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AFR Business

ICPC arrests Sterling Bank staffers over sabotage

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Two Sterling Bank managers in Abuja have been apprehended by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

A statement from the ICPC disclosed that its operatives arrested the Regional and Service Managers of the financial institution last Friday for hoarding N258 million in the bank’s vault.

The new Naira notes were given to Sterling Bank by the Central Bank of Nigeria (CBN) to disbursement to customers to ease the tension caused by Naira scarcity.

“As part of ongoing efforts at ensuring that commercial banks comply with the CBN’s directive on the distribution of the redesigned Naira notes, operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) last Friday discovered the sum of N258 million stashed in the vault of Sterling Bank in Abuja.

“This discovery followed one of the commission’s operations at ensuring that commercial banks and other interest groups do not flout the apex bank’s directive.

“When the ICPC monitoring team visited the bank and discovered the stashed new Naira notes in the bank’s vault, it was informed that the cash was the remnant of what the CBN had given the bank for onward distribution to its branches.

“The team, however, found out that only the sum of N5 million each was distributed to their various branches.

“Both the Regional and Service Managers were arrested and later granted administrative bail while the investigation continues,” the statement issued by the spokesperson of the ICPC, Mrs Azuka Ogugua, stated.

Kachikwu says Buhari and Emefiele naira swap will tear up Nigeria

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Dumebi Kachikwu, the African Democratic Congress (ADC) presidential candidate, says the scarcity of the new naira banknotes poses great threats to Nigeria’s peace. He also lamented that difficulty in withdrawing old notes is frustrating lives and livelihood.

Mr Kachikwu worries that large parts of the North don’t have bank branches and e-banking support.

“If this is not bad enough, the most political Central Bank governor in our nation’s history seeks to plunge our nation into further chaos. How else can one explain this ill-conceived naira redesign policy that ought to strengthen the value of our currency but now threatens our very existence as a nation,” Mr Kachikwu.

The ADC presidential standard-bearer added, “My heart broke as I watched the videos of those who stripped naked in banking halls all in a bid to collect their money. How do you speak of cashless banking in a country plagued by epileptic telecom networks and power blackouts? Who is deceiving who when many parts of northern Nigeria don’t have bank branches and lack the infrastructure to support e-banking? Was this not factored into the CBN givernor’s plan?”

The presidential hopeful stressed that Nigerians did not deserve further hardships, especially at a time when fuel was also not available in many parts of the country.

He noted that people queued for hours for fuel only to be told they could not buy because they did not have cash and the point of sale (POS) terminals were out of service due to unavailability of both the old and the new naira notes.

Mr Kachikwu said the February 25 presidential election should be an opportunity for Nigerians to restore, rebuild, revive and reclaim their country by voting wisely. He urged Nigerians to demand that all presidential candidates have public debates.

“They say they will transform the country from consumption to production and you all clap. The question is produce what, where and when. It is your right to ask questions. How do we enter an election like this without debating or discussing the issues, what is wrong with us, we create problems and then bring in a spiritual dimension,” Mr Kachikwu stated.

Lagos to spend 27.3% of 2023 budget on modern infrastructure

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The Lagos State government says 27.3 per cent of its 2023 budget, amounting to N482.86 billion, will be expended to provide modern infrastructure to the residents.

The Commissioner for Economic Planning and Budget, Samuel Egube, made this known in Ikeja during a news conference on analysing the 2023 budget for the state.

Mr Egube said the state government was committed to ensuring that the residents of the state would feel the dividend from its investments in Integrated Transport Infrastructure.

According to him, the Integrated Transport Infrastructure will materialise into the birth of the functional light rail, the Red-Blue System, the first of its kind by a sub-national government in Africa and the 37km Fourth Mainland Bridge.

“These will reduce commute time to millions of Lagosians, reduce congestion on the existing Carter, Eko, Third Mainland Bridges and Ikorodu Road, thus, increasing productivity, quality of life and improving the overall transportation system in the state,” he said.

Mr Egube said the infrastructure budget captured in the budget included the construction of the second phase of the blue line from Mile 2 to Okokomaiko, completing eight stadia across the five IBILE divisions of Lagos State to facilitate youth development, engagement and community sports.

The commissioner said there would be continuous construction and rehabilitation of schools across the state to improve access to quality education.

He said the budget would ensure the completion of the 130-bed New Massey ultra-modern and fit-for-purpose pediatric programmed and emergency general hospital that would be the largest specialist children hospital in sub-Saharan Africa.

“Others include the completion of the modern 280 beds general hospital serving the people of Ojo and its environs, which is currently at 47 per cent completion and completion of the mental health facility in Ketu Ereyun in Epe Local Government.

“Also, completion of the Opebi Link bridge to Maryland that will significantly improve travel time and alternative route options in the axis, rehabilitation/upgrading of Phase II Eti-Osa-Lekki-Epe Expressway Project from Eleko T-Junction – Abraham Adesanya, among others,” Mr Egube said.

Mr Egube said the state government had allocated 13 per cent of the budget for providing affordable and world-class education, healthcare and social services for its teeming populace to make the system accessible and affordable.

According to him, the state government intends to expand its effort in social interventions, with an investment of N9.6 billion, as against N8.3 billion recorded in the 2022 Social Intervention & Humanitarian Programme that will serve as support for micro and small businesses.

