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FG eyes $1.5bn loan from World Bank

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…Considers tapping domestic dollar savings

The Federal Government has revealed its intention to obtain a loan facility of $1.5 billion from the World Bank.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun stated this in an interview with Bloomberg Tv on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland said the loan will support the budget and also provide liquidity in the forex market.

According to the Minister, the reforms with respect to fuel subsidy removal and merger of the foreign exchange market require some form of support from multilateral organisations.

He explained that, “We’re hoping to get $1 billion or $1.5 billion from the World Bank. It is a matter of discussion at the moment, but we think we will get the support because we are continuing with our reforms.

“What we’ve done with fuel subsidies, what we have done in terms of the foreign-exchange market reform, deserve support. We’ve done enough and we deserve to be rewarded imminently.”

Speaking further, Mr Edun said that the government’s priority is to stabilise the naira through liquidity.

He explained that receipts from crude oil sales remain the main source while also looking at domestic dollar savings with and outside the official market.

According to him, “The priority is to stabilise the naira, that means getting in the additional liquidity – number one from oil revenue.

“We are also looking to make sure we tap Nigerian savings, in particular domestic dollar savings both inside and outside the formal market. There’s a lot of cash in the Nigerian economy.”

Furthermore, he noted that the priority of the CBN still remains clearing the FX backlog which he estimates at $5bn.

He said, “There is actually liquidity within the banking system and there should be a way of getting the banks to actually help with that backlog, either on a spot or a forward-rate basis.

“We believe that if we coral the dollars that are available, we can pay down that backlog almost in one fell swoop.”

The Minister also hinted that Nigeria is contemplating issuing Eurobonds later in the year if the rates are considerably lower stating that major issuers have informed the country of the possibility this year.

Meanwhile, the Central Bank of Nigeria (CBN) revealed that it has effectively distributed around $2.0 billion.

This significant intervention has targeted industries such as manufacturing, aviation, and petroleum, aiming to alleviate the pressure of outstanding debts.

The Acting Director of the CBN’s Corporate Communications Department, Mrs. Hakama Sidi Ali, revealed these developments during a briefing in Abuja on Wednesday, January 17, 2024. Mrs. Sidi Ali emphasised the central bank’s commitment to resolving the forex backlog issue by initiating payments to qualified transactions.

As part of the transparency measures, the CBN commissioned an independent forensic review conducted by a reputable firm. Mrs. Sidi Ali highlighted that the forensic review uncovered severe infractions, gross abuse, and substantial non-compliance with market regulations.

To address these findings, the CBN will collaborate with relevant agencies to enforce appropriate sanctions.

While underscoring the importance of regulatory compliance, Mrs. Sidi Ali reiterated the CBN’s dedication to sanitising the financial services sector.

The overarching goal is to foster trust among all market participants, internal and external stakeholders, thereby ensuring the stability and integrity of the Nigerian economy.

Despite the enforcement measures, the CBN remains committed to settling legitimate foreign exchange backlogs, maintaining a consistent track record in the last three months.

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Nigeria, France to tackle illegal migration, human trafficking

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France has expressed its commitment to strengthen existing relations with Nigeria, especially in tackling illegal migration and human trafficking.

France Ambassador in charge of Migration at the Ministry for Europe and Foreign Affairs, Mr Christophe Leonzi, made this known when he paid a courtesy visit to the Minister of Interior, Dr Olubunmi Tunji-Ojo, on Monday in Abuja.

“We will like to establish more regular dialogue between Nigeria and France, and the two ministries especially in area of illegal migration and how to tackle it headlong.

“Another area that calls for worry is in the area of human trafficking.

“It will be of immense benefit to both countries if we can cooperate more efficiently in different aspects to stem the tide,” the envoy added.

He said, though the two countries have been cooperating in that area, there was need to delve more into the already existing cooperation.

“Nigeria is a strong partner in this regard, no doubt,” Leonzi said, adding that the cooperation should be reinforced in the area of border security and management.

“If the borders are not porous and the necessary cutting-edge technology, aside human presence, are in place, no doubt it will go a long way to tackle the ugly trend to a reasonable level.

“A good border management brings about certain level of security of a country but a porus border usually brings about vulnerability of a country, especially in terms of security of that country,“ the envoy added.

In his remarks, Tunji-Ojo, said Nigeria would continue to strengthen its relations with France, to make it better and stronger.

“The stronger the relationship the better it is for both countries,” the minister said.

He said that development cooperation between the two countries have been extremely helpful to Nigeria over the years.

“In terms of meeting our goals, targets and of course taking us from where we were to where we are now, I believe that more of this programme will take us to where we actually want to be.

“Regular meetings and visits of this nature are very important for both countries, because when you do not share problems, when you do not talk to share problems, solutions will always be a mirage.

“For instance long before now, Nigerians going to Italy was a big problem, but today, I know building on our interactions, is a different ball game altogether and it will be difficult for any irregular immigrant from Nigeria to stay in Italy.

“This is because if we get you and we identify you, our immigration officer stationed solely in Italy for that purpose would ensure that bringing that person back becomes easier.

“I think in UK too, just two weeks ago, our team just came back from there for our biannual meeting that is of mutual benefit to both countries, especially in the area of irregular migration.

