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  • CBN, fintechs and money laundering – By Etim Etim

    CBN, fintechs and money laundering – By Etim Etim

    By Etim Etim

    An important development that occurred in the financial services industry the other week went largely unreported in the press; perhaps because the media is still engrossed in all the corruption dramas of the last few weeks. On Friday, April 26, Central Bank officials, led by a director, met with the chief executives of major fintech companies in the country and ordered them to discontinue onboarding of new customers.

    The CBN, I understand, has been dissatisfied with the manner with which the fintechs have been handling KYC checks in opening accounts for their customers and is convinced that such loopholes could be or have been exploited by money launderers and terrorist financiers in moving illicit financial resources. KYC (Know your customer) is the mandatory process undertaken by a bank to identify and verify their customer’s identity and address when opening account.

    Periodically, over time, those requirements are reinforced by the banks. I recently had to forward new utility bills to my account officer and perform BVN confirmation just to reactivate an account.

    In addition to the provision of the utility bill by the customer, bank officials are expected to physically inspect the address provided by the customer. But the fintechs don’t have not been this diligent in verifying the identities and addresses of their customers and the authorities are convinced that these lapses could be exploited by the bad guys.

    A fintech customer only has to complete an online form and provide BVN, ID card and address. Among the top deposit-taking fintechs that attended the meeting with the CBN are Opay, Moniepoint, Palmpay and Kudak. Opay has however assured that it is committed to being compliant with all regulations. In a statement after the meeting, the company stated that it will ‘’support government efforts to clean up the financial industry’’.

    The CBN’s order is coming a few months after it directed all financial institutions to collect ID cards before opening accounts for customers, voiding its 2013 guidelines which waived IDs to encourage financial inclusion. The order also coincides with a major crackdown on suspicious bank accounts by the authorities.

    Just last week, a Federal High Court in Abuja granted the EFCC an interim order to freeze 1,146 accounts belonging to persons and organizations being investigated for unauthorized forex transactions, terrorism financing and money laundering. In giving the order, Justice Emeka Nwite noted that ‘’preliminary investigations reveal that the bank accounts are linked to persons who take advantage of the virtual cryptocurrency exchange platforms to illegally manipulate the value of the naira and launder proceeds of unlawful activities’’.

    The reason for all these feverish curbs is because authorities are worried that Nigeria’s fight against terrorism and money laundering has been poorly rated by the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog.

    ‘’Nigeria has been grey-listed by FATF as of February 24, 2023 and this is very bad for us as a nation’’, a director at the CBN told this writer last week. South Africa and 22 other countries are also grey-listed. Grey-listed countries are those deemed to have deficient anti-money laundering and terrorist-financing mechanisms.

    There are two categories of grey-listed countries: those that are currently working hard with under FATF monitoring to address the lapses and those that are doing nothing about it for which stiff sanctions may apply. Obviously, our country is desperate to be taken off the grey list. But the hurdles are high.

    The country has suffered severe security challenges in the last 15 years and its currency has undergone significant devaluations in the last one year or so partly due to the trading activities on the cryptocurrency platforms. Nigeria’s inability to arrest financiers of terrorism and the recent escape of an executive of Binance, a cryptocurrency-trading platform, from detention in Abuja are pointers to gaps in the nation’s security framework.

    By ordering the fintechs to discontinue further customer acquisitions, the CBN is hoping to tighten its surveillance on this component of the finance sector. The bank should go farther and scrutinize their books as keenly as they examine the records of the banks.

    Across the world, the fight against financial crimes is not letting up. Financial crimes cause economic distortion, loss of control over economic policy, revenue loss and weakening of the integrity of financial markets.

    This week, the founder and former chief executive of Binance, Changpeng Zhao, was sentenced to four months in prison in the US after pleading guilty to violating that country’s laws against money laundering at the world’s largest cryptocurrency exchange. It is this same level of seriousness that the global community expects Nigeria to apply in its fight against money laundering and terrorism financing.

    Going after abusers of the Naira is good, but the nation will fare far better if big-time criminals are brought to book.

