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Ex-FCT Minister, Akinjide, Pleads Court Compell EFCC to Refund her N650m



A former Minister of the Federal Capital Territory, Jumoke Akinjide, has urged the court to compel the Economic and Financial Crimes Commission to return to her a sum of N650m, which she said the anti-graft agency took from her under investigation.

The EFCC is prosecuting Akinjide for an alleged fraud of N650m before the Federal High Court in Lagos.

The anti-graft agency alleged that she collected N650m from a former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, in the build-up to the 2015 general elections.

But in a fresh application by her lawyer, Chief Bolaji Ayorinde (SAN), Akinjide said she had already been coerced by the EFCC to return the N650m.

She begged the court to quash the charges against her for being an abuse of court processes.

She said no prima facie case of fraud was established against her in the proof of evidence filed before the court by the EFCC.

Akinjide said contrary to the claim by the EFCC that she collected N650m from Diezani, the money was actually from the fundraiser organised by the Peoples Democratic Party to fund the re-election campaign of then President Goodluck Jonathan and Vice-President Namadi Sambo.

She argued that the EFCC was aware that such fundraising was legal and normal under the Electoral Act 2010; and that the All Progressives Congress also conducted a similar fundraiser and realised N50bn, which it used to fund the campaign of its presidential candidate, Muhammadu Buhari, and his running mate, Prof. Yemi Osinbajo.

She said while the PDP members were being “harassed, charged or prosecuted” over the money realised from its fundraiser, “none of the members or candidates of the APC was charged from the conclusion of the 2015 general elections till date on the basis of the N50bn fundraising.”

Akinjide said she handled the N650m in her capacity as the Oyo State coordinator of the Goodluck/Sambo presidential election campaign, adding that “the money was distributed to various groups and sub-coordinators of the PDP in Oyo State as directed by the party in order that the funds might be further distributed to party agents and other workers in the campaign organisation.”

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CBN to Offer Single-digit Loans to Rice Farmers



The Central Bank of Nigeria has announced it would begin to offer single-digit loan to rice farmers in the Niger Delta area and provide index insurance for participating farmers.

This was contained in a statement signed by the Head, Press and Public Relations at the Ministry of Niger Delta Affairs, Patricia Deworitshe.

It was issued after a second collaborative meeting between the Minister of Niger Delta Affairs, Godswil Akpabio, and representatives of the CBN in Abuja.

The meeting focused on how to develop the Niger Delta area, using farming as a tool on Friday.

According to Deworitshe, the representative of the CBN Governor at the meeting, Mr Anthony Ifechukwu, said that the CBN in 2018 identified cassava, rice, oil palm and cocoa farming as those with comparative advantage in the region, adding that the apex bank was also making an effort to intervene in livestock and fishery production in the region.

The statement said, “Ifechukwu also assured participating farmers of a guaranteed market price for their produce, explaining that the bank would give a single-digit interest loan for five years.

“He advised eligible farmers willing to participate in the scheme to procure quality seedlings from reputable companies and plant their crops in clusters, adding that CBN will do index insurance for participating farmers.”

Speaking at the meeting, Akpabio, who was represented by Permanent Secretary at the ministry, Adesola Olusade, reiterated the resolve of the ministry to key into the agricultural revolution in partnership with the CBN.

He said the ministry would focus on land acquisition for the project by approaching governors of the nine states in the region to address the issue (land acquisition) under the Land Use Act.

Akpabio stated that discussion on land acquisition would form part of the agenda for the next national council meeting, which would be held in Rivers State.

The minister spoke on the need for the programme to leverage the capacity of the private sector and the resuscitated National Agricultural Land Development Authority in the area of land preparation for the success of the scheme.

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Greif Steels to Delist from NSE



The Nigerian Stock Exchange will experience a delisting of Greif Nigeria Plc, a manufacturer of steel drums and plastic containers.

The company said in a statement on Wednesday that the delisting would go through if approved at its Extraordinary General Meeting slated for January 23, 2020.

Greif Nigeria had in February decided to suspend its operations due to the low performance of the company and challenging market conditions.

The Chairman of the company, Mr Adedayo Olowoniyi, had said the company was performing below operating and material costs.

He said the company was working assiduously to prevail through the challenging business environment but still had issues in cost-recovery through several price increases in the market, despite adopting cost reduction measures and driving efficient methods.

Olowoniyi said, “As a result of increased competition and a stagnant market for steel drums, we do not see improvement happening soon. Greif Nigeria has been operating well below operating costs, even below direct material costs, and sees no signs of improved market conditions.

“Therefore, we have decided to stop operations with immediate effect. The coming months we will investigate if and/or how we can continue with Greif Nigeria.”

However, the company announced on Wednesday that sequel to the board meeting held on December 12, the company was also planning a sale of its assets, which means liquidation is in view.

