IN STRONG SIGNAL TO MDAS, TINUBU PROBES EDU OVER PUBLIC MONEY PAID INTO PRIVATE ACCOUNTS
CBN PAYS $2.062BN ADDITIONAL FX FORWARDS WITH BANKS, DISBURSES $61.64M TO FOREIGN AIRLINES
matured foreign exchange in banks as well as dousing pressure on the exchange rate.
Sidi explained that the initiative was part of the apex bank's efforts to decrease its outstanding liability to the airlines.
She said, "This underscores the CBN's commitment to the resolution of pending obligations and a functional foreign exchange market."
According to her, the payments consolidate CBN's ongoing efforts and in Abuja
In a very strong message to the ministries, departments and agencies, President Bola Tinubu, yesterday, responded to growing public outcry over the controversial memo by the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, fouling financial regulations, and ordered a thorough and comprehensive probe of the allegations.
Tinubu vowed to unravel the truth of the matter and see that appropriate action was taken, saying any identified breaches would be punished decisively.
Edu was alleged to have recently directed the Office of the AccountantGeneral of the Federation to pay a whopping sum of N585.18 million to a private account owned by one Oniyelu Bridget.
The ministry claimed Bridget currently served as the Project Accountant, Grants for Vulnerable Groups in Akwa Ibom, Cross River, Lagos and Ogun states.
But the Accountant-General of the Federation, Dr. Oluwatoyin Madein, rejected Edu's directive and refused to pay the said sum of N585.18 million to the agent of the minister.
In addition to this infraction of extant public financial rules, the minister was also said to have approved air tickets for trips to Kogi State, including airport taxi, when the state has no known or functional airport, an allegation that had since been exposed with the approval memo now flying about on the social media.
It was for this reason that the president has appointed the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to head a panel to investigate the alleged fraud in the Ministry of Humanitarian Affairs and Poverty Alleviation.
But as more and more Nigerians to settle all remaining valid forward transactions, with the aim of alleviating the current pressure on the country's exchange rate.
By the latest intervention, the central bank hopes to provide a considerable boost to the naira against other major world currencies as well as increase investors' confidence in the economy.
The federal government recently received $2.25 billion out of the $3.3 billion foreign exchange (FX) facility continued to demand the sack and prosecution of Edu, Peoples Democratic Party (PDP) said the alleged looting of N44 billion National Social Investment Programme Agency (NSIPA) fund, including the N585.2 million, allegedly, diverted by the minister to a private account, were only a small part of the corruption in the current government.
Foremost human rights lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana, told Edu to stop insulting the sensibilities of Nigerians.
Falana said, “Instead of apologising to the federal government and people of Nigeria and calling it quits for betraying the confidence reposed in her, the minister has arrogantly said the N585.18 million fraud allegation is a mere fabrication by her detractors and an alleged attempt by mischief makers to undermine her ministry's effort in fighting corruption and uplifting the needy.”
Similarly, the Socio-Economic Rights and Accountability Project (SERAP) urged Tinubu to direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly and thoroughly probe the alleged payment to vulnerable people in Akwa Ibom, Cross River, Lagos, and Ogun states into a private account.
Network for the Actualisation of Social Growth and Viable Development (NEFGAD), a public procurement advocacy group, urged Tinubu to be impartial in the face of massive corruption allegations rocking the Ministry of Humanitarian Affairs and Poverty Alleviation and the National Social Investment Programme (NSIP).
However, Nigeria Women Arise for Democracy, a pro-democracy women group dedicated to promoting democracy, justice, and equality, rejected the calls for the removal of Edu. The group advised Tinubu to dismiss the “unfounded allegations from the African Export–Import Bank (Afreximbank).
The long-awaited credit support seeks to ameliorate the acute FX shortage in the country, which had constrained economic activities and doused investors' confidence.
Earlier in December, President Bola Tinubu had assured Nigerians of his administration's commitment to resolve the FX backlogs through injection of funds into the market.
It is estimated that there is and disregard the orchestrated campaign of calumny against Dr Betta Edu.”
Already, the panel made up of serving ministers and top government officials met at the weekend to look at the allegations and financial papers flying around the social media involving the humanitarian affairs ministry.
Sources told THISDAY last night that the probe panel had extended invitation to Edu to explain what she knew about the N585 million alleged palliative scandal rocking the ministry. Also invited to appear before the panel this week was National Coordinator and Chief Executive Officer (CEO) of National Social Investment Programme Agency (NSIPA), Halima Shehu, who was suspended last week by the federal government over alleged payment of billions of Naira by the agency without presidential approval.
Chairman of the presidential probe panel, Edun, according to usually reliable sources, was at the official residence of Tinubu at State House, Abuja, yesterday evening to give a preliminary report on the panel's work.
It was further gathered that the embattled minister of humanitarian affairs might be suspended from office this week by the president pending the conclusion of the work of the Edun-led investigating panel.
Minister of Information and National Orientation, Mohammad Idris, who confirmed Tinubu's order, said, in a statement, that any infraction would be punished in line with the administration's commitment to public accountability and due process.
Idris said the statement was issued to address the widespread narratives circulating regarding the use of public funds by the Ministry of Humanitarian Affairs and Poverty Alleviation.
