News

Naira Swap: EFCC To Arraign Emefiele On Wednesday

Published

6 months ago

May 14, 2024

The Economic and Financial Crimes Commission (EFCC) will arraign a former Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele on Wednesday for approving the printing of N684.5m at the rate of N18.96bn.

The arraignment was originally scheduled for April 30, 2024, but was rescheduled following the agreement of the court and the parties.

In the four-count charge filed against him, the EFCC alleged that Emefiele disobeyed the direction of law with intent to cause injury to the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

Channels Television gathered that the former CBN governor will be arraigned on these counts before Justice Maryann Anenih of the FCT High Court, Abuja.

This arraignment will bring to three the number of charges pending against the former CBN governor.

On Nov. 17, 2023, Emefiele was arraigned before Justice Hamza Muazu on a six-count charge of procurement fraud to which he pleaded not guilty.

He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totalling N1.2 billion from 2018 to 2020.

On April 8, 2024, the EFCC also arraigned the former banker alongside one Henry Omoile before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos for an alleged $4.5bn and N2.8bn fraud.

He’s also pleaded not guilty to the charge.

The new charge, dated April 2, 2024, was filed by the EFFC prosecutor Rotimi Oyedepo (SAN) alongside eight other lawyers acting on behalf of the Attorney General of the Federation.

Counts one to four of the charge, reads, “STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, 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 which conduct of yours caused injury to the public and you thereby committed an offence.”

COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

News

Nigeria Struggles With 6% Tax GDP Ratio – Speaker Abbas

Published

1 hour ago

November 18, 2024

Gloria Ikibah

…say Reps has not take any definitive position on tax reform bills

….as presidency say bills not designed against any region

By Gloria Ikibah

The Speaker of the House of Representatives, Rep. Abbas Tajudeen, has expressed concerns over Nigeria’s tax-to-GDP ratio, which currently stands at a mere 6 per cent.

The Speaker noted that this figure was significantly below the global average and the World Bank’s recommended minimum benchmark of 15 per cent necessary for sustainable development, despite Nigeria being Africa’s largest economy.

Abbas stated this at an interactive session on Tax Reform Bills at the National Assembly Complex on Monday in Abuja.

He stated, “Nigeria, despite being Africa’s largest economy, struggles with a tax-to-GDP ratio of just 6 per cent, far below the global average and the World Bank’s minimum benchmark of 15 per cent for sustainable development. This is a challenge we must address if we are to reduce our reliance on debt financing, ensure fiscal stability, and secure our future as a nation.”

The Speaker highlighted the importance of the proposed tax reforms in diversifying Nigeria’s revenue base, ensuring equity, and fostering an environment conducive to investment and innovation.

“The proposed tax reform bills aim to diversify our revenue base, promote equity, and foster an enabling environment for investment and innovation. However, as representatives of the people, we must approach these reforms thoughtfully, understanding their potential implications for every segment of society.

Taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses”, Abbas added.

Acknowledging public concerns and debates surrounding the bills, Speaker Abbas emphasized the need for thorough deliberation and clarification of contentious issues.

“The controversies surrounding these bills, whether in the media, civil society, or among governance stakeholders, are a reflection of their importance.

Such debates are healthy and necessary in a democracy, and this session aims to channel those discussions into productive outcomes. It is critical that we listen to diverse perspectives, ask probing questions, and seek clarity on any unclear provisions,” he stated.

He reassured Nigerians that the House has not yet adopted a position on the bills and is committed to ensuring that the final legislation serves the best interests of the nation. “The House has not yet taken a definitive position on these bills. Our role is to scrutinise them thoroughly, ensuring they align with the best interests of our constituents and the nation at large. We owe this duty to Nigerians,” he said.

The Speaker also stressed the importance of balancing national interests with the needs of citizens, reiterating that “Taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses.”

Rep. Abbas underscored the significance of pre-legislative scrutiny as a vital parliamentary practice to resolve ambiguities and ensure alignment with constitutional provisions, and described the interactive session as an opportunity for lawmakers to engage with experts and stakeholders to better understand the potential implications of the proposed reforms.

Addressing the session, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, clarified that the proposed tax reform bills were not designed to undermine or marginalize any region.

Iyedele emphasized that the reforms aim to enhance efficiency and boost revenue allocation to states based on consumption patterns.

He explained, “Currently, under Section 40 of the VAT Act, VAT revenue is allocated 15 per cent to the Federal Government, 50 per cent to the States and FCT, and 35 per cent to Local Governments. There is no negative thinking about any region or anything.”

Oyedele outlined key aspects of the reforms, which include amendments to income tax laws to support remote work opportunities, particularly in the global business process outsourcing sector.

Other provisions include tax exemptions for small businesses with an annual turnover of N50 million or less, alongside initiatives aimed at boosting exports and promoting the digital economy to create more opportunities for Nigerian youths.

News

Galatasaray technical director opens up on nature of Osimhen’s contract

Published

2 hours ago

November 18, 2024

Naijablitznews

Galatasaray technical director Okan Buruk has confirmed the presence of a clause in Napoli’s Victor Osimhen loan deal.
Buruk explains that the January clause in Victor Osimhen’s contract allows the player to explore opportunities with various interested clubs during the January transfer window.

This statement came during an interview on the official website of the Turkish champions, where Buruk discussed various topics related to the team.

During the interview, Buruk explained that Osimhen would like to stay at Galatasaray until the end of the season.

He noted that although there is a transfer clause in force, the player has expressed his intention to stay at the club, which he reiterated from the beginning of his arrival.

He stated, “Osimhen wants to stay here until the season is over and he has said this consistently. Although there is a clause regarding January transfers, ultimately it is the player’s decision and he feels committed to staying.”

Reflecting on how the club secured Osimhen’s services, Buruk shared: “I traveled to Milan when I had the chance. Because I lived there for three years, I feel comfortable there. We didn’t talk about football during my visit; instead, we enjoyed dinner together for two days, which helped foster a good relationship. After a match against Adana Demirspor, we had a video call at the airport to discuss the options, and after careful consultation with our transfer committee and the president, we completed the transfer.”

Osimhen joined Galatasaray on the final day of the summer transfer window after negotiations with Chelsea and Al Ahly failed to materialize. He quickly adapted to his new surroundings and made significant contributions with eight goals and four assists in just nine appearances in all competitions.

Eaglespath

News

Ondo: Gov Aiyedatiwa says he’s not aware of vote buying on his behalf

Published

2 hours ago

November 18, 2024

Naijablitznews

Ondo State Governor Lucky Aiyedatiwa has stated that he was not aware that his political associates bought votes on his behalf.

This is coming a few hours after he emerged victorious in all the 18 local government areas of the state.

According to report, the incumbent governor and candidate of the All Progressives Congress, APC, was accused of vote-buying after his victory in the November 16 election.

However, speaking in an interview with Channel TV on Sunday night, the governor noted that the oppositions are using the vote-buying allegation as an excuse for their loss.

“I’m not aware of such. The opposition will want to say that to make excuses for their failure, but for us, it is what we worked for; the people have spoken through their votes.

” There won’t be any reason to buy votes because Ondo people know what they want. I’m not aware of people buying votes on my behalf.”