivotal role in alleviating the fuel supply challenges faced by Nigeria as well as the West African countries.

Designed for 100% Nigerian crude with the flexibility to process other crudes, the 650,000 barrels per day Dangote Petroleum Refinery can process most African crude grades as well as Middle Eastern Arab Light and even US Light tight oil as well as crude from other countries.

Dangote Petroleum Refinery can meet 100% of the Nigeria’s requirement of all refined products, gasoline, diesel, kerosene, and aviation jet, and also have surplus of each of these products for export.

The refinery was built to take crude through its two SPMs located 25 kilometres from the shore and to discharge petroleum products through three separate SPMs. In addition, the refinery has the capacity to load 2,900 trucks a day at its truck loading gantries.

Dangote Refinery has a self-sufficient marine facility with the ability to handle the largest vessel globally available. In addition, all products from the refinery will conform to Euro V specifications.

The refinery is designed to comply with US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms as well as African Refiners and Distribution Association (ARDA) standards.

President of Dangote Group, Mr. Aliko Dangote stated: “We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. Our focus over the coming months is to ramp up the refinery to its full capacity. I look forward to the next significant milestone when we deliver the first batch of products to the Nigerian market.”

Country Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor stated: “We welcome the startup of a refinery that is designed to produce gasoline, diesel, and low-sulphur fuels for Nigeria and across West Africa and are happy to be enabling it.”

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