“The government has reiterated its stand in continuing to invest in the provision of affordable homes for the people of Lagos through its social housing programme by injecting N67.1 billion.

“Some of the social housing programme budget targets include the completion of 444 units of building projects at Sangotedo Phase ll.

“Others are completion of 420 units of building projects at Ajara, Badagry Phase ll and the construction of 136 units of building projects at Ibeshe ll, among others,” he said.

He said that the government was committed towards the state’s five-year agric road map, which had seen to the inauguration of the Imota Rice Miills, to provide support to farmers and improve food systems.

He said that in addition to this, the state would invest N45.1 billion for food security through Cattle Feedlot Project, Fish Processing Hub Programmes and Wholesale Produce Hub & Market.

Mr Egube said the N86 billion investments in Public Order and Safety Sector showed the state’s continuous commitment to ensuring that Lagos was safe for living, working and investment.

He said N12 billion had been earmarked for providing rescue and emergency operation equipment for disaster management, and provision had been made for surveillance and body cameras for security monitoring.

According to him, the 2023 budget will invest in strengthening intelligence gathering/capacity building capabilities and improving the ease of doing business through the Smart-City project, the Lagos new Data Centre Project, Eko Excel Project, E-GIS and the Oracle Upgrade Project.

“The state approved the Year 2023 Budget of N1.768 trillion, which is made up of N1.020 trillion as capital expenditure and N748.097 billion as a recurrent expenditure with debt charges inclusive, resulting in a capital to recurrent ratio of 58:42.

“The total revenue is estimated at N1.418 trillion, while the deficit-funding requirement is N350.411 billion, which at 25 per cent of total revenue implies that the budget is strongly dependent on revenue,” he said.

Court acquits billionaire Jide Omokore of $1.6 billion fraud

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The Abuja Division of the Federal High Court has discharged and acquitted Jide Omokore, chairman of Atlantic Energy Drilling Concepts Nigeria Limited, of fraud.

The court, however, convicted Mr Omokore’s co-accused, Victor Briggs and Abiye Membere, for receiving car gifts, an offence contrary to section 98 of the Criminal Code Act.

Delivering judgement on the alleged $1.6 billion fraud charge levelled against the defendant, the trial judge, Nnamdi Dimgba, held that the prosecution failed to prove its case beyond reasonable doubt against Mr Omokore.

The judge held that the prosecution failed to establish the offence of obtaining by false pretence, conspiracy, fraud and conversion levelled against Mr Omokore.

He subsequently discharged and acquitted him.

The judge, however, found Messrs Briggs and Membere guilty of official corruption under section 98 of the Criminal Code Act and convicted them of the same.

The judge said Messrs Briggs and Membere collected car gifts which they admitted to in their extrajudicial statements.

Justice Dimgba said that being public officials, he was satisfied that the manner in which they received the car gifts was unethical.

He ordered that the convicts be remanded in EFCC custody pending their sentencing on Wednesday.

The offence of public corruption under section 98 of the Criminal Code Act attracts a seven-year jail term.

The defendants were arraigned by the Economic and Financial Crimes Commission (EFCC) on a 15-count charge on July 4, 2016.

They were alleged to have fraudulently diverted about $1.6 billion alleged to be part of the proceeds of sales of petroleum products belonging to the federal government.

Ondo governor Akeredolu says it is Tinubu’s turn to be president

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Governor Rotimi Akeredolu has called on Ondo locals not to allow the struggle for southern presidency to fail, by voting for Bola Tinubu.

Mr Akeredolu said since the North had produced the president for eight years, it is the turn of the South to occupy the presidency.

He added that the nationwide acceptability enjoyed by APC presidential candidate, Mr Tinubu, signalled victory in the February 25 election.

Mr Akeredolu made the call at the APC Ondo North senatorial campaign rally held in Owo on Monday.

The governor assured that the country would flourish under Mr Tinubu, if elected president.

He explained that no amount of gimmicks and conspiracy could scuttle the victory of the ex-Lagos governor.

“Asiwaju Ahmed Bola Tinubu is tested and trusted. He has been governor of Lagos and we know how he transformed the state. I can assure you, Nigeria will move forward under Tinubu as president,” the Ondo governor said.

Mr Akeredolu urged the people to vote for all APC candidates, including Mr Tinubu in the February 25 and March 11 polls.

The Ondo governor called on the people of Owo, Ose and Akoko to vote massively for the senatorial candidate of the party, Jide Ipinsagba, adding that his experience in the private sector would help him deliver on his mandate, if elected.

He also urged the people to drum support for all the House of Representatives candidates of the party.

The governor said Bunmi Tunji-Ojo, Timehin Adelegbe and Adegboyega Adefarati, as House of Representatives candidates, would bring quality representation to the people of their federal constituency.

Mr Akeredolu also campaigned for the candidates of the House of Assembly in the senatorial district. They include Oluwole Ogunmolasuyi,
Owo constituency I; Morenike Witherspoon, Owo constituency I; Olatunji Maxima, Ose constituency; Gbogi Emmanuel, Akoko South West constituency I; and Akeju Bukunmi, Akoko South West constituency I.
Others are Alaye Adesina, Akoko South East constituency; Oluwatoyin Japhet, Akoko North East constituency; Bolaji Atere, Akoko North West constituency I and Taofik Mohammed, Akoko North West constituency I.