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Tag: Godwin Emefiele

  • Video: Watch moments DSS and NCS officers battle over custody of Godwin Emefiele

    Video: Watch moments DSS and NCS officers battle over custody of Godwin Emefiele

    Violence erupted between the Department of State Services (DSS) and the Nigerian Correctional Services, at the Federal High Court in Ikoyi, over which of the agencies will have custody of Goodwin Emefiele the suspended governor of Central Bank of Nigeria (CBN).

    Recall that the court granted Emefiele bail, but ordered the Nigeria Correctional Service to keep the suspended CBN Governor in their custody pending the perfection of his bail.

    However Sensing that the DSS, operatives planned to rearrest Emefiele,  the Nigeria Correctional Service decided to weigh in, insisting that the court order expressly ordered them to have custody of Emefiele. Things got out of hand and the two agencies started exchanging blows.

    Meanwhile, Emefiele’s lawyers are still seated in the court while the judge is trying to prevail on the DSS to allow the defendant perfect his bail terms instead of re-arresting him.

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  • Emefiele’s woes compound, escapes arrest warrant over $53m Paris Club fund

    Emefiele’s woes compound, escapes arrest warrant over $53m Paris Club fund

    A Federal High Court, Abuja, on Wednesday, threatened to issue a warrant of arrest against suspended Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, over his failure to appear in court to explain circumstances surrounding the 53 million dollar-judgment debt arising from the Pars Club refund.

    Justice Inyang Ekwo, who ordered Emefiele to appear on the next adjourned date, said he was minded to exercise restraint in the proceeding to give the ex-CBN boss an opportunity to explain himself.

    The development occurred following an intervention by Emefiele’s counsel, Audu Anuga, SAN, praying the court to give his client another opportunity due to the fact that they had been unable to reach him since the last order, directing him to appear in court.

    Anuga told the court that Emefiele, who was suspended as CBN governor, had been in detention. He said all efforts to reach him to communicate the directive of the court to him were unsuccessful.

    Recall Justice  Ekwo had, on Oct. 20, 2022, ordered the CBN governor to appear in court on Jan. 18 over his alleged refusal to obey the order of the court for the payment of the judgment debt in favour of a legal practitioner, Joe Agi, SAN.

    Agi had dragged Linas International Ltd, Minister of Finance, CBN and Emefiele to court as 1st to 4th judgment debtors respectively, following an application for garnishee made by him as judgment creditor in the case.

    However, on Jan. 18, proceedings could not go on as scheduled when the matter was called, prompting the court to subsequently adjourn the case till March 20, before it was fixed for June 6 again.

    The judge, on June 6, ordered Emefiele to appear before it on July 19 (today).

    But President Bola Tinubu, on June 9, suspended him as CBN governor and he was directed to transfer his responsibilities to the deputy governor, operations directorate.

    No sooner had Emefiele been suspended than the Department of State Services (DSS), on June 10, announced his arrest and detention.

    Upon resumed hearing on Wednesday, Ayodele Arotiowa, who appeared for Agi, was about to make a submission when Justice Ekwo asked Emefiele’s lawyer if he had complied with the order.

    “We made efforts to see how we can communicate with the 4th respondent (Emefiele) but the 3rd respondent (CBN) was unable to communicate with the 4th respondent

    “We rely only on public communication that the 4th respondent is incarcerated and have been unable to communicate with him,” Anuga responded.

    He said there was another development now as to whether Emefiele could act on behalf of the CBN.

    The judge, who said that CBN had no issue here, said Emefiele was sued in his personal capacity.

    Anuga said: “But the public information now is that he has been suspended. An opportunity has to be given to him to comply.”

    Justice Ekwo said for how long will the court wait for Emefiele since 2017 when the suit was filed.

    “I have given you enough opportunity but you are taking it for granted,” the judge said while directing Anuga to give a good reason why the court should not issue a warrant of arrest against Emefiele.

    The senior lawyer said since his client was still in detention after his suspension despite an order mandating his release, “my lord, we are at the mercy of the court.”

    According to him, the whole purpose of the warrant is to put this honourable court in a duty to do its work.

    “But there is an intervening event, as we have not had the privilege to see him. The last opportunity my lord gave to the 4th respondent has not been communicated to him. I feel opportunity should be given so that this can be communicated,” he pleaded.

    Anuga said after this, if Emefiele failed to comply, the court can then take action.