  • Opay clarifies on CBN directive, reassures customers funds are secured

    Opay clarifies on CBN directive, reassures customers funds are secured

    Opay has reassured its customers of the safety of their funds following fresh directive by the Central Bank of Nigeria, CBN on their operations.

    Reacting to the development the company in a statement said: “OPay remains committed to working closely with the Central Bank of Nigeria (CBN) and other regulatory bodies to fight money laundering, fraud, terrorism financing, and other illegal financial activities.

    As a regulatory-compliant institution, OPay follows the rules set by the CBN and other regulators to ensure the financial system’s integrity. To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud.

    To support government efforts to clean up the financial industry, Opay and other Fintechs companies have temporarily paused onboarding new customers and creating new wallets. This action reflects our commitment to a secure financial environment and fighting against illicit activities.

    Please note that existing accounts and wallets remain unaffected by the CBN’s directive. We want to assure our customers that their funds are secure, their data is protected and this is a temporary measure.

    Customer satisfaction is our top priority, and we are committed to promoting financial and economic growth as key players in Nigeria’s financial ecosystem.

  • How I collected $600,000 contract gratification allegedly for Emefiele – Ex-CBN director

    How I collected $600,000 contract gratification allegedly for Emefiele – Ex-CBN director

    A former Director of Information Technology of the Central Bank of Nigeria (CBN), Mr John Ayoh, has explained how he collected $600,000 allegedly for contract gratification for the embattled ex-apex bank governor, Mr Godwin Emefiele.

    Ayoh, while being led in evidence by the Economic and Financial Crimes Commission (EFCC), counsel, Mr Rotimi Oyedepo (SAN), on Monday, told an Ikeja Special Offences Court that he spent eight years in the apex bank.

    He told the court that he received a letter from the agency concerning two transactions which he facilitated through Emefiele.

    Ayoh, Head of Procurement and Support Services (PSS) Department, told the court that the first envelope containing $400,000 was brought to his house in Lekki while he received the second envelope containing $200,000 at the Tinubu Head Office of the CBN.

    Ayoh said that he was vested with powers to receive applications for award of contracts to select successful bidders.

    According to him, the first leg of the transaction was at his residence in Lekki Phase One while the second envelope money he received occurred  at the Tinubu Head Office of the CBN.

    He said: “The man to deliver the second transaction came to our office in Lagos and I informed the governor but he said he did not want to see a third party that I should bring the envelope myself.

    “I complied with the instruction and went to his office and delivered it.

    “Mr John Adeola was the one I sent my address to and he came to my house.

    “He is the governor’s assistant and the total  money I received on his behalf was $400,000  and $200,000, respectively.”

    The witness informed the court that the vendors who allegedly brought the envelopes with money were in charge of the implementation of Netapp Storage Architectural and Infrastructural Services.

    While under cross-examination by the first defence counsel, Mr Olalekan Ojo (SAN), he told the court that his schedule of duties did not include running errands for Emefiele but he directly worked under him.

    Ayoh confirmed to the court that Emefiele was not a member of the PSS but a member of the Major Contract Tender Committee (MCTC).

    He added that he had never facilitated in the commission of any crime.

    Ojo asked if the witness wrote in his statement that he was forced to aid or abet the commission of accepting gratification.

    The witness said: “I do not remember the exact word that I used and I did not write in my statement that I opened the two envelopes on the two occasions to check the total sum of money.

    “I wrote a statement and it implied that the money in the envelopes was given to me to influence the award of contract.

    “I did not take part in the decision of the MCTC but I recommended that the award be given and I was not bribed.

    “I was invited by the EFCC on Feb. 17, I was not arrested but I returned home on administrative bail.”

    The witness told the court  that he operated under duress, while he received the two envelopes from the contractors.

    “On your honour, did you indicate in your statement that you were acting under duress while running errands for the first defendant,” the learned silk asked.

    The prosecution, however, objected to the question and argued that the statement of the witness was not before the court.

    The first defence counsel sought that the statement of the defendant be admitted into evidence.