“With this development, we are beginning to see change of status in terms of illegal migration between the two countries.

“So, I align myself 100 per cent with your proposal, I think it’s one that will help us to be more proactive than being reactive.“

The minister added that the major problem the country had over the years, was the government being reactive when it comes to the issue of illegal migration, instead of being proactive.

“So, it means the more we invest our energy on being proactive, the better it is for us,“he said.

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Alia presents 6 SUVs to Judiciary

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Gov. Hyacinth Alia of Benue on Monday, presented six Sport Utility Vehicles (SUVs) to the State Judiciary.
Presenting the vehicles, the governor, said his administration has resolved to make the welfare of the judiciary staff a top priority for improved service delivery.
Alia commended the Judiciary for their services, urging them to do more to ensure that law and order are strictly maintained in the State.
Represented by the State Attorney General and Commissioner for Justice and Public Order, Fidelis Mnyim, Alia urged the Judiciary staff to put the vehicles to good use for the benefit of the State.
He said four of the cars are for the State High Court Judges, while two are for the Judges of the Customary Court of Appeal.
Speaking in his capacity as the Attorney General and Commissioner for Justice and Public Order, Mnyim commended the governor for promoting the rule of law in the state.
He also commended Alia for  granting autonomy to the judiciary for optimal performance.
Mnyim said the ministry took delivery of the vehicles and a  date would be communicated for the presentation of the vehicles to the Judges.
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Alleged $9.6bn P&ID scam: Court adjourns suit against fleeing Briton, coys for judgment

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A Federal High Court, Abuja, on Monday, adjourned two separate money laundering suits filed by the Economic and Financial Crimes Commission (EFCC) against British national, James Nolan, and two other companies for judgment.

Justice Donatus Okorowo adjourned the suits for judgment after counsel for the EFCC, Bala Sanga, and the defence lawyer, Michael Ajara, adopted their final written addresses and made their submissions in the matters.

In his argument, Ajara prayed the court to dismiss the two suit for lack of jurisdiction.

The.lawyer insisted that the court lacked jurisdiction because the charges were defective.

Besides, he said all the evidence brought forward by the anti-graft agency, through its witnesses, were hearsay.

But Sanga disagreed with Ajara

The EFCC lawyer argued that under Section 220 of Administration of Criminal Justice Act (ACJA), 2015, the irregularity of a charge does not affect the jurisdiction of the court and neither does it affect the validity of the charge.

He added that Ajara’s objection was belated as this should have been raised during arraignment.

Sanga equally argued that the matter cannot be caught up by hearsay rules because documents obtained by the prosecution’s investigating officers were visible in evidence.

He submitted that knowledge derived from day-to-day work are not hearsay.

The lawyer prayed the court to convict the defendants and order the forfeiture of the companies’ assets to the Federal Government.

After proceedings that lasted till Monday evening, Justice Okorowo adjourned the matters for judgment

The judge said that the judgment date would be communicated to parties in the suits.

The News Agency of Nigeria (NAN) reports that the court had, on April 14, fixed today for adoption of the final addresses after Nolan, who jumped bail and fled Nigeria in the alleged 9.6 billion dollars Process and Industrial Development (P&ID) Ltd scandal, opened his defence in absentia without calling any witness.

Ajara had told the judge that he did not intend to call any witness upon resumed hearing.

He said after his evaluation of the EFCC’s evidence, he would rely on the case of the prosecution and Sanga did not object, upon which the matter was fixed for adoption of written addresses.

NAN reports that the EFCC is prosecuting Trinity Biotech Nigeria Limited and Nolan in the charged marked: FHC/ABJ/CR/272/2022 as 1st and 2nd defendants in the case.

Also, the commission is also prosecuting the sister case marked: FHC/ABJ/CR/273/2022 filed against Resorts Express Concept Nigeria Ltd, another company, and Corrado Fantoli as 1st and 2nd defendants respectively before Okorowo.

Fantoli, also a foreigner and an associate of Nolan, was one of the suspects behind the alleged $9.6 billion P&ID fraud.

The suspect, said to be at large, alongside the company, was arraigned in absentia on Nov. 25, 2022, on eight-count money laundering charge.

He was not present in court or represented by a lawyer when they were arraigned.

The court also declared him wanted and ordered for his arrest anywhere he is sighted after Sanga made application to the effect.

Fantoli and Giovanna Beccarelli, who had also been declared wanted and an arrest warrant issued against her, were said to be directors and signatories to the company’s Guaranty Trust Bank account number: 0123849451.

Resorts Express Concept Nigeria Ltd and Trinity Biotech Nigeria Limited are two of the over 30 companies associated with the $9.6 billion scam.

NAN reports that other cases linked to the scandal are currently before Justice Obiora Egwuatu, Justice Zainab Abubakar of FHC, Abuja, besides other charges at FCT High Courts.

In addition the anti-graft agency was also prosecuting some of the companies and Nolan before Justice Ahmed Mohammed before he was elevated to the Appeal Court.

A Business and Property Court in London presided over by Justice Robin Knowles of the Commercial Courts of England and Wales had, in October, quashed the 11 billion dollars awarded against Nigeria in a case filed by the P&ID.

Judge Knowles held that the award was obtained by fraud and that what had happened in the case was contrary to public policy.

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