    The judge, consequently, adjourned the matter until Oct. 31 for the CBN and Emefiele to show cause why an arrest warrant should not be issued against the former CBN governor.

    “Upon listening to counsel, I am minded to exercise restraint in this proceeding to give the 4th respondent an opportunity to explain himself to me on the next adjourned date,” he said.

    The dispute stemmed from an alleged $70 million judgment against Linas International Ltd for the lawyer’s (Joe Agi) assistance with the Paris Club refund.

    Emefiele was said to have only released $17 million, leaving an unpaid balance of $53 million.

    The court had on Jan. 23, 2020, ruled that Emefiele must appear “to be examined on oath.

    Since the order, the said garnishee order absolute, to pay the balance of 53 million dollars now due and payable under the said garnishee order absolute and also show cause why you should not be committed to prison for default in payment of the said sum”.

    In October 2022, Agi through his counsel Isaac Ekpa and Chinonso Obasi, filed another application against Linas International, Minister of Finance and the CBN.

    He sought for an order directing the Inspector-General of Police to arrest Emefiele and bring him to court alongside his lawyers, Damian Dodo, Audu Anuga, all Senior Advocates of Nigeria, and Ginika Ezeoke, Jessica Iyoke, Abdullahi Afolayan, and Olayemi Afolayan.”

  • Court nullifies Emefiele’s arrest, detention

    Court nullifies Emefiele’s arrest, detention

    Twenty-four hours after a court ordered that the suspended Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele should be released within seven days or charged to court, a Federal Capital Territory High Court sitting in Abuja has nullified the arrest, detention and interrogation.

    In a judgment upon an Originating Motion on Notice brought before the Court by Emefiele, against Incorporated Trustees of Forum for Accountability and Good Leadership, the Attorney General of the Federation (AGF), Economic and Financial Crimes Commission (EFCC), Inspector General of Police, State Security Service (SSS) and the Central Bank of Nigeria, the presiding Judge held that the arrest, detention and interrogation of Emefiele were in violation of the subsisting judgment and orders of Justice M. A. Hassan in Suit No. FCT/HC/GAR/CV/41/2022.

    Emefiele through his Counsel, Peter Abang, had asked the court to set aside, quash, invalidate and nullify the arrest and detention of the Applicant for being illegal and a nullity in view of the subsisting judgment of Justice M. A. Hassan delivered on December 29, 2022.

    Justice Bello Kawu, on Friday, while delivering the judgment in the matter, held that the arrest, detention and interrogation being in violation of the subsisting judgment and orders of Justice M. A. Hassan in Suit No. FCT/HC/GAR/CV/41/2022.

    Justice Kawu also made an order setting aside, voiding, quashing, invalidating and nullifying any warrant of arrest obtained or procured by the respondents, especially the DSS for the arrest, detention and/or interrogation of Mr. Emefiele in connection with the allegations of terrorism financing, fraudulent practices, money laundering, round tripping, threat to national security before or from any court since the date of the judgment of Justice M. A. Hassan.

    The court also ordered Emefiele’s release from DSS custody.

    In his reaction to the latest judgment, Counsel to Mr. Emefiele told journalists that beyond the release of his client, that Nigerians must celebrate the fact that Nigerian judges despite several acts of intimidation by security agencies and the some unfavourable conditions under which they work are bold to dispense justice not minding whose ox is gored.

    He called on the DSS to comply with the orders of the court and release his client so that he can go and look after his failing health aggravated by over one month of illegal and unlawful arrest and detention.

  • BREAKING: DSS charges Godwin Emefiele to court

    BREAKING: DSS charges Godwin Emefiele to court

    The Department of Security Services (DSS) says it has charged Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), to court.

    TheNewsGuru.com (TNG) reports the DSS disclosed Emefiele has been charged to court on Thursday shortly after an Abuja court gave the Service a 7-day ultimatum to charge the suspended CBN Governor to court or release him.

    DSS spokesman, Peter Afunanya, confirmed that Emefiele has been charged to court in compliance with the court order.

    Recall that a Federal Capital Territory High Court sitting in Maitama, Abuja gave the DSS seven days to charge the suspended Governor of Central Bank of Nigeria, Godwin Emefiele, to court or release him from detention on Thursday.

    The suspended governor of the Central Bank of Nigeria had sued the Office of the Attorney-General of the Federation and the Department of State Services, DSS for arresting and detaining him in a commando style, alleging the agencies were carrying out a political witch-hunt against him due to his “people-oriented financial policies which several political actors are not comfortable with and are now looking for any means to scandalize and smear his image and reputation.”