    Justice Rahman Oshodi, thereafter, admitted the statement of the witness, (three pages) into evidence, following arguments and counter arguments of the counsel.

    The Senior Advocate reteirated that the witness showed to the court where it was written in his statement that he acted under duress.

    The witness told  the court that the instructions from Emefiele indicated that he bent rules.

    The judge, thereafter, adjourned the case until May 3 for continuation of cross-examination.

    Emefiele’s counsel also pleaded with the court to release the defendant to him on self-recognition because he had not met with his bail application.

    The learned silk, however, prayed the court that the defendant would meet up before May 17.

    There was no objections from the second defence counsel and the prosecution left the decision at the discretion of the court.

  • CBN increases Customs Duty as Naira further nosedives against US Dollar in latest exchange rate

    CBN increases Customs Duty as Naira further nosedives against US Dollar in latest exchange rate

    The Central Bank of Nigeria (CBN) has adjusted the exchange rate for Customs duties at the nation’s seaports by 11.1 per cent due to the devaluation of the naira against the United States (US) dollar in the foreign exchange market.

    The new Customs FX duty rate is now ₦1,277.526/$, up from the previous rate of ₦1,150.16/$, as reported on Thursday, April 25, through the official trade portal of the Nigeria Customs Service.

    This adjustment reflects an 11.1 per cent increase compared to the previous rate of ₦1,150.16/$ used for Form M applications, resulting in an additional ₦127.366 per dollar required for goods clearance at the port.

    Meanwhile, the naira’s depreciation persisted in the official market, closing at N1,309.88 to the dollar on Thursday, marking a 12 per cent decline for the week on the Nigeria Autonomous Foreign Exchange Market (NAFEM).

    In contrast to its closing value of ₦1,169.99 last week, the naira has lost ₦139.89, or 12 percent, within the past four days. On Monday, it closed weaker at ₦1,234.49.

    Interestingly, despite this depreciation, turnover has increased from $89 million to $110 million.

    However, by Tuesday, the naira’s value further depreciated to N1,300.15 to the dollar, with intra-day trading ranging between ₦1,317 and N1,000.

    At the end of Tuesday’s trading, a turnover of $133.65 million was recorded. Continuing the trend, on Wednesday, the naira closed at ₦1,308.52 to the dollar, with trades ranging between ₦1,367 and ₦1,098. The market turnover continued to rise, reaching $197.54 million.

    On Thursday, the naira slightly depreciated to ₦1,309.88 to the dollar, with intra-day deals ranging between ₦1,439 and ₦1,000.

    Notably, the turnover significantly increased to $318.08 million.

    Traders have observed that the decline in the dollar’s value resulted from market forces, with demand consistently exceeding supply. On Monday, the Central Bank of Nigeria sold dollars to Bureau de Change operators.

    As a result, importers initiating Form M transactions today will need a higher amount of money to cover import duties compared to those who completed Form M earlier in the week.

  • Kogi election tribunal orders CBN governor to unfailingly appear tomorrow

    Kogi election tribunal orders CBN governor to unfailingly appear tomorrow

    The Kogi Governorship Election Petition Tribunal sitting in Abuja, on Monday, ordered the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to unfailingly appear before it on Tuesday.

    The governor is to appear to give some explanations on the role of the apex bank in the Nov. 11, 2023 Off-Cycle election in Kogi.

    The three-member panel of justices, led by Justice Ado Birnin-Kudu, also threatened to wield the big stick on the CBN’s Director of Corporate Service.

    The development occured following an application by Alex Izinyon, SAN, counsel for Gov. Usman Ododo of Kogi, the 2nd respondent in the petition filed by Social Democratic Party (SDP) and its candidate in the Nov. 11, 2023 governorship election in the state.

    It would be recalled that the tribunal had, on April 18, issued a subpoena to compel the CBN governor or any of its officers to attend the proceedings to give evidence in relation to allegation levelled by Gov. Ododo that the petitioners filed the petition against him outside the 21 days allowed by law.

    Although the panel directed the CBN governor or its officer to appear on April 19 (Friday) to testify, no one represented the apex bank at the hearing.

