Tag: CBN

CBN

Naira depreciates against Dollar as CBN begins regular FX sales

The Naira on Friday depreciated at the official market, trading at N1,596.92 to the Dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira lost N30.10.

This represents a 1.92 per cent loss when compared to the previous trading date on Thursday when it exchanged at N1,566.82 to a Dollar.

Also, the total daily turnover reduced to 250.67 million dollars on Friday, down from 273.14 million dollars recorded on Thursday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,619 and N1,495 against the dollar.

CBN commences regular foreign exchange sales to bridge demand gap

Meanwhile, the Central Bank of Nigeria (CBN) says it has commenced regular sale of foreign exchange (FX) through authorised dealer banks and licensed Bureaux De Change (BDCs) to bridge gap.

The Director, Financial Markets Department, CBN, Ms Omolara Duke, said this in a statement on Friday in Abuja.

Duke said that recent movements in FX market were largely driven by demand pressure from corporate entities and summer season uptick.

She said that such fx supply was in line with the price stability mandate of the CBN, as well as its commitment to ensure a well functioning and liquid market.

She said that the apex bank would continue to support various segments of the official markets with liquidity over the next few weeks.

“In line with the above, the CBN, on Thursday and Friday, sold a total sum of 106.5 million dollars to 29 authorised dealer banks between an exchange rate range of N1, 498 to one dollar.

“In addition, it bought 9.5 million dollars from four authorised dealer banks at rates between N1,510 to one dollar and N1,550 to one dollar,” she said.

She said that CBN would continue to closely monitor compliance with existing trading rules and regulations by authorised dealer banks to promote ethical conduct and support the drive to achieve fx market stability.

She urged the general public to direct their fx demand to their banks and BDC operators in accordance with prevailing market regulations.

July 20, 2024
Economy has witnessed growth, stability – CBN

The Central Bank of Nigeria (CBN) said in Abuja on Friday that its monetary policies and actions have stimulated growth and stability of the nation’s economy.

CBN Governor, Mr. Olayemi Cardoso, said this during an engagement with Senate Committee on Banking, Insurance and other Financial Institutions.

Cardoso said that given the positive indicators, Nigerian were in for better days.

He said: “The spread between official and BDC rates has narrowed significantly from N162.62 in January to N47.22 in June indicating successful price discovery, increased market efficiency and reduced arbitrage opportunities.

“The stock of external reserves increased to 36.89 billion dollars as of July 16, compared with 33.22 billion dollars as at end-Dec 2023, driven largely by receipts from crude oil related taxes and third-party receipts.

“In first quarter 2024, we maintained a current account surplus and saw improvements in our trade balance.

According to him, the nation’s external reserves level as at end of June can finance over 11 months of importation of goods and services or 14 months of goods only.

Cardoso said this was significantly higher than the prescribed international benchmark of 3.0 months, indicating a strong buffer against external shocks.

He said that the banking sector remained robust and diverse, comprising 26 commercial banks, six merchant banks and four non-interest banks.

“Key indicators such as capital adequacy, liquidity, and non-performing loan ratios all showed impressive improvements, underscoring the sector’s growing stability and resilience.

“The equity market has shown impressive performance, with the All-Share Index rising by 33.81 per cent and market capitalisation expanding by 38.33 per cent from Dec 2023 to June 2024, reflecting growing investors’ confidence,” he said.

Cardoso said that while CBN was encouraged by these positive trends, it remained vigilant and committed to implementing policies that support sustainable growth in the financial markets, while maintaining overall economic stability.

He also assured members of the committee that required measures and strategies had been mapped out to confront emerging challenges.

“To combat inflation, we have implemented a comprehensive set of monetary policy measures.

“These include raising the policy rate by 750 basis points to 26.25 per cent, increasing cash reserve ratios, normalising open market operations as our primary liquidity management tool.

“And adopting Inflation Targeting as our new monetary policy framework,” he said.

Cardoso said in the area of banking supervision, CBN had taken decisive actions to ensure the safety, soundness, and resilience of the banking industry.

He said that key measures included intervention in three banks, revocation of Heritage Bank’s license, increasing minimum capital requirements, and enhancing AML/CFT supervision.

“We also introduced new frameworks for Cash Reserve Requirements and cybersecurity and prohibited the use of foreign currency collaterals for local currency loans,” he said.

Cardoso said that CBN was in the process of reviewing micro and macro prudential guidelines to reinforce the resilience of financial institutions to withstand tightened conditions, thereeby creating a secure and attractive investment climate.