    Emefiele sought for his release from the DSS facility through his fundamental rights application filed on his behalf by his lead counsel, J.B. Daudu SAN.

    He urged the court to make a declaration that the arrest of suspended CBN governor without any charge against him or any order of court for his arrest constitutes violation of his fundamental rights.

    He equally prayed for a declaration that the applicant is entitled to his liberty and freedom of movement as well as an order directing the immediate and unconditional release of Emefiele or in the alternative, grant him bail.

    He also sought an order restraining the defendants from further detaining the applicant on the guise of committing any offense, adding that a N5 billion cost should be awarded against the defendants.

    Recall that President Bola Tinubu had on June 9 suspended the CBN governor from office, paving way for investigation into his tenure at the apex financial institution.

    The CBN Deputy Governor, Operations, Folashodun Adebisi Shonubi, was subsequently directed by the president to step in, in acting capacity.

    About 24 hours after his suspension, the DSS apprehended him at the Lagos airport and transferred him to its headquarters in Abuja.

    But the AGF and DSS had raised preliminary objections to Emefiele’s applications and affidavit in support of it.

    In its counter affidavit filed by its counsel, I. Awo, the DSS denied the allegation of a political witchhunt, saying “the applicant was arrested upon reasonable suspicion of committing acts which constitute a criminal breach of trust, incitement to violence, criminal misappropriation of public funds, economic sabotage, economic crimes of national security dimensions, and undermining the security of Nigeria.”

    Awo further contended that upon the arrest of the applicant, a detention order was obtained from a Magistrate court to enable the agency to keep him in lawful custody for 14 days having discovered that investigations into his office will take a little while to conclude.

    He said Emefiele was flown to Abuja through a private jet and not in a commando style.

    On its part, the OAGF’s legal team urged the court to decline jurisdiction on Emefiele’s request for release, adding that only the Federal High Court can determine it.

    The OAGF added that Emefiele having been suspended, was not immune to arrest or investigation as ordered by the president.

    In his verdict on Thursday, Justice H. Muazu held that it is his view that the FCT High court has original jurisdiction to preside over issues bordering on fundamental human rights.

    He dismissed the respondents preliminary objection on jurisdiction,
    saying it is lacking in merit and the court has jurisdiction to entertain the case.

    On the main suit by Emefiele, the judge held that the respondents complied with relevant laws by obtaining an order from the Magistrate court before arresting Emefiele.

    He added that a subsisting order of the court cited by Emefiele does not grant the applicant immunity from any arrest, adding he has not shown that his arrest and detention was unlawful.

    However, he said the applicant is entitled to right to fair hearing and the continued detention of the suspended CBN cannot continue when there is no formal charge against him.

    “Justice demands that the applicant be released on administrative bail,” he said.

    “I hereby make an order that the respondents within one week charge the applicant to court or release him on bail,” the judge held.

    The embattled governor had been detained for 34 days since June 10.

    Reacting to the court’s decision, Emefiele’s lawyer, J.B. Daudu SAN said he expects his client to be released on bail today.

    He maintained DSS cannot keep him in detention and be conducting investigation.

  • President Tinubu breaks silence on Godwin Emefiele

    President Tinubu breaks silence on Godwin Emefiele

    President Bola Ahmed Tinubu has finally broken his silence on the suspended Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.

    During an interactive session on Friday with Nigerians resident in France and neighbouring European countries, President Tinubu said the nation’s financial system was rotten under the suspended CBN Governor.

    He said many Nigerians abroad were unable to send money to their relatives because of the multiple exchange rates, saying all that has become a thing of the past.

    “Then the financial system was rotten. Few people making bags of our money and then you yourself, you stopped sending money home to our poor parents. Several windows… but that is gone now, is gone.

    “The man is in the hands of authorities, something is being done about that, they will sort themselves out.”

    Speaking further, President Tinubu said his administration would implement further financial reforms in the coming weeks.

    “We have security challenges in the country. Maybe that is how they are fuelling insecurity; we have to look at everything. We will change the financial system; it will work for you.”

    “Whether you voted for me or you didn’t vote for me, I am your president. By the grace of God, I have to work on your behalf.

    “The challenges are enormous. But do we have hope? Yes. With perseverance, determination and persistence, we can achieve whatever we desire.