    Meanwhile, shortly after Paul Daudu, who appeared for the governor, led the witnesses in evidence on Monday and after they were cross examined, the lawyer told the panel that he was instructed by the leader of the team to hand over the case to him until the next adjourned date.

    Izinyon then told the tribunal that those witnesses taken by Daudu were the ones they had for the day.

    The senior lawyer told the panel that he was aware that the CBN management, in a letter to the tribunal, said they would not be available until Friday, April 26 pursuant to their application for subpoena.

    He said though the 2nd respondent (Ododo) had planned to call his witnesses within five days, the issue of subpoena was an issue that must be dealt with before proceeding.

    Izinyon, who said he expected an officer from the legal department of CBN to be at the tribunal Monday, described the letter written to the tribunal by the apex bank as “an act of contempt.”

    He said subpoena, by nature, is in the name of the President and Commander-In-Chief of Armed Forces.

    He said the CBN team should be at the tribunal on Tuesday to give evidence and if they failed to appear, it would be in the court record, going by the fact that the matter was time bound.

    “If by tomorrow, we call our last witnesses and they (CBN officers) are not here, we urge my lord to look at our application in the interest of justice,” he said.

    Aliyu Saiki, SAN, lawyer to the Independent National Electoral Commission (INEC), the 1st respondent; D.C. Demingwe, SAN, who appeared for All Progressives Congress (APC), the 3rd respondent, and Pius Akubo, SAN, who represented the petitioners, aligned with Izinyon’s application.

    Akubo, however, said that since Izinyon had hinted that the 2nd respondent (Ododo) would be closing their defence on Tuesday, he urged the court to allow the 3rd respondent (APC) proceed with their defence after the governor must have called his witnesses, even if CBN officers failed to appear.

    Delivering the ruling, Justice Birnin-Kudu held that the subpoena was to the CBN governor and director of Corporate Service of the bank.

    According to him, it is a command in the name of the President, Commander-In-Chief of Armed Forces of the Federal Republic of Nigeria.

    The judge held that the act of writing to the tribunal by the apex bank that its officers “will be available on April 26 is contemptuous and condemnable.”

    The panel then adjourned the matter until April 23 for the continuation of the 2nd respondent’s defence and for the CBN to show cause.

    Izinyon equally informed the tribunal that they had applied for the record of proceedings to be sure that what they had “is what is in the record.”

    Justice Birnin-Kudu then said that the record of proceedings was ready and would be made available to 2nd respondent’s team.

    Earlier, Enesi Adavi Mohammed from Adavi Local Government Area (LGA) of Kogi, and Jimoh Onimisi Biodun from Okehi LGA, testified in the defence of Ododo’s election victory.

  • Recapitalisation: We can raise $300m – Access Bank

    Recapitalisation: We can raise $300m – Access Bank

    Mr Aigboje Aig-Imokhuede, Chairman of Access Holdings Plc, says he’s confident that the bank would raise 300 million dollars in capital for Access Bank, considering the bank’s strong market position and shareholders’ support.

    Aig-Imokhuede said this in an interview on the sideline of Access Holdings’ second Annual General Meeting (AGM) held in Lagos.

    The Central Bank of Nigeria (CBN), on March 29, directed commercial banks in Nigeria with international authorisation to shore up their capital base to N500 billion and national banks to N200 billion.

    Similarly, non-interest banks with national and regional authorisation will increase their capital to N20 billion and N10 billion, respectively.

    The recapitalisation exercise is expected to commence from April 1, to March 31, 2026.

    Consequently, the shareholders of Access Bank, iat the AGM, unanimously backed the Group’s plan to establish a capital raising programme of up to $1.5 billion.

    They also agreed to the subset initiative to raise up to N365 billion specifically, through a Rights Issue of ordinary shares to its shareholders.

    The proceeds of the rights issue will be used to support ongoing working capital needs, including organic growth funding for the group’s banking and other non-banking subsidiaries

    Aig-Imokhuede explained that having announced to embark on a capital raising through Right Issue, he was confident that the group’s shareholders would support the bank in the journey.

