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‘Politics involved in naira redesign under Emefiele,’ Ex-CBN deputy governor tells court

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A former acting governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has said he learnt that there were intrigues and politics in the naira redesign exercise carried out in 2022.

Shonubi, then Deputy Governor (Operations) before his appointment as Acting CBN Governor, said Godwin Emefiele, who was the then Governor of the CBN, told him and others that there were intrigues and politics in the whole exercise.

“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 said.

Shonubi, who is now retired, said this in Abuja on Wednesday in reaction to a question from Emefiele’s lawyer, Olalekan Ojo (SAN) at the resumption of hearing in the trial of the ex-governor of the CBN.

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Emefiele is being prosecuted by the Economic and Financial Crimes Commission (EFCC) before the HIgh Court of the Federal Capital Territory FCT (FCT) on a four-count charge bordering on disobedience to the direction of law and illegal act causing injury to the public in relation to the naira redesign exercise.

Ojo had asked Shonubi, who featured as the prosecution’s third witness, if, as a seasoned CBN banker, he was aware of the intrigues and politics in the naira redesign exercise.

The witness said he ordinarily did not know, but learnt from Emefiele, during one of their meetings, that there were indeed intrigues and politics in the exercise.

The witness however did not say if Emefiele told them what the intrigues and politics were about.

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

Shonubi however, said what the CBN under Emefiele produced after the naira redesign exercise was deferent from what President Buhari approved.

He said the redesigned naira notes were launched by President Moluhammadu Buhari, adding that he was not 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 COG or the board of the CBN protesting against or condemning the approval of the president for currency redesign.

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On whether he knew all that traspired between President Buhari and Emefiele in the course of the naira redesign exercise, the witness said no.

Shonubi said he is not aware of the oral discussions between the defendant and the then president in relation to the naira redesign exercise.

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

Shonubi confirmed that he was invited once by the EFCC in relation to the case and that he made statements.

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He however said the EFCC did not do physical confrontation between him and the defendant in respect of what were contained in his statements that related to him (the defendant).

Earlier, while being led in evidence by prosecuting lawyer, Rotimi Oyedepo (SAN), the witness said what was produced by the CBN under Emefiele as the redesigned naira notes were  not the same as approved by the President.

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

Shonubi said the CBN, under Emefiele, did not follow its laid down procedures for currency redesign.

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He stated that the normal procedures were for the Currency Management Department of the CBN to make recommendation on the need to redesign the currency, after which a paper would be submitted to the Committee of Governors (COG) of the bank for consideration.

The witness added that upon the COG’s approval to the CBN Board, which would, in turn, make recommendation to the President of the Federal Republic of Nigeria.

He said after the President’s approval was received, the bank would then set up an internal committee to execute the currency redesign exercise.

Shonubi, who said, as a Deputy Governor, he was a member of both the COG and CBN Board,  told the court  that Emefiele stepped down the recommendation made in early 2021 by the bank’s Currency Department.

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He said:  “While serving as Deputy Governor, there was a time Naira was redesigned. That was in 2022.

“The CBN did not follow the procedures (for redesigning the currency).VI was a member of CBN Board as Deputy Governor.

“The Chairman of both the COG and board was the Governor. Prior to 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 (Emefiele), it was stepped down. In 2022, we again represented the paper and were asked to hold on.

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“In mid October, 2022 the Deputy Governors (of the bank) were invited to a meeting in the office of the Governor whereby he (Emefiele) informed us that he has presidential approval for currency redesign.

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

At the conclusion of Shonubi’s testimony, Justice Maryanne Anenih adjourned further hearing till October 9.

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Mike Tyson Vs Jake Paul Allows Shorter Rounds, Heavier Gloves

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By Kayode Sanni-Arewa

Texas has proven to be an accommodating host when it comes to fight rules for Mike Tyson and Jake Paul.

Many boxing commissions across the country require 10-ounce gloves and three-minute rounds for sanctioned pro fights involving male boxers who weigh 147 pounds or more. Those rules follow guidelines issued by the Association of Boxing Commissions and Combat Sports.

But that’s not how it works for the Texas Department of Regulation and Licensing (TDLR), which regulates combat sports in Texas. Certainly not for the November 15 fight between Tyson and Paul that’s scheduled to go eight rounds.

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At the request of Bryce Holden, promoter for the bout, the TDLR approved the use of 14-ounce gloves and two-minute rounds for the November 15 fight to be held at AT&T Stadium in Arlington, Texas.

The use of 14-ounce gloves for a sanctioned pro fight will be a first in Texas, according to Tela Mange, Communications Manager for the TDLR. Two-minute rounds for fights involving male boxers also are rare in Texas, according to Mange.

“We’ve had a couple of men’s bouts that were professional debuts that were two-minute rounds, but it’s been awhile and I haven’t been able to figure out who those were,’’ she said.