The statement read in part, “The company’s land and buildings known and designated as the factory at No. 1, Alapata Road, Apapa, Lagos and residence at No. 3/5 Barracks Road, Apapa, Lagos be sold at a price and upon such terms and conditions negotiated and determined by the board.

“The company’s shares would also be delisted from the Nigerian Stock Exchange as the board has been authorised to take such steps or actions and to do all things as may be necessary to give full effect to the resolutions mentioned above.”

It added that its nominees recommended that the register of members and transfer books be closed from December 23 to 24, 2019 with both dates inclusive.

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Nigerian Saviour and Air Peace CEO Indicted for Bank Fraud by US Govt



On Friday, the United States Department of Justice charged the Chairman and Chief Executive Officer of Air Peace, Mr. Allen Onyema, with bank fraud and money laundering for moving more than $20m from Nigeria through United States bank accounts in a scheme involving false documents based on the purchase of airplanes.

In a statement, the American government said the airline’s Chief of Administration and Finance, Ejiroghene Eghagha, had also been charged with bank fraud and “aggravated identity theft” in connection with the scheme.

“Onyema allegedly leveraged his status as a prominent business leader and airline executive while using falsified documents to commit fraud,” US Attorney Byung Pak, was quoted to have said.

“We will diligently protect the integrity of our banking system from being corrupted by criminals, even when they disguise themselves in a cloak of international business,” he added.

According to Pak, the indictment, and other information presented in court, beginning in 2010, Onyema began ttravelingfrequently to Atlanta, where he opened several personal and business bank accounts.  Between 2010 and 2018, over $44.9m was allegedly transferred into his Atlanta-based accounts from foreign sources.

“Beginning in approximately May 2016, Onyema, together with Eghagha, allegedly used a series of export letters of credit to cause banks to transfer more than $20m into Atlanta-based bank accounts controlled by Onyema.

“The letters of credit were purportedly to fund the purchase of five separate Boeing 737 passenger planes by Air Peace.  The letters were supported by documents such as purchase agreements, bills of sale, and appraisals proving that Air Peace was purchasing the aircraft from Springfield Aviation Company LLC, a business registered in Georgia,” the statement reads in part.

It stated that, however, the supporting documents were fake as Springfield Aviation Company LLC, which is owned by Onyema and managed by a person with no connection to the aviation business, never owned the aircraft, and the company that allegedly drafted the appraisals did not exist.

“Eghagha allegedly participated in this scheme as well, directing the Springfield Aviation manager to sign and send false documents to banks and even using the manager’s identity to further the fraud.

“After Onyema received the money in the United States, he allegedly laundered over $16m of the proceeds of the fraud by transferring it to other accounts,” it added.

Onyema, however, denied the allegations, describing them as false.

In a statement, Onyema said, “I confirm to you that all allegations are false and are in no way in line with my character as a person and as a bbusinessmanwhose only aim has been to build Nigeria and improve wellbeing.

“As the press statement clearly stated, these are indictments that only contain charges.

“I am innocent of all charges and the US government will find no dirt on me because I have never conducted business with any illegalities.”

Onyema said his lawyers had taken over the case.

“I never laundered money in my life, neither have I committed bank fraud anywhere in the world. Every Kobo I transferred to the US for aircraft purchase went through the Central Bank of Nigeria LC regime and all were used for the same purpose.

“The American companies that received the funds are still in business. I never took a penny from any US bank or Nigerian bank.

“I am willing to defend my innocence in the US courts,” Onyema said.

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FEC Okays N200bn Loan for Bank of Industry.



The Federal Government Executive Council presided over by President Muhammadu Buhari has approved the sourcing of  €500 million loan  for the Bank of Industry from external creditors.

Briefing State House correspondents after the weekly FEC meeting at the Council Chamber, Presidential Villa Abuja, the Minister of State for Finance, Budget and National Planning, Clement Agba explained that the loan was meant to support industrialization and agriculture, in addition to creating up to 1.2 million new jobs.

The 500 million Euro Sovereign Guarantee loan he said would be sourced for the Bank of Industry from external creditors. Agba said that the facility would be repaid in five (5) years and that the Federal Government guaranteed the loan.

According to him, ”Council today (yesterday) approved the issuance of a Sovereign Guarantee of 500 million Euros from the Credit Suisse AG London Branch and a syndicate of international lenders as collateral for 500m Euro facility to the Bank of Industry.

He further stated that the loan will be swapped to Naira by the Central Bank of Nigeria (CBN) to mitigate the foreign exchange risk and the fund will therefore  be available to Nigerian enterprises at a more affordable rate and in local currency.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, said council approved a Justice Sector Policy for the country essentially to reform the sector by simplifying access to justice.

He explained that the policy would ensure “speedy determination of justice”, “quality of justice” and “access to justice.”

He said: “It is a blue print that set out a shared vision, objectives and interventions for the reform of justice sector to engender fair, efficient and transparent administration of justice

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