The Economic and Financial Crimes Commission (EFCC) has arraigned the Director of Human Resources Management of the Rural Electrification Agency (REA), Sulieman Garba Bulkwang, before Justice Joyce Abdulmalik of the Federal High Court, Abuja for fraud.

According to a statement on EFCC’s official X page on Friday, Bulkwang is being prosecuted on a five-count charge bordering on criminal diversion of funds and money laundering to the tune of N223,412,909 (Two Hundred and Twenty-three Million, Four Hundred and Twelve Thousand Nine Hundred and Nine Kobo).

The statement reads: He is being prosecuted on a five-count charge, bordering on criminal diversion of funds and money laundering to the tune of N223,412,909 (Two Hundred and Twenty-three Million, Four Hundred and Twelve Thousand Nine Hundred and Nine Kobo).

“Count one of his charge reads: That you SULEIMAN GARBA BULKWANG, while being the Director of Human Resources Management of the Rural Electrification Agency, REA within the jurisdiction of this Honourable Court did counsel one Umaefulem Donatus Chibueze, the Managing Director of Cees Assist Resources and Brainstask Value Resources (consultants to REA) to transfer the sum of N138,123,969 (One Hundred and Thirty-eight Million, One Hundred Hundred and Twenty-Three Thousand, Nine Hundred and Sixty Nine Naira) out of the sum of N279,330,000.00 (Two Hundred and Seventy-Nine Million, Three Hundred and Thirty Thousand Naira) paid to the consultants by REA, when you knew that the said sun of N138,123,969.000000 constituted proceed of unlawful activity and you thereby committed an offence contrary to Section 21 (a) of the Money Laundering Prevention and Prohibition Act 2022 and punishable under Section 18(3) of the same Act.

“Count two reads “That you SULEIMAN GARBA BULKWANG while being the Director of Human Resources Management of the Rural Electrification Agency (REA) sometime in July, 2023 in Abuja within the jurisdiction of this Honourable Court indirectly converted the sum of N45,000,000.00 (Forty Five Milion Naira) being part of the money cumulatively paid to the bank accounts of Dammy Gold Programme Ltd, World Class Business, Green Haven Company And De-Sam Rose – Base Ltd by consultants to REA when you know that the said sum of N45,000.000 .00 constituted proceed of unlawful activity and you thereby committed an offence contrary to Section 18(b) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

“He pleaded “not guilty” to all the charges after they were read to him and in the absence of defence counsel.

“The prosecution counsel, Ekele Iheanacho, SAN prayed the court for a trial date and for the defendant to be remanded in a correctional center.

“Justice Abdulmalik adjourned the matter till February 3, 2024, for the defendant’s bail application and ordered that he be remanded in Kuje Correctional Center.”

Read the original article on The Nation.

The Defence Headquarters has applauded the arrest of separatist leader, Simon Ekpa by Finnish Police.

The Director of Defence Media Operations, Major General Edward Buba, and the Director of Defence Information, Brigadier General Tukur Gusau in their separate statement, described the arrest as a key victory in the anti-terror fight.

The spokespersons said the Chief of Defence Staff (CDS), General Christopher Musa, has expressed happiness over Ekpa’s arrest.

“CDS is happy with his arrest in Finland, with the hope this will be a step towards his extradition to Nigeria so that he will face justice,” Gusau said on Thursday.

Similarly, Buba said that Ekpa’s arrest is an indication that the international community is in synergy with Nigeria in its efforts to fight terrorism.

“The CDS has always called for the arrest of Simon Ekpa following is deep involvement in fueling terrorism in SE Nigeria,” Buba said.

“We are delighted about his arrest, and glad that the international community is partnering with Nigerian in our fight against terrorism.”

The Defence Headquarters had on March 23 declared Ekpa wanted for inciting violence in the South-East part of Nigeria.

He was declared wanted alongside 96 other terrorists across the country.

But on Thursday, Finland authorities arrested Ekpa alongside four others on suspicion of terror-related activities, including incitement to violence and terrorism financing.

Finland district court in Lahti had ordered the remand of Simon Ekpa on probable cause for public incitement to commit a crime with terrorist intent in Nigeria.

The separatist leader was accused of using social media platforms to spread separatist propaganda linked to IPOB, a group advocating for the secession of southeastern Nigeria.

The court alleged that the offences dated back to August 23, 2021.

Finland authorities have also investigated Ekpa in the past for alleged financial crimes, including the collection of funds through questionable means.