When asked why the TDLR made exceptions for the Tyson-Paul fight, Mange responded, “…if two contestants request terms that do not represent a safety issue, and are not in violation of statute and/or rules, then we can agree to regulate the event and ensure those terms are enforced. Having heavier gloves and shorter rounds does not make the event more dangerous for either competitor.’’

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Tyson vs Paul: What to know about the rules
Two-minute rounds: Tyson has said he wanted two-minute rounds to create more action. That answer seems true but incomplete.

Reducing the standard rounds by a minute will allow Tyson to expend less energy and, presumably, leave more available to attack Paul. But in that same way, the two-minute rounds likely will serve Paul, allowing him to reduce the fear of fatigue.

Paul has asked Tyson if he’d be willing to fight 10, three-minute rounds – rules in line with a traditional, non-title fight. Tyson has declined.

Tyson’s exhibition fight against Roy Jones Jr. in 2020 was scheduled for eight, two-minute rounds. Scored unofficially, the fight went the distance and ended in a draw.

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The 14-ounce gloves: Paul is expected to benefit from the heavier gloves because the padding could reduce the force of Tyson’s punches. Though it’s unclear if Tyson has the quickness and mobility needed to win the fight, video clips of his training show he still has power. However, Tyson might benefit from the 14-ounce gloves too. Paul also has shown impressive power while scoring seven knockouts in his 11 fights.

Size of the boxing ring: The ring must measure no less than 16 by 16 feet and no less than 24 by 24, according to TDLR rules. Within that range, the size of the ring is up to the promoter. Holden, who works for Most Valuable Promotions, co-founded by Paul, did not return messages USA TODAY Sports left by voicemail and text message.

Tyson has said he expects to have to chase down Paul, so he likely wants a smaller ring to cut down on the chasing

What experts say about the rules
George Foreman, the retired heavyweight world champion, on 14-ounce gloves: “For a genuine puncher, there is hardly any difference. When I was sparring back in the day, many guys were hurt and holding on when I hit them. ….(A 14-ounce glove) can’t mask power.‘’

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Ann Wolfe, trainer and retired boxer, on the difference between 10-ounce and 14-ounce gloves: “Gloves are just like hammers. They do different damage. …But if you hit something multiple times, it’ll cause just as much damage.’’

Abel Sanchez, the retired trainer who worked with former world champions Gennady Golovkin and Terry Norris, said of the two-minute rounds, “I think that would benefit Tyson because he can sprint to the finish, so to speak. Less chance for change and lifestyle to affect him.’’

Nico Ali Walsh, pro boxer and grandson of Muhammad Ali on the 14-ounce gloves: “It will take the sting off a little bit. And I believe the glove size is there just as a precaution, since Mike is older than people that are fighting professionally. He shouldn’t be fighting in professionally sized gloves.’’

Of the two-minute rounds, Ali Walsh said he sees that as a precaution as well. “The combination of the two-minute rounds and the 14-ounce gloves made this fight possible. I don’t think any sanctioning body would allow the fight to happen with Mike if they were 10-ounce gloves and three-minute rounds. …

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“The two-minute rounds will just kind of speed the action up. Amateur boxers fight two-minute rounds, and if you watch amateur boxing, there’s no lapses in action.”

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SAD! Jigawa Tanker Explosion: Death Toll Rises To 153

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Death toll has risen to 153 with 100 people hospitalized in a tanker explosion in Majia local Government area of Jigawa State.

The death toll rose to 105, while 70 others sustained various degrees of injuries.

In a fresh statement, the police spokesman, DSP. Lawan Shiisu Adam confirmed the increase in the number of victims.

He said those that have lost their lives have been buried in a mass grave, while those injured were currently receiving medication at Aminu Kano, Jahun, Nguru, Hadejia, and Gumel hospitals.

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Meanwhile, Governor Mallam Umar Namadi has expressed his deep sorrow over the tragic incident.

Governor Namadi, who swiftly visited the place of the accident and joined in performing the funeral prayer and mass burial of the deceased.

According to him, “Our thoughts and prayers are with the families of the victims during this painful time.

“We stand in solidarity with those who have lost loved ones and those injured in this tragic incident.”

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Governor Namadi also said the state government will cater to the treatment of all those injured in the inferno who are now receiving treatment in various hospitals across the state and beyond.

He said the State Government will ensure that “the affected families receive the needed assistance as we continue to work on preventing such tragedies in the future.”

According to the latest figures by the State Emergency Management Agency (SEMA), 107 people have so far died in the accident, while 57 have been hospitalised with various degrees of burn.

Governor Namadi urged the public to always prioritize safety during such emergencies and avoid gathering at accident sites to prevent further tragedies.

