Connect with us

News

Yahaya Bello’s case transfer request to be heard in open court – CJ

Published

on

The Chief Judge of the Federal High Court, Justice John Tsoho, has directed that the request by a former Kogi State Governor, Yahaya Bello, that the money laundering suit instituted against him by the Economic and Financial Crimes Commission be transferred to Kogi, be heard in an open court.

This was stated in a letter addressed to Bello’s counsel, Abdulwahab Muhammed, (SAN) and Musa Yakubu, (SAN), wherein the CJ drew their attention to a pending appeal in the case.

The pending appeal Is between Yahaya Adoza Bello Vs Federal Republic of Nigeria wherein the defendant had sought a consequential order remitting the case to the chief judge for reassignment.

The letter, signed by Special Assistant to the CJ, Joshua Ibrahim-Aji, said as a result of this, it would be improper to take any step that would be tantamount to preempting the outcome of the appeal.

Advertisement

“There is documentary evidence of a pending appeal in the case Yahaya Adoza Bello Vs FRN filed on 17/05/2024 wherein the defendant as the appellant has sought a consequential order remitting the case to the Chief Judge for reassignment.

“It is not proper to take any step that will be tantamount to pre-empting the outcome of the appeal.

“The main issue raised is jurisdictional in nature and will be more appropriately decided by the court.

“The matter should therefore be presented in open court,” the CJ stated.

Advertisement

Tsoho observed that the main offence allegedly bordered on the conversion of the state’s funds to purchase property in Abuja and that the filing of the charge could either be in Abuja or Lokoja.

He referred to two ongoing cases before the FHC in charge number: FHC/ABJ/CR/550/22 FRN Vs Ali Bello and another, and another charge in FRN Vs Ali Bello and three others, where a similar request for transfer was made and the lower court refused the application.

Bello is facing a 19-count charge bordering on money laundering, breach of trust and misappropriation of public funds to the tune of about N80.2 billion brought against him by the EFCC.

At the last proceeding at the Federal High Court Abuja before Justice Emeka Nwite, Bello’s counsel had informed the court of the former governor’s letter to the CJ that he be arraigned and tried in Kogi High Court.

Advertisement

Bello’s lawyers said the prosecution has been notified, and their opinion has been sought via a letter dated June 14, 2024, from the Chief Judge’s office.

He added that the letter addressed to EFCC counsel, Rotimi Oyedepo, (SAN), was signed by the Special Assistant to the Chief Judge.

“You will find attached the copy of a letter by counsel for the d3fendant on the above subject matter, dated 10th June 2024.

“I am directed by His Lordship, the Honourable, the Chief Judge, to forward the letter to you for your response within 6 (six) days of receipt,” the letter read in part.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Access Bank (UK) Limited to Acquire AfrAsia Bank Limited

Published

on

By Gloria Ikibah
Access Holdings PLC has announced that its subsidiary, The Access Bank UK Limited (“Access UK”), has signed a binding agreement to acquire a majority stake in AfrAsia Bank Limited, the third-largest bank in Mauritius by total assets.
Mauritius, known for its strong financial sector, which contributes 13.4 per cent to its GDP, offers Access UK a strategic base to grow its personal and corporate banking services.
This was contained in a statement by its Company Secretary, Sunday Ekwochi, made available to Naijablitznews.com on Thursday.
According to Ekwochi, the acquisition will also position Mauritius as a hub for Access Bank’s trade finance operations, enhancing its ability to manage cross-border transactions across Africa and internationally.
AfrAsia Bank, as of June 30, 2024, reported total assets of over $5.7 billion and a net profit after tax of $152.4 million, underlining its solid financial position.
**Key statements on the acquisition:**
– Managing Director/CEO of Access Bank Plc, Roosevelt Ogbonna, speaking on the acquisition said:  “This acquisition is a crucial step in our African growth strategy, strengthening our position as a top Pan-African financial institution. Mauritius’ role as a financial hub aligns with our vision to unlock opportunities that drive trade, support businesses, and promote economic inclusion across the region.”
Also Managing Director of Access Bank UK, Jamie Simmonds, stated: “AfrAsia Bank’s strong balance sheet and established brand in Mauritius give us a solid platform for sustainable growth. This deal supports our strategy to diversify earnings and provide clients with seamless access to global markets.”
Access Bank UK aims to promote sustainable growth, deliver innovative financial solutions, and support trade between Africa and the world.
The acquisition process will be finalized in the coming months, with updates provided as needed.
Continue Reading