“We have signaled our plans to re-capitalise deposit money banks in Nigeria to improve capital inadequacy and their capacity to grow the economy.

“Our ultimate goal is to create a more stable, resilient, and efficient financial system that can better serve the Nigerian economy, while adhering to international best practices,” he said.

Earlier, Chairman of the Committee, Sen. Adetokunbo Abiru, said the purpose of the interaction was to update the committee on efforts, activities, objectives and plans of the CBN with respect to monetary policy.

July 19, 2024
BREAKING: CBN injects more USD into FX market

The Central Bank of Nigeria (CBN) on Thursday approved the sales of $20,000 each to Bureau de Change (BDC) operators in the country.

TheNewsGuru.com (TNG) reports CBN announced this in a statement signed by A. A. Mahdi on behalf of the Acting Director in charge of Trade and Exchange Department.

According to the apex bank, the move is to meet retail market demand for eligible invisible transactions.

“Following the on-going reforms in the foreign exchange market, with the objective of achieving an appropriate market determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued distortions in the retail end of the market, which is feeding into the parallel market and further widen the exchange rate premium.

“To this end, the CBN has approved the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,450/S (representing the lower band of the trading rate at NAFEM in the previous trading day).

“All BDCs are allowed to sell to eligible end-users at a margin NOT MORE THAN one point five percent (1.5 %) above the purchase rate from CBN.

“All eligible BDCs are directed to make the Naira payment to the listed CB Naira Deposit Account Numbers and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN Branches – (ABUJA, AWKA, KANO and LAGOS),” the statement reads.

Recall that the CBN had only on July 12th sold the sum of 122,671 million dollars to 46 authorised BDC operators.

According to a statement issued by the apex bank’s Director in charge of Financial Markets, Dr Omolara Duke, that move was aimed at promoting stability as well as to reduce market volatility in the foreign exchange market.

Duke said that 67.5 million dollars of the total sale was sold to 27 authorised dealers, while the sum of 2.5 million was bought from one authorised dealer on July 10.

She said that the range of the bid for the July 10 sales was between N1,480 and N1,500 to the dollar, while the value date for the payments, going by the settlement cycle of two days was July 12.

“Similarly, on July 11, the sum of 55.171 million dollars was sold to 19 authorised dealers at N1,540 to the dollar. The value date for the payments of the spot sale is July 15,” she said.

She urged all authorised dealers to ensure that foreign exchange purchases from the CBN were used exclusively for trade-backed transactions, which should be reported within 72 hours.

Duke said that the CBN supplied FX to the market to improve liquidity through spot sales to authorised dealers using two-way quotes.

She assured that the CBN would continue to ensure stability in the FX market.

July 18, 2024
CBN injects 122.671m Dollars into FX market

The Central Bank of Nigeria (CBN), has sold the sum of 122,671 million dollars to 46 authorised dealers.

According to a statement issued by the apex bank’s Director in charge of Financial Markets, Dr Omolara Duke, the move is aimed at promoting stability as well as to reduce market volatility in the foreign exchange market.

Duke said that 67.5 million dollars of the total sale was sold to 27 authorised dealers, while the sum of 2.5 million was bought from one authorised dealer on July 10.

She said that the range of the bid for the July 10 sales was between N1,480 and N1,500 to the dollar, while the value date for the payments, going by the settlement cycle of two days was July 12.

“Similarly, on July 11, the sum of 55.171 million dollars was sold to 19 authorised dealers at N1,540 to the dollar.

“The value date for the payments of the spot sale is July 15,” she said.

She urged all authorised dealers to ensure that foreign exchange purchases from the CBN were used exclusively for trade-backed transactions, which should be reported within 72 hours.

Duke said that the CBN supplied FX to the market to improve liquidity through spot sales to authorised dealers using two-way quotes.

She assured that the CBN would continue to ensure stability in the FX market.

July 12, 2024
Interest rate will come down soon – Cardoso

Following the complaints by stakeholders in the private and public sector on the impact of the high interest rate in the country, the Governor of the Central Bank of Nigeria (CBN) Dr Olayemi Cardoso has assured that the high interest rate regime would not last forever, saying it will begin to come down soon.

Speaking at the fireside session at the Businessday CEO Forum in Lagos, the CBN governor noted that himself alongside the Monetary Policy Committee of the CBN whilst desiring growth of the Nigerian economy is committed to taming inflation which has risen to 33.95 per cent as at June.

