JUST IN: EFCC Chairman, Bawa Testifies In N1.4billion Oil Subsidy Fraud Trial - IReporteronline
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JUST IN: EFCC Chairman, Bawa Testifies In N1.4billion Oil Subsidy Fraud Trial

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The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, on Wednesday appeared before an Ikeja High Court to give evidence in a N1.4 billion fraud trial involving an oil company, Nadabo Energy.

Led in evidence by the prosecution counsel, Mr Saidu Ateh, the EFCC chairman analysed the electronic mail correspondences of the defendant and found out that the defendants contrary to their claim took about six million litres of fuel from the mother vessel to their chartered vessel.

The email further confirmed that the same quantity was discharged at Port Harcourt, Rivers State.

“In addition, the email also informed us that one Mr Jide Akpan was the agent of the vessel

“We invited the said Akpan and during the course of our interrogation with him, he confirmed that the first defendant through the second defendant deferred the vessel and paid for it,” Bawa said.

Bawa, before his confirmation as EFCC Chairman, appeared before the court last year as prosecution witness.

The EFCC had accused Abubakar Ali Peters and his company, Nadabo Energy of allegedly using forged documents to obtain N1,464,961,978.24 from the Nigerian government as oil subsidy after allegedly inflating the quantity of premium motor spirit, PMS, purportedly supplied to 14,000M.

The defendants had pleaded not guilty to the prosecution’s fraud charge.

Bawa in his previous testimony had told the court that based on investigation carried out on the defendant’s dealings with Staco Insurance Company, “the certificate of marine insurance used by the defendant for the transaction in question was forged.”

The matter was adjourned by Justice Balogun to February 10, 16, 23 and March 9, 2021 for continuation of trial.

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Naira Closes Week Stronger To The Dollar

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Naira closed the week stronger to the dollar after four days of trading at the I&E window of the foreign exchange market.

Naira had opened the week weaker to the dollar after Tuesday’s trading at N410.50, but on Friday data posted on the FMDQ Security Exchange where forex is officially traded showed naira exchange at N409.00.

Friday’s exchange rate represents a 0.16 per cent appreciation from N409.65, the rate at which the naira closed on Thursday.

Similarly, forex turnover increased week on week increase from $35.55 million on Thursday last week to $55.21 million.

Although Friday turnover represents a drop by 41.07 per cent, from the $93.69 million posted on April 8th.

Market participants during Friday’s trading bid for dollar between N395.00 and N420.00.

In the unofficial market however, the naira remained unchanged against the U.S. dollar according to data posted by abokiFX.

The data posted showed that the naira closed at N485.00 at the black market on Friday, the same rate it exchanged hands since the start of the month.

At the end of Friday’s trading the difference between the unofficial market and the I&E window exchange rate stood at N76.

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Why Nigeria Can’t Stop Borrowing – CBN

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The Central Bank of Nigeria, CBN, has insisted that Nigeria can’t stop borrowing, mainly when it’s necessary.

Mr Godwin Emefiele, the CBN Governor, disclosed this in Abuja on Friday at the National Dialogue on Nigeria’s rising debt profile, titled: “The Rising Public Debt in Nigeria and the Challenges of National Development,” organised by the Action Aid Nigeria (AAN).

Emefiele, who was represented by Dr Tawose Joseph, the Assistant Director, Monetary Policy Department, CBN, said there is no crime in borrowing.

According to him, there should be monitoring and evaluation of the money borrowed and its purpose.

This is coming as AAN and stakeholders have expressed fear over unbalanced borrowings levels, rising national debt profile and increasing poverty level under President Muhammadu Buhari-led government.

He said, “Debt is part of fiscal responsibility. Debt is never a crime or a sin. The private entity also borrows to survive. What matters most is the debt’s quantum and the debt usage as well as if money is borrowed as a result of the shortage of income generation.

“When you compare the income and expenditure, and it is efficiently used, it is part of government responsibility. But where the fear is when it is above the threshold.

“CBN understands that when there is a crisis in an economy, then the burden of debt would be something. That is why the conventional and non-conventional instruments are there to ensure price stability in the economy.”

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Aisha Buhari Rakes N155m At Book Launch

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Wife of the President Mrs Aisha Muhammadu Buhari Thursday realised N155 million at the public presentation of a book titled, “Aisha Buhari: Being Different.

 

The book, written by the Senior Special Assistant to the President on Administration and Women Affairs, Office of the First Lady, Dr Hajo Sani, was launched at the State House Banquet Hall in Abuja.

 

National leader of All Progressives Congress (APC) Mr Asiwaju Bola Ahmed Tinubu bought copies of the book N20 million while Alhaji Aliko Dangote and Alhaji Abdulsamad Rabiu bought copies for N30 million and N25 million, respectively.

 

Mrs Folorunso Alakija and Chief Kessington Adebutu bought copies for N10 million each while representatives of Alhaji Muhammadu Indimi and Captain Idahosa Okunbo donated N20 million each.

Mrs Bola Shagaya and the representatives of Arthur Eze donated N10 million each.

 

The chairman Nigeria Governors Forum (NGF) Governor Kayode Fayemi of Ekiti state, and Deputy Senate President, Mr Ovie Omo-Agege pledged an undisclosed amount of money for copies of the book.

The event was jointly organised by the Office of the First Lady of Nigeria and the Women and National Development (WAND).

 

Meanwhile, Vice President Yemi Osinbajo has extolled the virtues of wife of the President, Mrs Aisha Muhammadu Buhari, saying she has redefined the role of the office of the First Lady of the country.

 

Speaking at the public presentation of the bookOsinbajo said, the First Lady has endeared herself to Nigerians by stepping outside the box of what used to be the personage and traditional roles in Nigeria’s presidential history.

He said she has also regaled Nigerians with many firsts, including keeping Nigerians updated with the activities of her office or how she feels on an issue via the social media outlets and connecting with the public in real-time.

 

“She’s, of course, the First Lady to be on Twitter, on Instagram, and other social media platforms, getting her unfiltered views across to the Nigerian people and she’s probably the first to receive, in real time, the opinions of Nigerians on her views. With her views, forthright, crisp, truthful and once in a while controversial, she has established an ongoing conversation with the Nigerian people.”

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