    “I know the road and I’ve been through what many of you have been through outside the country. I’ve been in America and in the UK; I had been a night guard, security man and a door man in America. But I have achieved my aim,” Tinubu said.

  • Abuja High Court reserves ruling on Emefiele bail application

    Abuja High Court reserves ruling on Emefiele bail application

    The High Court of the Federal Capital Territory (FCT) sitting in Abuja has reserved ruling in the bail application of the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to July 13, 2023.

    The presiding Judge, Justice Hamza Muazu gave the order after the arguments of all parties in the matter.

    Emefiele through his counsel is challenging his detention by the DSS and denial of access to members of his family and counsel.

    Counsel to both the Department of State Services and the office of the Attorney General of the Federation opposed the bail application of Godwin Emefiele.

    The respondents told the court that Emefiele is a flight risk.

    Counsel to the respondents equally argued that the suspended CBN Governor was being detained on the order of chief magistrates court of the FCT.

  • Emefiele: Extend probe to Sanusi’s tenure – APC chieftain tells Tinubu

    Emefiele: Extend probe to Sanusi’s tenure – APC chieftain tells Tinubu

    A chieftain of the ruling All Progressives Congress (APC), Kailani Muhammad, has called on President Bola Ahmed Tinubu to carry out a thorough investigation on the regime of the former Central Bank Governor, Sanusi Lamido.

    The chieftain who expressed displeasure on the management of the apex bank while addressing a press conference at his residence yesterday, emphasised that the former Emir of Kano be investigated, being the predecessor of the embattled CBN Governor, Godwin Emefiele.

    Kailani further said that the recent outburst of Sanusi Lamido, calling for Emefiele’s release was done not in the interest of Nigerians, adding that definitely the former apex bank Governor was doing that to cover up some mess of his tenure.

    While speaking he said: ” when Emefiele was arraigned he (Sanusi) has called more than 10 times for his release and we do not know what fears he has that he is running up and down.”

    Kailani however, said that all stolen monies be returned to the nation’s account and be used to uplift the country’s economy, which according to him, if properly utilized will improve the livelihood of the citizens.

    ” We want prosperity and development of our economy, we want our children to get quality education and get good jobs, and these stolen monies, I am sure that it will be enough for us to get the country running,” he emphasized.

    Fielding questions on the issue of the nation’s refineries, he disclosed that the Portharcourt refinery is now at 98 per cent completion, adding that it will soon come on stream.

    Kilani who is an expert in the oil industry further explained that: “Kaduna and Warri refineries are under renovation, and if completed, there will be flow of fuel everywhere.”

    The chieftain who was the National Coordinator of the TSN, therefore urged Nigerians to be patient, just as he said that the President needed to be applauded for the bold steps taking so far in his quest to repositioning the nation’s economy.

  • Fact-Check: CBN floats Naira leading to devaluation despite denial

    Fact-Check: CBN floats Naira leading to devaluation despite denial

    Contrary to the Central Bank of Nigeria’s (CBN) denial of devaluing the naira, the decision to float the currency has indeed resulted in a devaluation by approximately 40 per cent, TheNewsGuru.com (TNG) can report.

    Reports emerged claiming that the CBN devalued the naira from N461.6 to N631.00 on the Importer and Exporter (I&E) market segment, following President Bola Tinubu’s announcement of plans to unify the exchange rates.

    In response, the CBN’s Assistant Director of Corporate Communications, Isa AbdulMumin, issued a statement dismissing the reports as false and misleading.

    However, the CBN’s denial contradicts the reality on the ground. Financial analyst Kalu Aja explained that when a currency is floated, it allows for depreciation or appreciation.

    In this case, the floating of the naira has led to its depreciation, resulting in a devaluation of approximately 40 per cent. The exchange rate at the Investors’ & Exporters’ (I&E) window opened at N712 per $1 and closed at N663 per $1 on June 16, 2023, contradicting the CBN’s claim of stability.

    Aja further emphasized the lack of clarity and communication from the government regarding its policies.

    “The absence of clear directives and limited information has caused confusion among the public. The government’s objectives appear to be targeting foreign investors to attract capital inflow, reduce imports, increase export earnings, and encourage remittances.

    “However, there is a need for transparency and comprehensive policy communication to address the ongoing uncertainties,” he said.

    The CBN later announced new measures and an exchange rate model through a recent circular signed by the Director of Financial Market Angela Sere-Ejembi.