    He stated that Access Holdings had p0a unique relationship with the capital market in Nigeria and internationally.

    “It is not the first time CBN is coming up with such policy.

    “Recall that in 2004 when CBN announced that all banks must recapitalise to the tune of N25 billion and Access Bank had about N3 billion of capital.

    “Between 2004 and 2007, our team, when I was the CEO of the bank, raised two billion dollars of common equity capital.

    “Therefore, in 2024 when Access Holdings  is much older, wiser, stronger, larger and significantly respected by the capital market with over 800,000 shareholders, raising 300 million dollars in capital for Access Bank, its banking subsidiary is not really much of a challenge.

    “We signalled to the market first that we will be doing a Right Issue, which means that we must carry everybody along, in spite of our large institutional shareholders.

    “Nonetheless, we believe in ensuring that shareholders, either large or small, continue with us on our journey.

    “They have always supported us when need be with good reasons, because they believe in the company and the performance that would be delivered subsequently to such capital raising exercise.

    “What is on the mind of our shareholders now is recapitalisation and they are also concerned about how their company continues to deliver returns,” he said.

    Commenting on the CBN recapilisation policy, the chairman noted that Access Bank as a group endorses the CBN policy wholeheartedly.

    Aig-Imokhuede described the policy as a good and sensible prudential regulation.

    He added that banks, particularly after period of significant devaluation of domestic currency, volatility in the foreign exchange, and interest rate regime, are always encouraged to build up their capital buffer.

    According to him, this is to ensure that whatever adverse effect that may arise as a result of the dynamic changes in the business environment would not affect their very concern.

    In terms of performance and expectations from Access Holdings going forward, Aig-Imokhuede stated that the earning profile of the group, which spread across Nigeria, Africa and outside Africa subsidiaries, is very robust.

    He said: “As an investor, you always look to see whether there is deep concentration where the profit is coming from; in our case, these arears are spread across three core areas that is of significant interest to local and international investors.

    “If you look at the performance of banks in the year ended 2023 financial reports, you will see that all banks in naira terms have increased significantly their profitability as a result of the devaluation.

    “But that isn’t the case with Access Bank, whose revaluation benefits come from the fact that it has significant international operations, because it is not a function of holding large foreign currency balances.

    According to him, Access Bank, United Kingdom for example, is the largest and probably highest performing Sub-saharan African bank that has a license in the UK and making hundred of millions of naira of profit from the UK.

    The chairman further said that this is not an accounting benefit that comes in the year 2023, but will continue, and with the operations of the bank in France, and across other European, Asia and Middle Eastern jurisdiction.

    “We can see that the foreign currency benefit of profit in those locations are going to also accrued to the holding.

    “The holding as an investor is also thinking of retail banking, which is like a utility. A retail banking with about 60 million customers is enough to sustain the bank anytime, irrespective of how volatile or uncertain the market is,” he said.

    Access Holdings full-year results for the period ended Dec. 31, 2023, showcased an impressive 335 per cent increase in pre-tax profit to N729 billion from N167.68 billion in 2022.

    The group also experienced an 87 per cent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 per cent growth in profit After Tax to N619.32 billion, from N152.20 billion posted in year 2022.

  • CBN bags commendation from ECWA church over Naira appreciation

    CBN bags commendation from ECWA church over Naira appreciation

    The Evangelical Church Winning All (ECWA), has commended the Central Bank of Nigeria (CBN), for its monetary policy that significantly stabilised the naira against other currencies, particularly the dollar.

    ECWA gave the commendation in a communiqué issued at the end of its 71st General Church Council, held in Jos, between Monday and Friday.

    The communiqué read by Rev. Dr Stephen Panya, ECWA President, stated that the council observed with satisfaction the recent proactive measures taken by CBN to checkmate the devaluation of the naira.

    The Church called for the sustenance of the efforts to help curb inflation and reduce the cost of goods and services since Nigeria was an import dependent economy.

    The council, however, noted with concern the biting hunger among citizens as a result of a shortage of food supplies due to persistent insecurity.

