Connect with us

E-Financial

Group Petitions US Congress, Demands Emefiele’s Sanction over Alleged Scam at CBN

Published

on

Kindly share this post

Nigerian Young Professionals Forum (NYPF), global pan-Nigeria group, has petitioned the US Congress over alleged multiple scams at the Central Bank of Nigeria (CBN), under the watch of Godwin Emefiele, the incumbent governor of the bank.

Group Petitions US Congress, Demands Emefiele’s Sanction over Alleged Scam at CBN

Mr. Godwin Emefiele, CBN governor

The group said the litany of scandals at CBN including forex scam rubbishes all the efforts of President Muhammadu Buhari to stamp out corruption from Africa’s most populous nation.

The petition which was addressed to Speaker Nancy Pelosi, Leader McConnell, Leader McCarthy and Leader Schumer was titled: Corruption, Looting In Central Bank Of Nigeria: A Call For A Special Congressional Hearing, Investigation, Sanctions On Godwin Emefiele And Others.

The petition which also copied the US State Department, Department of Justice, Central Intelligence Agency, CIA, and Federal Bureau of Investigation, FBI, was signed by Mr. Jackson Ude, a Nigerian-American media specialist, activist, good governance advocate and recipient of the Peace Ambassador Award of the Centre for Peace Studies (CPS), Sri Lanka who is also the Coordinator of NYPF, U.S/Caribbean chapter.

The petitioners alleged that between 2015 and 2016, under Emefiele’s watch, CBN conspired with Nigeria’s oil corporation, Nigerian National Petroleum Corporation (NNPC), to illegally divert $24,263,008.56 meant to be shared to 36 states of the federation, the Federal Capital Territory, FCT, and the 774 local councils.

Referring to a leaked tape obtained by Saharareporters.com, one of Nigeria’s leading Investigative news websites, in which Emefiele and some officials of the CBN were caught discussing how to cover up the loss of over N500bn (an equivalent of $1.2billion) stolen from the CBN and diverted to a private investment that failed, the NYPF wondered why till date, no one, including Emefiele, has been held accountable.

The group also accused the CBN of allegedly awarding a contract for the expansion of its parking lot to Bulet International Limited, a company owned by Ismaila Isa Funtua, an ally and confidant of President Muhammadu Buhari at a whopping sum of N30 billion (the equivalent of $77.5million) in 2019; stressing that no parking lot extension contract costs that much in the United States. The NYPF alleged that the said contract violated Nigeria’s procurement laws.

The petitioners alleged that Emefiele has been running the CBN with top members of the Buhari cabal led by Isa Funtua, and the recently deceased Chief of Staff to President Buhari, Abba Kyari, Attorney General and Minister for Justice, Abubakar Malami, Mamman Daura, Lawan Daura, Babagana Kingibe, Nasir Danu and a few others who are all from the Northern part of Nigeria.

The group which is affiliated to global anti-corruption networks alleged that Isa Funtua and the cabal have been running a black-market forex cartel worth $800 million every week since the beginning of the Buhari administration in 2015.

“This continued until late 2017 when Vice President Yemi Osinbajo scaled it down to $500 million when the President was away for medicals,” the petition alleged.

The petitioners urged the US Congress to:

  • Convene a Special Congressional Hearing on Corruption in Nigeria and the Central Bank of Nigeria under President Muhammadu Buhari;
  • Place Godwin Emefiele, Abubakar Malami, Nasir Danu, Babagana Kingibe, Samaila Isa Funtua, Abubakar Isa Funtua and all those linked with the corruption in CBN on the U.S watch-list;
  • Invoke the Mutual Legal Assistance Treaties (MLATs) with Nigeria and obtain banking and other financial records on the dealings involving Emefiele, Bulet International owned by Samaila Isa Funtua and Abubakar Isa Funtua;
  • Invoke the Global Magnistky Act and place visa restrictions on Godwin Emefiele, Abubakar Malami, Ismaila Isa Funtua, Abubakar Isa Funtua, Mamman Daura, Lawan Daura, Babagana Kingibe and Nasir Danu, their families and others linked with the corruption in CBN.

The group said they had established all necessary contacts within the US Congress and are prepared to testify under oath in Congress and provide all necessary documents to aid the speedy investigations of all the claims, adding, we are “willing to use all legal means necessary in bringing an end to corruption in Nigeria to give her young population a new lease of life for a better future.”

 

 

 

 

 

 

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Comments

E-Financial

Naira Weakens, Oil Slips, Stocks Flat

Published

on

Kindly share this post

By Lukman Otunuga, Senior Research Analyst at FXTM

As the coronavirus menace dug its vicious talons deeper into Africa’s largest economy, the Central Bank of Nigeria wasted no time in depreciating the official Naira rate by 5.5% to 381 per Dollar.

In the face of Dollar shortages, depressed Oil prices and mounting pressures from external lenders the CBN remains pressured to unify the multiple exchange rates to improve transparency.

A single exchange may eliminate an element of confusion and even attract foreign exchange investment, but such may come at the expense of rising inflation.

The exchange rate at the black market has already tumbled to a three-year low, trading around N463 per Dollar following the official devaluation.

