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ICPC rearrests former JAMB chief Ojerinde

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Thursday rearrested former Registrar of the Joint Admission and Matriculation Board (JAMB), Professor Adedibu Ojerinde.

Mr Ojerinde was picked up by operatives on the anti-corruption agency at the premises of the court where he had been standing trial for alleged fraud.

The spokesperson for ICPC, Azuka Ogugua, in a statement said that Mr Ojerinde was rearrested following a warrant issued by the Federal High Court, Abuja.

He is expected to face a team of ICPC investigators over new evidence uncovered in relation to his ongoing trial for diversion of funds while he was a public officer.

Ms Ogugua said that the rearrest of Mr Ojerinde was due to his refusal to honour the commission’s invitation extended to him in December 2022.

“ICPC operatives uncovered two accounts opened in the names of Trillium Learning Centre Ltd and Sapati International Schools Ltd into which funds were diverted using fictitious names of students.

“The Commission had on Dec. 12, 2022, invited the former JAMB Registrar for questioning over the new evidence but he wrote through his solicitor requesting 14 days’ grace to enable him to honour the invitation.

“Ojerinde, however, refused to honour the invitation as undertaken by his counsel after the expiration of the 14 days grace on Dec. 27, 2022.

“In the course of its ongoing investigation, the Commission unearthed new evidence that suggests that Ojerinde is the sole signatory to various bank accounts operated in the name of Trillium Learning Centre Ltd and Sapati International School Ltd.

“Ojerinde reportedly operated those accounts using false identities and forged documents in the names of Joshua Olakulehin Olaniran and Akanbi Lamidi, respectively.

“He also reportedly used another false identity, Adeniyi Banji to operate a separate account in the name of Standout Institutes Ltd, ” she alleged.

Ms Ogugua further explained that the ICPC also recovered the cheque books of the companies’ accounts from Mr Ojerinde, who has been taken into custody at the headquarters of the commission.

According to her, the commission may likely prosecute Mr Ojerinde before a court of competent jurisdiction.

She added that he would be tried on offences bordering on forgery of documents, stolen identity, money laundering and concealment of gratification, if the new evidence is confirmed.

“Ojerinde is currently being prosecuted by the Commission at the Federal High Court Abuja and Federal High Court Minna on an 18-count charge bordering on abuse of office and fraud to the tune of about N10 billion.

“He committed the offences while serving as heads of two government agencies, the National Examination Council (NECO) and JAMB.

“He had allegedly conferred corrupt advantages upon himself at different times while being Head of JAMB and NECO, thereby violating Sections 19, 24, 25 (1) (a) and (b) of the Corrupt Practices and Other Related Offences Act 2000 and Section 1 (1)(b) of the Advance Fee Fraud Act, 2006, ” she added.

NDLEA says its operatives were offered bribes by alleged drug dealers

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Femi Babafemi, the spokesman of the National Drug Law Enforcement Agency (NDLEA) said some drug barons offered N3 million as bribes to operatives of the anti-narcotics body.

He said this was after 2,601.5kg of Indian hemp and 102,500 strong anaesthetic pills were impounded across eight states last week.

Mr Babafemi, however, stated in Abuja on Sunday, that the bribe would be used as an exhibit in the prosecution of the suspects.

He stated that the drugs were impounded in Plateau, Edo, Delta, Taraba, Kogi, Kano, Lagos and Adamawa.

He also stated that 309kg of Indian hemp was recovered from a Bauchi-bound Toyota Camry car intercepted on Bauchi Road, Jos, on Saturday and driven by a 37-year-old suspect, Godwin Ojo.

He added that 718kg of Indian hemp was also seized in an uncompleted building at Sabongida-Ora town in Owan West Local Government Area of Edo.

“In Delta, at least 250.3kg of Indian hemp was recovered from three suspects: Wilson Ejougo (43), Chuks Okpor (33) and Grace Isaiah (51), in raids in Abbi town, in Ndokwa West Local Government Area and Asaba.

“A suspect, Umar Halidu (35), was arrested with 18kg of Indian hemp at Mutum Biyu, in Gassol Local Government Area of Taraba.

“The trio of Ali Abdulwahab (48), Bashir Musa (31), and Ibrahim Shuaibu Abdullahi (38) were nabbed with 532kg of Indian hemp in their truck in Kogi,” Mr Babafemi stated.

He added that at least 189 blocks of Indian hemp weighing 131kg were seized from a suspect, Shafi’u Abubakar,29, in the Mariri area of Kano.

In Lagos, the NDLEA seized 119.4kg of Indian hemp.

The NDLEA spokesman also stated that 523.8kg of Indian hemp was seized in a bus heading to Port Harcourt on Lagos-Ibadan Expressway on Sunday, January 22.

“Four suspects: Okechukwu Umen; Lanre Adebayo Ismaila (47), Adeshina Adigun (50) and Emmanuel Omijeh (42) were arrested in connection with the seizure,” he stated.

Mr Babafemi stated that the 102,500 powerful anaesthetics pills were recovered from the store of a mobile dealer at Old Park, Mubi, in a joint operation with military personnel in Adamawa.

My thoughts on the CBN’s naira policy By Jekwu Ozoemena

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One day to the original CBN exchange deadline and we should have about N780 Billion of old naira notes left to be deposited with the CBN (N2.68 Trillion less the N1.9 Trillion that has been deposited). In this N780 Billion are the lower lower denomination notes that were not redesigned and are not expected to be deposited.