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Oil magnate sues EFCC for unlawfully declaring him wanted

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Unidentified EFCC Operative Takes Own life

Chairman/CEO of Global Signature Hotel and Total Grace Group Limited, Dr. Henry Mobolaji Akinduro, has filed a N5 billion lawsuit against the Economic and Financial Crimes Commission (EFCC) for allegedly declaring him wanted unlawfully.

In the suit filed yesterday at the Federal High Court, Lagos, Akinduro submitted that the EFCC declared him wanted without any form of judicial intervention, recourse to constitutional safeguards or order of court.

The EFCC on Friday, October 11, 2024 about 7.20pm on its official twitter handle, also known as ‘X’ declared the oil magnate ‘Wanted’. The businessman is praying the court to order the EFCC to remove his name from the wanted list published on the commission’s official website or any other related platform including Twitter (X).

Akinduro is seeking N5 billion as “general damages”.

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On Monday, the businessman, via his counsel, Olalekan Ojo (SAN) had petitioned the Chairman of the EFCC over the unconstitutional violation of his fundamental human rights to personal liberty and human dignity by the publication of his name on the list of wanted persons on the EFCC’s website.

Ojo averred in the petition that at all times preceding the said publication, there was no order of any court of competent jurisdiction authorising the said publication and no charge had been preferred against our client before any court.

According to Akinduro’s lawyer, the Commission had allegedly made the said illegal or unlawful publication declaring him wanted upon the prompting or instigation of one Mr. Femi Olushakin who had earlier written a petition against the oil magnate in respect of a N240 million contractual dispute between them —Messrs Olushakin and Akinduro.

He affirmed that disputes had arisen from the investment agreement entered into between the two men leading to Olushakin petitioning EFCC.

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“Our Client (Akinduro) was invited by the Commission on 4th June, 2024 and he immediately responded via letter dated 5th June, 2024 notifying the Commission of his unavailability due to medical reasons. In the said letter, it was stated therein that our Client was out of the Country receiving medical attention. He subsequently provided assurances that he would be present at the Commission as soon as he was medically cleared to travel. It is pertinent at this juncture to chronicle the genesis of the subject matter which led to the declaration of our Client Wanted by the Commission,” Ojo stated.

The Counsel disclosed that there was a business transaction between Akinduro and Olushakin which was backed by a viable collateral which included Akinduro’s Global Signature Hotel worth N500 million, three (3) 60-Seater Yutong buses valued at over N240 million and a Toyota 4Runner SUV.

Ojo claimed that Olushakin has sold the three 60-Seater Yutong buses and currently drives around the city in the Toyota 4Runner SUV which were used as collateral by Akinduro.

“It is clear from the above that this is a purely civil business transaction with no element of criminality embedded in it. Mr. Femi Olushakin maliciously petitioned the Commission after selling the 60-Seater Yutong buses and currently using the Toyota 4runner SUV for his personal use,” he stated.

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The senior lawyer added that despite Akinduro’s medical condition overseas, he has maintained close communication with the Commission.

He said: “Our Client regularly sends his Legal Officer to the Commission, affirming his willingness and desire to appear before the Commission upon due confirmation of his being fit to travel by his doctors. There was no further request by the Commission inviting our Client before the unlawful publication.

“It is to be further noted that on 11 October, 2024, our Client’s Legal Officer was physically present at the office of the Commission around noon to submit a correspondence to the Commission and he also reassured the Operatives of the Commission of our Client’s desire and willingness to cooperate with the investigation by the Commission upon his arrival in Nigeria.

“It is regrettable that despite the repeated reassurances of our Client to cooperate with the investigation upon his arrival in Nigeria, the Commission proceeded to declare our Client ‘Wanted’ later that same day at about 7.20pm without an order of Court and in the absence of a valid charge in a Court of law.

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“The Commission published our Client’s name and photograph depicting our Client as a fugitive from the law and branded him “WANTED” without any evidence of evading investigation. This action of the Commission has not only defamed our Client but also violated our Client’s right to freedom of movement without the order of the Courts.

“The Commission has also by the unlawful publication subjected our Client to public humiliation and ridicule thus causing our Client loss of personal and business relationships as well as reputational damage. It is our instruction that since the publication, our Client has been inundated with calls, Whatsapp messages from his business associates all over the world who had read the post expressing their disgust and dismay at the defamatory publication, and the said publication has also caused our Client emotional trauma and distress.”

Akinduro, through his lawyer, said he considered it imperatively necessary to put the records straight with a view to showing that the fraud allegations are trumped-up allegations aimed at causing incalculable damage to his hard earned but richly deserved reputation.

“It is pertinent to state that the petition against Dr. Henry Akinduro was an ignoble attempt to criminalize purely contractual disputes that had arisen from the investment agreement between Dr. Henry Akinduro and the Petitioner, Mr. Femi Olushakin.”

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Ojo stated that the commercial or contractual disputes had earlier been referred to the competent Court by the parties before Olushakin resorted to lodging the fraud allegations against the oil magnate for reasons best known to him.

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