Read the original article on Channelstv

President Bola Tinubu has stressed that he is committed to reducing the “hardship” resulting from the implementation of his administration’s ongoing reforms in Nigeria.

Tinubu made this disclosure during his interaction with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, as shared on his official Twitter page on Thursday.

The two crossed paths in Brazil during the G20 summit, which gathered global leaders from the European Union, America, and the African Union.

IMF Strongly Supports Tinubu’s Reforms
During the meeting with Tinubu, Georgieva commended the federal government’s current economic policies. She assured the Nigerian government of continued support to fully implement these policies.
“Excellent meeting with President @officialABAT at the G20 Summit. Commended Nigeria’s decisive actions to reform the economy, accelerate growth, and generate jobs for its vibrant population. The IMF strongly supports Nigeria on this journey,” she tweeted on Thursday.

What the President Said
On his part, Tinubu maintained that his economic policies are already yielding the desired results.

He also acknowledged the hardship associated with the policies but promised to reduce its effects on Nigerians.

He outlined that while his government is fast-tracking investments in several sectors, discussions are ongoing regarding stakeholders’ tax awareness and compliance responsibilities.

He stated:

“I assured IMF Managing Director Kristalina Georgieva @KGeorgieva during our meeting that our economic reforms are already yielding positive results. Our administration remains committed to reducing the hardship that has resulted from the implementation of these reforms, while also protecting the most vulnerable in Nigeria.

“Social safety nets, education, investments in infrastructure, and inclusive growth are key to our agenda,” he stated.

He explained to the IMF chief that his government is already engaging stakeholders and sensitizing Nigerians to expand the country’s economy’s tax base for inclusive developmental growth.
He said the federal government is doing this without necessarily increasing the tax burden on Nigerians, who have already contributed a lot.

What You Should Know
Since assuming office in May 2023, President Tinubu has repeatedly urged Nigerians to be patient with his administration as he drives the nation towards economic growth.

Since the removal of the fuel subsidy, the price of goods and services has skyrocketed, but Tinubu stressed that the pain is temporary and that his administration is working towards rechanneling subsidy funds to critical infrastructure.

Tinubu’s policy stance has drawn positive outlooks from several rating agencies.

Last month, the IMF projected that Nigeria’s economy will expand by 3.2% in 2025, while inflation is estimated to drop to 25% in the same year.

For Nigeria, the IMF’s recent GDP growth projection for 2025 represents a 0.2% increase from its earlier projection in July of this year.

Read the original article on Nairametrics

The Akwa Ibom State Executive Council has approved a draft budget estimate of N955 billion for the 2025 fiscal year.

The state Commissioner of Information, Ini Ememobong, disclosed this after the council’s meeting, which was presided over by Governor Umo Eno at Government House, Uyo.

A breakdown of the estimate shows that while N300bn is for recurrent expenditure, N655bn is for capital projects.

For the 2025 draft estimates, the proposed recurrent expenditure is N300,000,000,000, representing a 14% decrease from last year, while the capital expenditure is pegged at N655,000,000,000, reflecting a 13% increase compared to 2024.”

Recurrent expenditures decreased by 14 per cent compared to 2024, while capital expenditures increased by 13 per cent.

He further stated that the projected Internally Generated Revenue is N80bn—a 28% rise over the 2024 figure. He added that the council approved both estimates and directed their submission to the State House of Assembly for legislative review and further action.

Meanwhile, the council also approved the implementation of a 65-year retirement age for non-academic staff of state-owned tertiary institutions, effective from January 1, 2025.

It also approved the award of road projects in the three senatorial districts across the state.

Read the original article on ChannelsTV.

A High Court of the Federal Capital Territory (FCT) in Maitama has issued a public summons against former Kogi Governor, Yahaya Bello, ordering him to appear in court on October 24 to face a 16-count charge of alleged fraud.

The Economic and Financial Crimes Commission (EFCC) filed the charges against Bello and two others, Umar Oricha and Abdulsalami Hudu, alleging criminal breach of trust to the tune of N110.4 billion.

Justice Maryanne Anenih issued the public summons on Thursday after the EFCC applied for it, citing inability to serve Bello with the charges.

Bello’s absence stalled his arraignment, previously scheduled for Thursday.

This development follows previous attempts to summon Bello to court, including a May ruling by Justice Emeka Nwite insisting on his physical appearance and a Court of Appeal order last month.

Nigeria Tribune

A former acting governor of the Central Bank of Nigeria, Folashodun Shonubi, on Wednesday, told Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama Abuja, that intrigues and politics were involved in the naira redesign carried out in 2022.

