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February 19, 2024 EFCC Arrests 2 in Rivers State Over Naira Racketeering
IFMUYONEWS

EFCC Arrests 2 in Rivers State Over Naira Racketeering

Operatives of the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission, EFCC, have arrested a banker, Soberechukwu Inya Ewa and a Point of Sales, POS, cashier, Azubuike Mamwu Obasi for allegedly selling new naira notes to customers for commercial purposes.

A statement issued by the EFCC’s spokesman, Dele Oyewale, said the suspects were arrested in the early hours of Friday, February 15, 2024, at Ecobank, Rumuobiakani and Maddox Night club, new Government Reservation Area, GRA, Port Harcourt, Rivers State.

He said preliminary investigation showed that Ewa, a banker, allegedly specializes in selling new naira notes of different denominations to POS cashiers for commercial purposes while Obasi was caught engaging in currency racketeering by charging fees for new naira notes.

“He was arrested while in possession of N554,600.00. The two suspects would soon be charged to court,” Oyewale said.

February 9, 2024 CBN, NNPCL Seal Crude Remittances Deal
IFMUYONEWS

CBN, NNPCL Seal Crude Remittances Deal

The Nigerian National Petroleum Company Limited (NNPCL) and Central Bank of Nigeria (CBN) have formalised tge agreement on the directive by President Bola Tinubu for earnings from oil to be domiciled in the apex bank.
Amidst rising economic crisis, especially the free fall of the Naira, the Nigerian leader Tinubu directed the CBN to handle crude proceeds going forward.

A joint statement by the two bodies yesterday said NNPCL would domicile a significant portion of its revenues and other banking services with the CBN.

The decision followed a meeting between the NNPCL Group Chief Executive Officer, Mele Kyari and CBN Governor Olayemi Cardoso in Abuja.

NNPC said the move would provide the national oil company with an improved platform for managing its cash holding obligor limits, aligning with directives from the Board of Directors.

The statement hinted that the CBN has introduced enhanced digital platforms and specific limits to oversee NNPCL’s transactions effectively.

The both expressed commitment to fortify collaborations and smoothen operations.

January 15, 2024 Ministers Collaborate to Combat Food Inflation
IFMUYONEWS

Ministers Collaborate to Combat Food Inflation

The Minister of Agriculture and Food Security, Abubakar Kyari; Finance and Coordinating Minister of the Economy, Wale Edun; the Minister of Budget Planning, Atiku Bagudu, and other stakeholders in the agriculture sector have met to boost food production and reduce food inflation.

The meeting, which held at the weekend in Abuja, was in line with the directive of President Bola Ahmed Tinubu’s declaration of food security emergency, under the National Agricultural Growth Scheme and Agro Pocket (NAGS-AP) Programme.

Speaking after the meeting, Kyari stated that the objective of the forum was to also review the implementation of the 2023/2024 dry season wheat production implemented in 15 wheat-producing states of the Federation.

The Minister said there were observed lapses in the implementation process, hence the need for collective and comprehensive evaluation of efforts to be put in place and proffer remedial measures to forestall their reoccurrence.

To tackle some of the challenges recorded during the first phase of the programme, he said officers would be deployed to manage and coordinate the supply chain activities.

In his remarks, Edun said there were substantial intervention funds for the agric sector to produce more rice, maize, wheat, and cassava.

January 5, 2024 EFCC Raids Dangote Group and Other Firms In Forex Abuse Probe Under Emefiele
IFMUYONEWS

EFCC Raids Dangote Group and Other Firms In Forex Abuse Probe Under Emefiele

the Economic and Financial Crimes Commission; EFCC, Nigeria’s anti-graft agency, yesterday, raided the headquarters of Dangote Group in Lagos at about 3:00 p.m. as part of an ongoing probe into the former Central Bank governor, Godwin Emefiele.

An official at the Economic and Financial Crimes Commission (EFCC) who confirmed the raid  said the commission’s team was looking into foreign exchange (forex) allocations by the Central Bank under Emefiele, who was arrested in June last year on charges, including fraud.

The EFCC on arrival at the headquarters of Dangote group in Lagos,  demanded documents relating to allocation of forex to the group in the last 10 years. They then scrutinized the documents provided by Dangote officials for hours, taking some away with them.

It was, however, gathered that the EFCC had written to some other companies directing them to supply documents supporting the allocation and utilization of foreign currencies to them in the last 10 years. No explanation was given to why the raid/inspection began with Dangote Group and there were no details of other firms listed for investigation.

The EFCC letter to the companies is part of ongoing investigation into alleged preferential forex allocations to individuals and organizations by the Emefiele-led Central Bank of Nigeria (CBN).

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