    According to them, activities in rural communities where food is produced in large quantities have been paralysed.

    “The council urges the federal and state governments to urgently act decisively to put measures to checkmate the insecurity, and ensure farmers resume their farming activities.

    “The Council observes that subsidy removal on petroleum products and an increase in electricity tariffs have affected the cost of goods and services in the country.

    “Therefore, the government should put in place appropriate mechanisms to reduce the hardships of the citizens,” it said.

    The Church then called for religious tolerance among people of different faiths across the globe.

  • Eight ways Naira can be abused

    Eight ways Naira can be abused

    The Central Bank of Nigeria (CBN) has outlined eight activities considered as currency abuse of the Nigerian Naira.

    Nigeria’s apex bank disclosed this on its website to educate citizens on Clean Notes Policy.

    According to CBN, the Clean Notes Policy was instituted in a bid to improve the physical appearance and lifespan of the banknotes in circulation.

    In the bid to enlighten the Nigerian people, CBN issued information on the Naira and the Law.

    Speaking about the Naira and the Law, CBN said, “The CBN is responsible for the issuance of the Naira and kobo (Sections 17, 18 and 19).

    “It is against the law for any individual or establishment outside the Central Bank of Nigeria, to print money or be in possession of counterfeit notes.

    “If you are caught and convicted of a counterfeiting crime, you may face up to five (5) years imprisonment with no option of fine (Section 20).”

    It, then, identified eight activities which amount to the abuse of Naira.
    Abuse of the Naira

    1. Spraying: It is against the law to spray the Naira banknotes at occasions.

    2. Writing: It is against the law to write on banknotes.

    3. Stapling: It is against the law to staple the banknotes as the pins can cause corrosion of the banknotes.

    4. Tearing: It is also against the law to tear the banknotes

    5. Soiling: It is against the law to dance/stamp on the Naira banknotes. Do not stain the banknotes with oil or ink, as this is also a form of defacing.

    6. Sale: It is against the law to sell currency banknotes.

    7. Mutilation: A person who tampers with the Naira note or coin is guilty of an offence, punishable by law (CBN Act Section 21).

    8. Rejection: It is against the law to reject the Naira (Section 20 subsection 5).

    Also, the CBN mentioned five implications of improper handling of the Naira, which are given below:

    1. Increase in currency management costs due to the high cost of banknotes replacement.

    2. Defaced/torn banknotes slow down sorting process resulting in lower output of clean banknotes.

    3. Erodes the sense of pride and confidence that Nigerians should feel in their currency.

    4. Any form of defacement of the currency is a form of ridicule on the nation.

    5. Prevalence of dirty banknotes in circulation is potential health hazard to the citizenry.

    last week, Justice Abimbola Awogboro of the Federal High Court, Lagos, sentenced controversial cross-dresser, Idris Olanrewaju Okuneye, popularly known as Bobrisky, to six months imprisonment without an option of fine for abusing the Naira.

    Also, the Anti-graft agency arraigned Nigerian socialite, Pascal Okechukwu, popularly known as Cubana Chief Priest on Wednesday before Justice Kehinde Ogundare of the Federal High Court in Lagos.

    After pleading not guilty, the socialite was released on a N10 million bail.

  • How I collected $3m cash for Emefiele – CBN employee reveals

    How I collected $3m cash for Emefiele – CBN employee reveals

    A Central Bank of Nigeria (CBN) employee, Mr Monday Osazuwa, on Friday told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches.

    Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN), said he was a dispatch rider in Zenith Bank in 2001 before he joined the CBN in 2014.

    Osasuwa said he joined the apex bank as a senior supervisor in 2014.

    He said Emefiele was the Managing Director of Zenith Bank Plc while he was working as a dispatch rider in the bank.

    The witness said he knew Emefiele, who was his boss, while in Zenith Bank and that he later joined him at the CBN.

    The witness said he was later appointed  as a senior supervisor (full time) in recording and filing of documents while working in the CBN governor’s office in Lagos.