Benchmark interest rate currently stands at 26.25 per cent, and business owners, analysts, manufacturing companies and state governments have lamented the high interest rate, saying the high cost of borrowing would not only lead to job losses but also stifle economic growth in the country.

However, Cardoso noted that the high interest rate had become necessary to combat the consequences of the huge money supply into the system prior to his ascension as CBN governor.

“Sadly, we have a situation where we were all there when a lot of money supply went into the system. We all saw Ways and Means soar to N27 trillion. We saw interventions N10.5 trillion. It has its consequences. Painful, but it has its consequences. And to a large respect, that is what we’re paying for now.

“Interest rates are not set by the governor of the central bank. Interest rates are set by the Monetary Policy Committee. And thankfully, we have a monetary comments policy committee comprised of independent minded thinking people. And these are people who are not given to emotion. What they look at is data, and they basically go along with what the data says. The MPC has made it very clear that for them the major issue is taming inflation have also made it very clear that they will do whatever is necessary to tame inflation.

“The MPC is not oblivious to the fact that ultimately we do want to grow. The country does need growth. If these hikes were not done at the time they were done. If you recall, naira to dollar was almost tipping over. This helps to stabilise. Also, it is a time issue This is not something that I expect would remain with us forever. To the extent that the right policies are used, and obviously, with the results we’ve seen the right policies are being used. I believe that in the not too distant future, things will begin to modulate and interest rates will come down.”

July 12, 2024
Measures to tackle inflation working – CBN Governor

The Governor of Central Bank of Nigeria (CBN), Yemi Cardoso, has reassured Nigerians that the bank’s economic reforms were yielding significant results.

Cardoso said that this had led to a 50 per cent reduction in month-on-month inflation between February and May.

He made the remarks during the interactive session at the Business Day CEO Forum 2024 on Thursday in Lagos.

Addressing the setting of interest rates, Cardoso said that they were determined by the independent Monetary Policy Committee, comprised of data-driven experts who prioritise empirical evidence over emotions.

He highlighted the committee’s commitment to combating inflation through informed decisions.

“Interest rates are not set by the governor of the central bank. Interest rates are set by the Monetary Policy Committee.

“And thankfully, we have a monetary comments policy committee comprised of independent minded thinking people.

“And these are people who are not given to emotion. What they look at is data. They look at data, and they basically go along with what the data says.

“The FCC has made it very clear that for them the major issue is telling you and I’ve also made it very clear that they will do whatever is necessary to tame inflation,” he said.

Cardoso acknowledged the challenges posed by injecting substantial funds into the economy, including N27 trillion and N10.5 trillion interventions under the Ways and Means framework.

He credited timely rate adjustments for stabilising the national currency against fluctuations.

Looking forward, Cardoso expressed optimism that continued adherence to effective policies would lead to further stabilisation and eventual reduction in interest rates.

During the forum, Cardoso projected a positive growth trajectory for Nigeria while lamenting missed opportunities in the past due to inadequate measures.

He stressed the importance of sincerity, collaboration, and transparent communication in achieving sustainable development.

He explained the role of transparent communication in dispelling public misunderstandings and fostering national growth.

Cardoso called for ongoing improvements in monetary and fiscal communication while urging stakeholders to uphold best practices.

He also outlined the CBN’s strategies, including addressing foreign exchange backlog, interventions in the oil and gas sectors and plans for bank recapitalisation.

July 12, 2024
Just In : CBN opens up on Unity bank and Keystone bank license withdrawal

The Central Bank of Nigeria (CBN) has denied withdrawing the licences of Unity Bank and Keystone Bank.

A circular, purportedly from the CBN, had been shared on social media, advising all affected customers to withdraw their money from the banks using an automated teller machine (ATM) card or transfer their funds to another bank before it is too late.

“CBN has withdrawn the licences of Heritage Bank, Unity Bank and Keystone Bank respectively,” the circular had said.

“All the customers affected should try and withdraw all their money there using ATM CARD Or transfer all the money to another bank now before it will be too late.

“Please let’s circulate this information to our colleagues, family and friends. Let’s be of help to others.”

However, in a post on X on Wednesday, CBN said it did not issue any circular announcing the withdrawal of licences of the banks.

The CBN said the viral circular was fake and intended to mislead the public.

On June 3, CBN announced the revocation of Heritage Bank’s licence with immediate effect.

The regulator said the decision followed the bank’s inability to improve its financial performance.