News

FEC approves ₦47.9tn 2025 budget

Published

on

By Kayode Sanni-Arewa

The Federal Executive Council, FEC, has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Thursday while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu.

This was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.

Advertisement

“And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded.

“The budget size that was approved for presentation to the National Assembly in the MTEP is ₦47.9 trillion, with new borrowings of ₦9.2 trillion to finance the budget deficit in 2025,” Bagudu said.

“We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to Federation.

“The Federal Executive Council approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly.

Advertisement

“This is in addition to bills that are already at the National Assembly, the economic stabilization bills and tax reform bills, which we believe we will have a very, very strong growth in 2025.”

During the meeting, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.

The framework projected a gross domestic product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the naira, and oil production of 2.06 million barrels per day. [Channels TV]

Advertisement
Continue Reading

News

Nigeria to get 6,000 power generation by December-Power Minister vows

Published

on

By Kayode Sanni-Arewa

The Minister of Power, Adebayo Adelabu, has expressed his unwavering optimism that the government will successfully meet its ambitious target of generating 6,000 megawatts of electricity by December 2024, despite the numerous challenges currently affecting the power sector.

The Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, conveyed this assurance at the fourth edition of the Power Correspondents Association of Nigeria’s annual workshop, themed “Ending the Talk, Moving the Action,” held on Thursday in Abuja.

Nigeria’s power generation currently ranges between 3,500 and 4,000 MW for a population of approximately 200 million people. For instance, on Thursday, the country’s power generation was 3,556.38 MW as of 8 am.

Advertisement

Earlier this year, Adelabu pledged that power generation in Nigeria would reach 6,000 MW by the end of the year, citing improvements in the sector over the past year.

However, the frequent collapse of the nation’s electricity grid and the vandalisation of towers have raised concerns about the stability of the Nigerian Electricity Supply Industry and its ability to achieve the target.

In his goodwill address, the Special Adviser emphasised that the minister’s primary focus remains on achieving the goal of increasing generation and ensuring its efficient distribution to consumers.

Tunji said, “The minister aims to achieve what seems to be an intractable goal—improving generation and ensuring that what is generated reaches the final consumers. There are challenges, but they are surmountable.

Advertisement

“The minister has promised that by December this year, we will reach 6,000 megawatts; yes, we still hope to get there.

“We are confident that we will get there, but we are aware of the current issues with grid collapse. Efforts are being made to resolve these problems. Day and night, teams are being dispatched to address the various issues, and we remain hopeful that we will achieve the 6,000 MW target by December.”

The Director of Renewable Energy, Sunday Owolabi, also reiterated that the government is committed to ensuring 24-hour power supply for Nigerians.

Owolabi, another representative of the minister, stressed that the government’s policies are focused on resolving the challenges facing the country’s electricity transmission, distribution, and generation sub-sectors.

Advertisement

“We are fully committed to transforming the country’s power sector. We are focused on ensuring that our policies are practical and sustainable. We are resolute in ensuring power supply for every Nigerian.

“The government remains fully committed to transforming Nigeria’s power sector through meaningful and actionable reforms.

“We are focused on ensuring that our policies are not only visionary but also practical, impactful, and sustainable. From the ongoing efforts to address infrastructure gaps, enhance power generation, and improve transmission networks, to vital reforms in distribution and the full implementation of the electricity market, we are resolute in our mission to improve power supply for every Nigerian.”

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News