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Forex Crisis: Arrest 5 Bank MDs Like Sanusi, APC Chieftain Urges Cardoso
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A Chieftain of the All Progressives Congress, Ayo Oyalowo, has advised the central Bank governor, Olayemi Cardoso to be bold enough to arrest five prominent commercial bank managing directors and made them to face the full wrath of the law if he is ready to stop the free fall of the naira against the dollars, pound sterling, euros and Canadian dollars.
Oyalowo, who was on channels television current affairs programme, Politics Today, monitored in Lagos on Tuesday, said the CBN governor can not do ‘paddy paddy’ with the bank managing directors who are desirious to destroy the economy.
He said Cardoso must have the ‘balls’ to arrest at least five managing directors of the commercial banks involving in the round tripping like former CBN governor, Sanusi Lamido Sanudi did during his tenure to stem the tide.
“It’s because the bank has abdicated its responsibilities, which is why you have to go under the tree to do forex transactions.
“The under the tree Mallams are not the problem. The CBN must be ready to take on the bank executives to solve the free fall of the naira.
“What we have now is that we don’t have any board superintending the bank MDs.
“The MDs are very powerful, and the board can not control them.If the CBN is ready to take on the bank MD, they should talk to me privately. I’ll give them at least five names to arrest and prosecute,the problem will be solved.
“For instance, what economic activity is driving the value of the naira?”
“What are the banks doing now and declaring humongous profits?” He asked.
It will be recalled that a former chairman of the Peoples Democratic Party, Chief Olabode George, has also questioned the rationale behind the huge profits and stupendous wealth of some bank chief executive officers.
The PDP Chieftain said he is not convinced that the bank CEOs are doing normal commercial transactions.
President Bola Ahmed Tinubu has clinched the APC presidential ticket for 2027 after a landslide win in the party’s primaries held Saturday across 36 states and the FCT.
The results were declared Sunday at the Bola Ahmed Tinubu International Conference Centre in Abuja. Tinubu polled 10,999,967 votes, defeating sole challenger Stanley Osifo who got 16,504 votes.
Osifo failed to register a single vote in 21 states and the FCT. His only recorded vote came in Edo State.
His best showings were in Niger with 5,248 votes, Kano with 2,675, Bauchi with 2,650, and Abia with 1,007.
Tinubu swept every state, with his highest tallies in Lagos at 814,988, Adamawa at 644,149, Kaduna at 618,914, and Imo at 582,960. Kano delivered 500,852 votes, Katsina 467,003, and Gombe 450,517.
Other notable results:
– Bayelsa: 227,192
– Delta: 407,646
– Borno: 414,988
– Enugu: 383,382
– Akwa Ibom: 389,197
– Benue: 374,787
– Ogun: 322,485
– Kwara: 310,990
– Sokoto: 301,000
The party said the primaries covered all 484 wards in Kano, where Tinubu also swept every ward.
With the outcome, Tinubu is now the official APC candidate heading into the 2027 general election.
Abuja Electricity Distribution Company has finally announced that it has restored electricity supply to State House, Nnamdi Azikiwe International Airport, Lugbe, Garki, and other areas in the nation’s capital after an outage.
AEDC disclosed this in a notice on Saturday night.
Recall that major parts of Abuja were thrown into darkness due to the Transmission Company of Nigeria’s Apo substation fault.
TCN had on Saturday issued an update noting that its engineers were working to fix the fault.
In a notice later on Saturday night, AEDC announced electricity supply has been restored to affected areas.
“Abuja Electricity Distribution Plc (AEDC) is pleased to inform our esteemed customers that power supply has now been restored to affected feeders following the successful restoration of the 100MVA Transformer (TR3) at the Apo Transmission Substation by the Transmission Company of Nigeria (TCN),” AEDC stated.
By Kayode Sanni-Arewa
Joshua Adeji & Co, a Lagos-based law firm established in 2016 by Joshua Osemudiamen Adeji has opened its new office and mediation center in Lagos.
The office is situated at 16, Adeniran Ogunsanya, Surulere, in Lagos.
Speaking at an event that brought together clients, business leaders, and key figures in Nigeria’s legal community to celebrate the firm’s continued growth and commitment to excellence, the Principal partner, Joshua Adeji reiterated the firm’s steadfastness to offer top-tier legal services to clients across multiple sectors of Nigeria’s and Africa as a whole.
He further stated that the newly established law firm and its Mediation Centre would serve as a hub for fast, amicable and efficient resolution of commercial disputes.
The Firm, he stated, would assist clients to amicably resolve their disputes to align with their commercial goals and help clients navigate complex laws, protect their rights, and resolve disputes.
Tinubu clears APC primary elections with 10.9m votes, secures 2027 ticket(See results)
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