Following the revocation, some reports online claimed that the apex bank would terminate the licences of Unity Bank, Polaris Bank, and Keystone Bank.

However, on June 4, CBN said the content was not authentic, adding that it has no plans to revoke the licences of the three banks.

On June 10, CBN assured the public that the banking system and depositors’ funds were safe.

July 11, 2024
Foreign reserve for the first time under Tinubu watch exceeds $35bn-CBN reveals

The Central Bank of Nigeria, CBN, has revealed that for the first time under the watch of President Bola Tinubu, the Foreign Reserve exceeded the $35billion mark.

According to data from the Central Bank of Nigeria, Nigeria’s external reserves have reached $35.05bn as of July 8, 2024.

This is the first time it has crossed the $35bn ceiling under the administration of President Bola Tinubu.

According to CBN’s data on external reserves, as of May 30 2023, the reserves were $35.09bn, about 14 days before the introduction of the foreign exchange (FX) unification policy in June 2023.

However, when the CBN announced the FX unification policy, the external reserves dropped to $34.66bn.

From July to December 2023, the reserves fluctuated within the $33bn range.

This year, the reserves plunged to a low of $32.11bn on April 19, 2024, according to the data.

While addressing the reason behind the drop, the central bank Governor blamed the decreasing reserves primarily due to debt repayments and other standard financial obligations, rather than efforts to defend the naira.

Analysed CBN’s data, revealed a surge in exchange rate in the last few weeks ending the month of June above $34bn for the first time since April. The reserves have continued to grow in July, reaching the highest reserve in the last one year.

Since the lowest level of $32.11bn under Tinubu in April, the external reserves have surged by $2.94bn in less than three months, according to the CBN data.

The CBN had said it plans to double the diasporas’ remittance inflow this year through a steady flow of foreign exchange into the country.

July 11, 2024
How Emefiele moved funds to wife – Witness

An Assistant Manager with Zenith Bank Plc, Mrs Ifeoma Ogbonnaya, has narrated how Mr Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), moved funds to his wife, Mrs Margaret Emefiele.

Ogbonnaya told an Ikeja Special Offences Court on Tuesday how Emefiele used the bank to move multimillion naira to his wife.

Emefiele is standing trial over abuse of office and alleged $4.5 billion and N2.8 billion fraud while in office.

Ogbonnaya, the fifth prosecution witness, was led in evidence by the Economic and Financial Crimes Commission (EFCC) Counsel, Mr Rotimi Oyedepo (SAN).

She told the court how Emefiele used Zenith Bank to transfer millions of naira in tranches to his wife through various companies.

Ogbonnaya said the companies that received the cash flow were Amswing Resources and Solution, Limelight Dimensional Service Ltd., Omec Support Service Ltd. and Mango Farm.

“Limelight manages the facilities of CBN, located at Alakija and all transactions pertaining to power and fixing things that are not working was always done by the vendors,” she said.

The witness who also doubles as a Business Relationship Manager, joined the bank in 2006.

Ogbonnaya said she never had direct dealings with the ex-CBN governor but received instructions from his wife to transfer cash from CBN into their private companies through Zenith Bank account.

She said apart from Mrs Emefiele she also received instructions from two other people, one Mr John Ogah and one Mr Opeyemi Oludimu, who worked for the Emefiele but now late.

The witness, however, said that she managed the various companies accounts through which the multimillion naira was sent to.

“Mrs Margaret Emefiele, the ex-CBN governor’s wife, is the direct beneficiary of the accounts.

“The companies sent transfer instructions to my email and Margaret is the beneficial owner of the accounts.

“All transactions made in the accounts were confirmed by Mrs Emefiele before they were processed.

“She sends transfer instructions directly to my official email address with Zenith Bank or sends two other persons to act on her behalf but I still receive approval from her,” she said.

The witness also told the court that from March 9 to 11, 2015, the accounts received cash flow from the apex bank to the tune of N18. 9 million and N1.8 million respectively

“On Feb. 22, 2021, there was a cash flow of N43 million from CBN, on July 21, 2022, there was a cash flow of N37.3 million, on Oct. 21, 2022, there was a credit flow of N44.6 million, on May 10, 2023, there was a cash flow of N93.1 million from CBN, among others,” she said.

The witness further said that she usually communicate with Emefiele’s wife through email, phone calls and Whatsapp on transactions that were to be carried out on the accounts before processing them.