Note that I have used "deposited" rather than "exchanged" because the CBN is not exchanging old currency value for new currency value with the banks but is using this as a means to reduce the high denomination notes in circulation, essentially mop-up currency in circulation outside banks, which in itself is a good thing.

But I still think that there is something not adding up in the narrative that the CBN’s currency redesign program is meant to force corrupt politicians who have stockpiled cash for elections to deposit the money in the bank.

Currency in circulation outside banks was N1.47 Trillion in 2015 and has increased to N2.68 Trillion as at August 2022. However, like I have noted several times, Narrow Money M1 (defined as money supply that includes all physical money such as coins and currency, demand deposits, and other liquid assets held by the central bank) has more than tripled from N6.9 Trillion by December 2015 to N21.4 Trillion in August 2022. I would have argued that coupled with inflation, in a cash driven economy such as ours, this would have an impact on currency in circulation outside the banks, particularly if juxtaposed against Broad Money (the totality of money circulating in the economy) which increased from N21.7 Trillion to N49.35 Trillion within the same period.

What the politicization of the currency redesign deadline has done effectively is to distract Nigerians from the real issues.

"How and why did Broad Money increase from N21.7 Trillion in 2015 to N49.35 Trillion in 2022?"

"How and why did Narrow Money increase from N6.9 Trillion by December 2015 to N21.4 Trillion in August 2022?"

My take on this is that we should not be fooled. If truly politicians have hoarded money to use for this election, trust me that for the powerful politicians in government, a lot of that money has already found its way back into the banking system and would be on the streets on due date as new naira notes if available (remember that totality of Money in Circulation increased from N21.7 Trillion in 2015 to N49.35 Trillion in 2022).

Essentially, what they would have done is to arm themselves with a massive war chest while handicapping the ability of their opponents to influence the elections with cash.

Anyway, what do I know, February 25th 2023 is just a few days away.

Sagay backs Tinubu over conspiracy claims

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Chairman of the Presidential Advisory Committee Against Corruption (PACAC), Prof. Itse Sagay (SAN) has thrown his weight behind the claim by Asiwaju Bola Tinubu, presidential candidate of the ruling All Progressives Congress (APC) that there are attempts to sabotage his presidential bid through naira redesign and fuel scarcity.

Tinubu during his rally in Abeokuta, Ogun State on Wednesday specifically said the fuel crisis and the scarcity of the redesigned naira notes were artificially created to discourage people from voting for the APC and sabotage his election.

Tinubu said, “We will use our PVCs to take over government from them, if they like let them create fuel crisis, even if they said there is no fuel, we will trek to vote. They are full of mischief, they could say there is no fuel. They have been scheming to create a fuel crisis, but forget about it. Relax, I Asiwaju have told you that the issue of fuel supply will be permanently addressed”.

Mr Sagay said he was surprised that President Muhammadu Buhari had not called Godwin Emefiele, Central Bank Governor (CBN) to order on his insistence that there is no going back on the January 31 deadline for the usage of the old naira notes.

“I suspect that because when people in responsible positions begin to create hardship and annoyance and anger in the population which will be directed against the government, just before an election, the effect of that is that the government is going to be blamed by the voters and they may decide out of anger to vote for another party.

“It will drive away votes from the ruling party which they will blame for the conditions and circumstances being created by these very dangerous people”.

“What Emefiele is trying to do in saying you cannot use the existing currency after the 31st of January in a situation where the new currency is not available to be used is a plot to create disaffection for the government and indirectly create an unfavorable image for that government before the populace in a few weeks to an election. There is no question about that”.

“What is surprising is that no one stopping him. The president has not stopped him and he is saying there is no going back in an action which is a sabotage of the goodwill of that government. It is just incredible”.

“On fuel scarcity, I can’t understand it. It has never happened before. This is going to be three months now and the NNPC is saying there is no shortage, they have enough supply for another three months. Yet, we cannot find petrol anywhere. Somebody is playing a game. I suspect after the election we are going to have petrol”.

“I agree with what Tinubu is saying. Something underhand is going on in this country which is intended to affect the outcome of the election”.

Obaseki says Edo has spent $150 on erosion and flood control

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[Headlines]

Governor Godwin Obaseki says the Edo government spent $150 million on flood control and erosion management in different locations.

Mr Obaseki disclosed this at the official launch of the Edo State Flood, Erosion, and Watershed Management Agency (Edo FEWMA) in Benin at the weekend.

Edo FEWMA is a new agency established by the government to sustain the gains recorded in erosion control and flood management started under the World Bank-assisted Edo State Nigeria Erosion and Watershed Management Project (Edo NEWMAP).

In a statement issued on Monday by his spokesman Crusoe Osagie, Mr Obaseki reassured that the government would sustain efforts at protecting the environment and ensure improved livelihoods for the Edo people.

The governor decried that most of the environmental challenges faced by the state were man-made.

He noted that the government was taking critical steps at building a progressive and prosperous Edo that was resilient to climate change and anchored on sustainable environmental development and a circular economy.

Mr Obaseki, therefore, warned that any agency intending to build roads in the state, including the Niger Delta Development Commission (NDDC), must first register its design with the Edo FEWMA to ensure proper engineering design and erosion control mechanisms.

“Over the last 10 years, we have spent over $150 million trying to repair what we have damaged by ourselves. We should ask ourselves if this is the way we should continue to go,” the governor added. “Can we not prevent some of these things that are leading to the environmental challenges we are faced with?”