The minister stated, "The Ministry of Information and National Orienarrangement between $7 billion and $10 billion in existing FX backlogs, which must be cleared, to boost investors' confidence, some of whom have already exited the country due to the persistent liquidity constraints bedevilling the economy.
Afreximbank, acting as the mandated lead arranger, along with United Bank for Africa (UBA) as local arranger, had closed on a $3.3 billion liquidity support for Nigeria through a structured financing tation acknowledges the concerns raised by the public regarding the alleged payment of funds into a private account by the Ministry of Humanitarian Affairs and Poverty Alleviation.
“We are aware of the narratives circulating widely and wish to assure Nigerians that the government takes these issues most seriously.
"The federal government, under the leadership of President Bola Ahmed Tinubu, is transparent and accountable to the people, and committed to ensuring that public funds are allocated and utilised effectively and efficiently to address the needs of Nigerians."
Idris stressed that in the light of the recent events, Tinubu had directed that a thorough investigation be conducted to ascertain the accuracy and validity of the allegations.
"The government is determined to unravel the truth as it relates to this matter, and assures that appropriate action will be taken to ensure that any breaches and infractions are identified and decisively punished, in line with the administration's commitment to public accountability and due process," Idris added.
Against the backdrop of many unverified narratives in the social media, Idris advised the public to see the Ministry of Information and National Orientation, under his leadership, as the primary source for verified information about events and actions of the Federal Government of Nigeria.
He stated, "Only accurate details will be shared with the public. The ministry is committed to providing timely updates to keep Nigerians informed about the progress of the investigation.
"We urge Nigerians to exercise patience as the investigation unfolds. The government is focused on ensuring a fair and unbiased process, and the findings will be communicated
with the Nigerian National Petroleum Company (NNPC).
THISDAY gathered that the transaction, which released $2.25 billion as the first tranche into the nation's coffers, was expected to ease the FX illiquidity in the country, while the balance was expected to come in this month. UBA is also acting as the onshore depository bank for the transaction.
Other participants in the deal include Gunvor, Sahara Energy, and other major oil traders that are to join the parties.
The transaction, which is in line with Tinubu's Renewed Hope Agenda, seeks to stabilise the FX market and ease inflationary trends that have beleaguered the Nigerian economy since the administration took over.
Meanwhile, the Nigerian equities market surpassed global markets in the first trading week of 2024 to continue its 2023 positive rally, as investors continued to take position in under-valued stocks following the federal government's new reforms.
At the close of trading last Friday, the overall market capitalisation of the Nigerian Exchange Limited (NGX) added N2.68 trillion in just four days , with Monday being a public holiday, to close at N43.593 trillion from N40.917 trillion it overthrow the present flip flop governance and wrongheaded policies of the present Tinubu-led APC Administration.
"For the avoidance of doubt, leading Opposition Leaders and Parties in Nigeria are at the moment not focused on contesting political offices in 2027 but presently holding consultations on how to streamline and strengthen their political forces to be able to rescue the country from the dangerous slide into misrule and anarchy foisted by the All Progressives Congress-led federal government.”
It said their collaboration was also address the “exploitative economic policies which has landed millions of households and citizens in Nigeria into abject poverty and penury, making the renewed hope mantra of the Tinubu Government, a mere consolidation of the rudderless policies of despair and hopelessness of the Buhari regime.
"We wish to inform Nigerians that a Merger Facilitation Group of key opposition leaders led by Prof Pat opened for trading this year.
Last week's performance outclassed the first week of 2023 by N1.6 trillion as the stock market only gained N1.08 trillion in market capitalisation in the first five days of 2023.
In the same vein, the NGX AllShare Index increased to historic 79,664.66 basis points, representing a growth of 4,890.89 basis points or 6.54 per cent Year-till-Date (YtD) from 74,773.77 basis points the previous week when the stock market closed for trading in 2023. This is contrary to US major stock indexes, S&P 500, Dow Jones Industrial Average (DJI) and Nasdaq Composite, which commenced 2024 southward.
All three benchmarks recorded their first weekly declines for 10 weeks: S&P 500 (SPX) dropped by 1.54 per cent, while the Nasdaq Composite (IXIC) slumped by 3.26 per cent, and the Dow Jones Industrial Average (DJI) dipped by 0.59 per cent.
According to trading statistics, the S&P 500 recorded its worst weekly performance since late October, while the Nasdaq posted its worst week since late September.
Analysts believe investors have been cautious in the opening sessions of 2024, as they await further clarity
2027 POLL NOT IN FOCUS FOR ATIKU, OBI, KWANKWASO, OTHERS
Utomi is now set to convene the inaugural meeting of the merger process of leading opposition parties aimed at building a major mega political party of the Nigerian people to rescue Nigeria by checkmate and dislodging the unpopular and self serving rule of the APC government. The inaugural meeting is scheduled to hold this month."
But the PDP has dissociated itself from the coalition of opposition political parties.
In a full page advertorial placed late December 2023, the party said contrary to misleading reports in a section of the media, it was not engaged in any merger, fusion or amalgamation with any other political party.
The party in a statement by its National Publicity Secretary, Debo Ologunagba, said, "The PDP is a party governed by rules, completely dedicated to its values, manifesto, guiding principles and has no intent or any contemplation whatsoever to merge with any other political Party."