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Sanusi Explodes, Says President Jonathan Surrounded by Fraudsters

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Mallam Sanusi Lamido Sanusi , the sacked governor of the Central Bank of Nigeria (CBN), on  Sunday, described President Goodluck Jonathan, who removed him from office, as a simple man trying to do well, but  being undermined by incompetent and fraudulent aides.

Sanusi, it will be recalled, was suspended by President Jonathan on Thursday, last week, over alleged financial misconduct, a move seen by many analysts as politically motivated.

In an interview with AFP in Lagos, Sanusi said many of the people advising Jonathan were sycophants, who did not speak frankly or honestly about the extent of corruption in government.

“When you sit with President Jonathan himself, he appears a nice and simple person who is trying to do his best.

But only a few governments too would have tolerated the defiance Sanusi applied to his brief.

The CBN governor wrote the President accusing the Nigerian National Petroleum Corporation (NNPC) of not remitting $49.8 billion (about three times the nation’s annual budget) to the Federation Account.

He later blamed CBN’s Reserve Department for misleading him and told a Senate committee investigating the allegations that he had apologised privately to those his letter indicted, but there are indications that NNPC’s accounts are untidy.

Sanusi’s garrulousness was legendary. In 2010, he told the media at the World Bank meeting in Washington that all arrested bank managing directors would be jailed. He asked the media to quote him.

The cases were in court and it was improbable he knew the verdict.

Those who fear Sanusi’s sack could rock the economy do not consider the consequences of his utterances that were out of character with a holder of his office.

Suggestions that Sanusi was sacked for fighting corruption, however, taint whatever the Presidency intends to achieve, though records show Sanusi ran CBN like his fiefdom.

Sanusi learnt of his removal from office while in Niger, on Thursday and immediately returned to Lagos, where agents from the Directorate of State Services (DSS) seized his passport.

On Friday, he secured a temporary protective order from the Federal High Court in Lagos, barring Nigerian intelligence agents from the DSS or police from arresting him.

“I thought taking away my passport was the beginning of infringement on my fundamental human rights,” Sanusi told AFP, explaining why he had already sought court protection.

While no charges had been filed against him, Sanusi said he was prepared for whatever attacks may come.

“That we are here today means that I have taken the decision that I will face the consequences of whatever I do.

“If I am sacrificed in whatever way, my freedom or my life… if it does lead to better accountability it will be well worth it,” he said.


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E-Financial

FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

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Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


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