She said the bundles of documents which entailed the various transactions were printed from her office desktop computer.

“The documents were sent to my email and when investigation started, I was requested to print all the documents to the law enforcement which I did.

“I printed from the office desk top and took them to compliance officer.

“I also have certificate confirming that these documents were printed from Zenith Bank,” Ogbonnaya said.

The prosecution sought to tender the bundles of documents which entailed the various transactions that took place between the witness and Emefiele’s wife.

Emefiele’s Counsel, Mr Olalekan Ojo (SAN), and the second defence counsel, Mr Kazeem Gbadamosi (SAN), did not object the admissibility of the documents.

The court, thereafter, admitted into evidence the certificate of identification, bundle of printed documents, following no objections from the defence.

The witness, thereafter, spoke into the documents and briefly explained the inflow and outflow of fund, purportedly sent from the CBN through Zenith Bank to Emefiele’s wife.

The prosecution also sought the indulgence of the court for the witness to write down the number in which she used to have conversations with Mrs Emefiele on an A4 paper which was admitted into evidence.

The witness, however, said that she could not remember some digits of the number by heart but she could recall it through her mobile phone.

The two defence counsel, however, objected to the witness, recalling the number through her phone.

The News Agency of Nigeria (NAN) reports that Justice Rahman Oshodi had earlier in the proceeding granted the application filed by the second defence counsel to recall the first prosecution witness, Monday Osazuwa.

EFCC had on April 8 arraigned Emefiele on 23 counts bordering on abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained and conferring corrupt advantage.

Also, his co-defendant Henry Omoile-Isioma, was arraigned on three counts bordering on acceptance of gift by agents.

The defendants, however, pleaded not guilty.

The judge, however, adjourned the case until July 10 for continuation of trial.

July 10, 2024
CBN director reveals how Nigerians use fictitious names on Binance

Mr Olubukola Akinwumi, a Deputy Director at the Central Bank of Nigeria (CBN), on Friday explained how Nigerians trading on Binance Holdings Limited’s platform use false names in the transactions.

Olubukola, who is the Economic and Financial Crimes Commission (EFCC)’s 2nd prosecution witness (PW-2) in the ongoing trial of Binance and its executive, Tigran Gambaryan, told Justice Emeka Nwite of a Federal High Court, Abuja, while giving his testimony.

The EFCC had filed a five-count charge against Binance and Gambaryan (1st and 2nd defendants) bordering on money laundering offences.

The anti-graft agency had accused Binance and Gambaryan of money laundering involving $35.4 million.

Besides, the company was under suspicion of alleged terrorism financing.

Led in evidence by EFCC’s lawyer, Ekele Iheanacho, on Friday, Akinwumi, who heads the Payment Policy and Regulation Division in the Payments System Management Department of CBN, said the apex bank did not issue any licence to the cryptocurrency firm to operate in Nigeria.

“In the course of carrying out our operations, we normally monitor development within the SEC (Securities and Exchange Commission); monitoring the activities of payment service providers and the usage of the payment system.

“We observed in doing that that Binance provides a trading platform where users trade virtual assets.

“And to consummate their transactions for the purpose of settlement of payments, the users make use of the payment system for the purpose of transfering or making payment to one another.

“These traders normally trade in pseudo names (pseudonyms) that hide their identities and they are not authorised by the CBN,” he said.

The PW-2 described virtual assets as “digital representation of values created by computer system which can be digitally traded, transferred or use in payments.”

He said they discovered that users of the platform received and made payments or transferred payments to one another using the payment system to consummate transactions on Binance Peer to Peer (P2P) platform.

“Binance Platform provides a trading place or market place for traders and users of virtual assets, otherwise known as cryptocurrency.

“The platform also provides other services like electronic wallet, fiat wallet, publishing of exchange rate, etc,” he told the court.

Asked where the activities of Binance are carried out, Akinwumi said its “activities are conducted on its website; binance.com and through its mobile apps (applications).

“They have two variations of Binance Apps; Binance Pro or Binnace Lite.”

Asked what P2P means, the witness said: “P2P means Peer to Peer, and for basic translation, it can also mean person to person.

“What that means is that if a particular user does not want to trade with the platform but rather will like to trade with another user, P2P is a service that brings such two users as described to engage each other in transacting for the purpose of buying or selling virtual asset, cryptocurrency and fiat directly between the two users.

“This is done by quoting rates with offers to sell or buy at the quoted rate.

“The P2P Platform of Binance provides such service to such two users to come to an agreement on such trade.