    “I was still working in the CBN governor’s office while I was appointed as a full staff member and we usually communicated through Whatsapp and email.

    “I function as a senior supervisor, recording  and filing with other official roles.

    “I recall that in 2020, when he was outside Lagos, he called me that he would give me a number that a man had something I should collect from him and that the man would give me the number of another person.

    “When I got to the man’s office, I was given an envelope. I  counted the money and the man said I should give it to my boss,” he said.

    The witness further told the court that the first defendant used to collect money by himself  anytime he was in Lagos but anytime the defendant was not around, he would tell him to give the money to the second defendant.

    Osazuwa added that Emefiele sent him to MINL Ltd. when he was with Zenith Bank.

    “This company is situated at Isolo, the first defendant did send me to collect cheques from the company from Mr Monday and when I collected the cheque from Mr Monday, I would give it back to Emefiele and he would lodge the money into Dumies Oil and Gas.

    According to him, Emefiele’s co-defendant, Henry Isioma-Omoile, lived in the residence of the former CBN governor.

    He stated that when he collected money for his boss, he would take it to his residence at Iru Close, Ikoyi.

    “Whenever I received the money and take it to my boss’s residence, Mr Emefiele would tell me to give it to the second defendant whenever he was not at home.

    “I did not keep a record of transactions because the instruction he gave me was that I should collect the money and bring the money to his house.

    “The highest amount I collected was one million dollars all in cash and some weeks later, the businessman also called me to collect $850,000, $750,000 and $400,000 cash in tranches.

    “I have never been rewarded, paid or given anything because I am doing it out of faithfulness and he knows it but he has never for once said, ‘take this’,” he said.

    Under cross-examination by the defence counsel, Mr Abdulakeem Labi-Lawal, the witness confirmed  to the court that he had been working with the defendant since 2002.

    According to the witness, Emefiele passed instructions to him through the second defendant and that he had been collecting cheques for Dumies Oil and Gas.

    He, however, told the court when he was made to confront the second defendant during investigation but the second  defendant failed to admit it.

    “I started collecting cheques for Dumies Oil and Gas when I was in Zenith Bank.

    “I cannot calculate the exact year I have been collecting the cheques but it all started when the first defendant was the Managing Director at Zenith Bank and I was working at Zenith Bank,” he said.

    The EFCC 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.

    Emefiele’s co-defendant was arraigned on three counts bordering on acceptance of gift by agents.

    The defendants, however, pleaded not guilty to the charge.

    Earlier, Oshodi had declined the oral application for adjournment moved twice by the defence counsel.

    The judge adjourned the case until April 29 for trial and hearing of application for closed-session.

  • BREAKING: Court admits Emefiele to N50m bail

    BREAKING: Court admits Emefiele to N50m bail

    An Ikeja Special Offences Court on Friday admitted the suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to bail in the sum of N50 million.

    Emefirle is charged with abuse of office and fraud  to the tune of 4.5 billion dollars  and N2.8 billion.

    Justice Rahman Oshodi, in his ruling, admitted  Emefiele to bail with two sureties in like sum.

    Oshodi  held  that  the sureties must be gainfully employed and have three years tax payment with the Lagos State Government.

    He also ordered that the sureties must show proper identification and they  must  be registered in the Lagos State Bail Management System.

    The judge also  said  that  he was satisfied  with  the bail conditions of N1 million, earlier given  to  Emefiele’s co-defendant, Henry  Isioma-Omoil who is standing another charge beofre Justice Olufunke Sule-Hamzat  before a Yaba High Court.

    Oshodi, however, said  that  the  bail documents must  be transferred to special offences court and it must  also  be registered in the Lagos State Bail Management System.

    The Economic And Financial Crimes Commission (EFCC) had on April 8 arraigned Emefiele on a 23-count charge bordering on abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained and conferring corrupt advantage, while  his co-defendant was arraigned on a three-count charge bordering on acceptance of gift by agents.

    The defendants, however, pleaded not guilty to the charge.

    NAN reports that at the time of filing this  story, the counsel were making applications for accelerated hearing and trial.

    Details to follow…