Shonubi, who was the Deputy Governor of Operations before he was appointed Acting CBN Governor but is now retired, in his response to the question of defence counsel, Olalekan Ojo (SAN), at the continuation of hearing in the trial of a former CBN governor, Godwin Emefiele, told the court that the former apex bank chief told him and others that there were intrigues and politics in the naira redesign.

Emefiele, before Justice Anenih’s court, is facing a four-count charge bordering on disobedience to the direction of law and illegal act causing injury to the public about the naira redesign brought against him by the Economic and Financial Crimes Commission.

Shonubi, led in evidence by prosecuting counsel, Rotimi Oyedepo (SAN), said, “The currency redesign of 2022 was the only one that I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise.”

Shonubi’s answer was to the question Ojo asked him if, as a seasoned CBN banker, he was aware of the intrigues and politics in the naira redesign.

Shonubi further explained that he initially wasn’t in the know about the politics and intrigues, but was told by Emefiele, during one of their meetings, that there were indeed intrigues and politics in the exercise.

He however did not further explain what the intrigues and politics were about.

When asked if indeed there was presidential approval for the naira redesign, the witness said the defendant presented a document during one of the meetings of the CBN’s Committee of Governors containing the signature of the president.

He also said what was produced by the CBN under Emefiele, as the redesigned naira notes were not the same as what was approved by the President.

Folashodun Shonubi, former Acting Governor of the Central Bank of Nigeria (CBN), testified before Justice Maryann Anenih at the Federal Capital Territory High Court in Maitama, Abuja, revealing that intrigues and politics played a role in the 2022 naira redesign.

This was disclosed during the trial of former CBN Governor Godwin Emefiele, who is facing a four-count charge filed by the Economic and Financial Crimes Commission (EFCC), including disobedience to law and acts causing public injury.

Shonubi, who served as the Deputy Governor of Operations at the time, stated that Emefiele had informed him and others about the political influences surrounding the currency redesign during one of their meetings.

He admitted that he was initially unaware of the underlying politics but was made aware by Emefiele.

In response to a question about presidential approval for the redesign, Shonubi confirmed that Emefiele had presented a document with the president’s signature during a Committee of Governors meeting.

However, he noted that the naira notes eventually produced were not the same as those initially approved by the President.

He said what the CBN under Emefiele produced after the naira redesign was different from what the former President, Muhammadu Buhari approved.

He also said the redesigned notes were launched by Buhari, and he wasn’t aware of a letter from the president complaining about the naira redesign.

The witness also said he did not come across any letter from either the Committee of Governors or the board of the CBN protesting against or condemning the approval of the president for currency redesign.

When asked if he knew all that transpired between Buhari and Emefiele in the course of the naira redesign, he answered no.

He said it was only Emefiele who was interacting with the president on the issue.

He said he was once invited by the EFCC in connection to the redesign case and that he made statements.

He however said the EFCC did not have a physical confrontation between him and the defendant concerning what was contained in his statements that related to Emefiele.

He said the memo presented to the president for the naira redesign was solely prepared by Emefiele and sent to the president.

He added that the CBN, under Emefiele, did not follow its laid down procedures for the currency redesign.

The witness explained that the normal procedures involved the Currency Management Department of the CBN making recommendations for currency redesign. After this, a paper would be submitted to the Committee of Governors of the bank for consideration.

He added that upon the COG’s approval, the CBN Board would make recommendations to the President. After receiving the President’s approval, the bank would then set up an internal committee to execute the currency redesign exercise.

The witness, who served as a Deputy Governor of the apex bank and was a member of both the COG and CBN Board, stated that Emefiele disregarded the recommendation made in early 2021 by the apex bank’s Currency Department.

He said, “While serving as Deputy Governor, there was a currency redesign in 2022. The CBN did not follow the procedures for redesigning the currency. I was a member of the CBN Board as Deputy Governor. The Chairman of both the COG and board was the Governor. Before 2022, in early 2021, the Currency Department recommended the redesign of the currency notes.

“A paper was presented to me, and on the instruction of the Governor (CBN), it was disregarded. In 2022, we again presented the paper and were asked to hold on.

“In mid-October 2022, the Deputy Governors of the bank were invited to a meeting in the office of the Governor, where he informed us that he had presidential approval for currency redesign.

“He showed us the memo, Mr. President’s signature, and instruction on the last page.”

The court subsequently adjourned till October 9 for further hearing after the witness finished with his testimony.

Nigeria Tribune