“Once such understanding for the trade is reached by the two users on Binance platform, the selling party will provide a bank account to which the buying party can send the naira amount or transfer into the account provided by the selling party.

“Once the buying party transferred the amount agreed, he clicks on a particular icon on Binance platform to communicate the fiat that he has transferred the amount to the selling party.

“The Binance platform will, on the side of the selling party, awaits confirmation based on which it will release the cryptocurrency or fiat currency traded on the platform.

“So the Binance platform facilitates all the processes or P2P transaction as I have just enumerated, either using Nigerian bank account already stored by users on Binance platform and or the naira wallet account , provided by Binance platform.”

Submission of certified true copies of documents made available to SEC by Binance which was equally made available to the investigating team at the office of the National Security Adviser, and pages generated on the firm’s website were tendered in evidence and marked as Exhibits 8 and 9 by the judge.

Taking the witness through Exhibit 8 and 9, Iheanacho asked him to tell the court more about the nature of the transactions.

Akinwumi said Page 2 of Exhibit 8 introduced Binance as the world’s leading crypto exchange with users from over 190 countries.

“They have on the page, the address of the website in full which is Https://www.binance.com.

“Binance has what is called Binance Academy. That is on page 16 of Exhibit 8.

“Some of the videos will be on their YouTube platform which they use in educating those who are interested in the services that they provide,” he said.

The PW-2 said the firm equally has Binance coins and that on its website, it gives the description of the coin as “NGN” (Naira).

“On page 21 of Exhibit 8, it listed the ways to use Binance coin,” he added.

Akinwumi said on Page 9 of Exhibit 9, there is an information which reads: “Depositing and withdrawing NGN (Naira) on Binance via cash link; it is swift and simple.”

The witness, however, explained that depositing and withdrawing Naira which “NGN” stands for, is a regulated activity carried out by banks and other financial institutions duly registered by CBN.

He said another information on Exhibit 9 reads: “To help Binance users in Nigeria understand this Fiat Gateway, Binance has been holding various events such as the Binance Cash Link, Live Master Class to educate users on cash link and why it is an excellent method of deposit and withdrawal on the Binance platform.”

“Generally, Exhibit 9 explains to Nigerians on how to deposit Naira on the Nigerians wallet on the Binance platform.”

He said there is a statement on a page which says though “Binance does not charge deposit fees,” he said next to the statement, there is another message which says: “for each withdrawal, a flat fee is paid by users to cover the transaction cost of moving the cryptocurrency out of their Binance account.

“So as I explained earlier, Binance maintains accounts and it needs revenue for its services

“On Page 2 of Exhibit 9, under the Fiat Section, it shows the rates that are applied for regular users.”

After concluding given his evidence, Justice Nwite adjourned the matter until July 16 for cross-examination of PW-2.

Court orders NCoS to release detained Binance executive’s medical report

A Federal High Court, Abuja on Friday, ordered the management of the Nigerian Correctional Service (NCoS) to release the medical certificate of Mr Tigran Gambaryan, the detained Binnace Holdings Limited executive, on or before July 16.

Justice Emeka Nwite gave the order following an application by Gambaryan’s lawyer, Mark Mordi, SAN.

Mordi had prayed the court to summon Dr Abraham Ehizojie, the Medical Doctor at the health facility of Kuje Correctional Centre, to explain why he had refused to make available his client’s medical report despite earlier court order.

The senior lawyer’s application was made shortly after the Economic and Financial Crimes Commission (EFCC)’s counsel, Ekele Iheanacho, led the 2nd prosecution witness (PW-2) and a CBN staff in evidence in the ongoing trial of Binance and Gambaryan on alleged money laundering charge.

Ekele, who allayed Mordi’s fears, said that the correctional centre had qualified medical personnel and facility to take care of Gambaryan.

Delivering the ruling, Justice Nwite, who ordered that the medical report of Gambaryan’s state of health be made available on or before the next adjourned date, fixed July 16 for continuation of trial.

“If the medical certificate is not made available on or before the next adjourned date, the doctor in charge in charge of the facility shall come to court on July 16 to explain why the medical report was not made available,” he declared.

Gambaryan had, on May 23, collapsed in the open court over alleged ill-health.

The defence law firm, Aluko & Oyebode, had also, on May 27, raised alarms that the cryptocurrency firm’s executive, might die in Kuje Correctional Centre over his alleged deteriorating health.

July 6, 2024