With consumer prices hitting 12.4% in May, signs of rising inflationary pressure fueled by a weaker Naira is the last thing Africa’s largest economy needs.

Local stocks trading flat this week with the Nigerian All-Share Index down -0.24% since Monday.

Oil prices were mostly depressed this week thanks to rising coronavirus cases across the globe.

Fears around another round of lockdowns hitting demand for Oil continues to haunt attraction towards the commodity and this may remain a key theme ahead of the OPEC decision next week.

If the cartel decides to extend the historic production cuts of 9.7 million barrels per day beyond July, Oil prices have the potential to edge higher. However, a disappointing outcome to the meeting with the cartel reverting to previous supply cut of 7.6 million barrels per day could send Oil prices tumbling.

Overall, this was another week defined by COVID-19, volatile global equity markets and sharp changes in risk sentiment. Gold is likely to remain the talk of the town after appreciating to levels not seen in 9 years. With coronavirus related developments, trade uncertainty and global growth fears among many negative themes straining sentiment, the precious metal has the potential to shine this quarter.

 


Kindly share this post
Continue Reading

E-Financial

Customers to Access up N3m in New UBA Credit Card, Flexible Repayment Plans

Published

on

Kindly share this post

United Bank for Africa (UBA) Plc, Pan African financial institution, has introduced the new UBA Naira Credit Card to its teeming customers in fulfilment of its promise to ease accessibility to funds and improve the overall standard of living.

Customers to Access up N3m in New UBA Credit Card, Flexible Repayment Plans

Kennedy Uzoka

With the new UBA Naira Credit Card, customers whose salary accounts have been domiciled with the bank for a minimum of three months and are employees of corporates under UBA’s approved counterparty list with minimum net monthly income of N250,000 are in for a stress-free business and personal lifestyle.

They will be qualified to access up to N3m credit, with extremely flexible repayment plans of as low as 10% of their monthly outstanding due.

Specifically, these customers aged between 18 and 57years who apply for the UBA credit card will also enjoy easy access to funds with a revolving line of credit and up to 45 days interest free credit, flexible repayment options; amazing discounts at select merchant locations including Restaurants, Boutiques, among other mouth-watering benefits.

The UBA credit card also allow ATM withdrawals in Nigeria or abroad wherever the Visa logo is displayed while allowing ease of payment of goods and services locally and Internationally on POS/WEB terminals where the Visa logo is displayed.

Sampson Aneke, group head, Digital Banking, UBA, said that as a bank that is interested in the welfare of Nigerians, UBA is always on the forefront of developing products and services aimed at creating wealth, easing living conditions and meeting the needs of its customers all over the world.

He said, “At UBA, we recognise that access to credit is fundamental to the creation of wealth and value in the economy.  Unfortunately, the country has been challenged in this regard with only about 2% of the population presently having access to bank loans.

“It is in addressing these developmental and household challenges that the bank has in recent times developed and introduced a number of unique lending products to the market, with the latest being the innovative UBA credit card.”

Aneke who spoke glowingly about all the benefits that the banks’ customers stand to enjoy from the credit card explained that the UBA Credit card is currently available as Visa Gold card with a card limit of between N75,000 to N1,000,000 and Visa Platinum card with a limit of between N1,000,001 to N3,000,000 and can be used locally and internationally at any ATM or POS outlet which has the Visa logo, WEB (online), and POS terminals.

“There is an interest free period  of 45 days on POS/Web transactions provided 100% repayment is made on the repayment due date and customers are entitled to 30% (annualized) of their monthly salary as credit card limit subject to the existing Debt Service Ratio (DSR).  The monthly repayment cycle will run from the 15th of every month to the 15th of the next month and the credit card statement showing transactions details within the period and the amount due for repayment will be sent to the cardholders’ registered email address,” Aneke said.

He explained that to get the card, customers can walk into any UBA branch or visit the bank’s website at www.ubagroup.com to download the credit card application form, fill it and submit to the Customer Service Officer at any UBA branch nationwide.

United Bank for Africa is a leading pan-African financial institution offering banking services to more than twenty million customers globally.

With footprint in 20 African countries and presence globally in the United Kingdom, the USA and France,

UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments and remittances, trade finance and ancillary banking services.


Kindly share this post
Continue Reading

E-Financial

Access Bank in Discussion For Acquisition Of Zambian Bank

Published

on

Kindly share this post

Access Bank Plc has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc on the acquisition of Cavmont Bank Limited.

In a regulatory filing at the Nigerian Stock Exchange (NSE), Access Bank said the discussions bothered on a potential transaction between Access Bank Zambia and Cavmont Bank Limited, a wholly owned subsidiary of Cavmont Capital.

“The potential transaction relates to the sale of 100 per cent of Cavmont Capital’s interest in Cavmont Bank to Access Bank Zambia. There can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement”.

According to Access Bank, the completion of a transaction would be subject to formal regulatory approvals.

“Access Bank will update the market as appropriate and in accordance with its’ disclosure obligations,” it said.

Accordingly, shareholders are advised to exercise caution when dealing in Access Banks securities until a full announcement is made.


Kindly share this post
Continue Reading

Trending