    According to the circular, “the operational rate for all government-related transactions will be the weighted average rate of the preceding day’s executed transactions at the Importer and Exporter (I&E) Window, calculated to two decimal places”.

    Furthermore, the circular announces the re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window. Eligible transactions will have access to foreign exchange at this window, guided by the existing circular issued on April 21, 2017, referenced as FMD/DIR/CIR/GEN/08/007.

    The CBN also plans to discontinue the RT200 Rebate Scheme and the Naira4Dollar Scheme, effective from June 30, 2023.

    Chief Economist and Head Research at KPMG NG and Former Statistician General/CEO of the National Bureau of Statistics, Yemi Kale, expressed his opinion on the matter.

    He emphasized the importance of identifying the drawbacks of every policy, regardless of its desirability, in order to develop effective solutions to counter or mitigate the impacts.

    Kale highlighted the significance of micro, small, and medium-sized businesses in Nigeria, which constitute over 90 per cent of Nigerian businesses, employ over 80 per cent of the workforce, contribute around 40 per cent to GDP, and heavily rely on PMS for their operations.

    “While the subsidy definitely had to go, I’m not sure it’s a good idea to play down the impact,” Kale said.

    The move away from a fixed foreign exchange policy toward a managed float indicates a loosening of control by the CBN.

    Nigeria previously maintained a tightly controlled official exchange rate, but individuals and companies faced difficulties accessing foreign currency at those rates.

    This marks the first major devaluation of the naira on the official market since 2016, prior to the introduction of the managed exchange rate in 2017.

    The CBN’s new measures and exchange rate model aim to address the challenges posed by multiple exchange rates and foster transparency in Nigeria’s foreign exchange market.

    Meanwhile, both the Manufacturers Association of Nigeria (MAN) and Association of Corporate Treasurers of Nigeria (ACTN) have expressed their support for the CBN’s decision to float the naira, believing that it will enhance market efficiency and restore investor confidence in the Nigerian economy.

     

  • I wish Emefiele well on his new appointment in detention – Fayose

    I wish Emefiele well on his new appointment in detention – Fayose

    Former governor of Ekiti State, Mr Ayodele Fayose says he wishes the former governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, well in his new appointment in detention.

    The former governor said Emefiele’s arrest by the Department of State Service should also serve as a lesson for those who don’t remember to be careful when being used.

    The DSS in a statement issued on Saturday by its spokesman, Peter Afunanya, confirmed the arrest of  Emefiele.

    The CBN governor had earlier been suspended on Friday evening by President Bola Tinubu. His arrest followed his suspension.

    Reacting to Emefiele’s  arrest on Saturday, Fayose said Emefiele’s ordeal will  serve as deterrent for those who don’t remember that power is transient.

    Speaking to FTN, he said, “This is a lesson for those who don’t remember to be careful when being used.

    “Today he is on his own. How can a governor of the CBN be contesting for president. He was deceived to go for an ambition and didn’t know when to stop.

    ”It is a rare privilege  to be Nigerias CBN’s governor. Instead of appreciating God, he allows himself to be used.

    “Without doubt, I knew a day like this would  come – with consequences.

    “We can only wish him luck on his new appointment in detention.”

    He explained that Emefiele may be ”another Dasuki in the making.” Sambo Dasuki was Nigeria’s National Security Adviser during the administration of former President Goodluck Jonathan. He was accused of misappropriating Nigeria’s security funds and spent a long time in detention during the administration of former President Muhammadu Buhari.

    To him, Emefiele’s ordeal is an appointment  that you can’t know the end. “Dasuki came back,  I pray for him that he survives. Emefiele should take over Dasuki’s room in DSS’  office.

    ”Buhari has set the pace and precedence, we can only wish him luck in this new journey.

    “He should be ready to enjoy his new destination with President Bola Tinubu. We welcome him to this new journey.”

    He said the former CBN governor should be reminded that a lot of people will no longer pick his call. “He is now an orphan. But Dasuki went through it and Heaven did not fall. So, we wish him well.”

    He however said the Tinubu’s administration should ensure that all the money belonging to the state with the former CBN boss is fully recovered.

  • Labour Party Knocks President Tinubu over Emefiele’s suspension, arrest

    Labour Party Knocks President Tinubu over Emefiele’s suspension, arrest

    The Labour Party has questioned President Bola Tinubu over the suspension and continued detention of embattled Central Bank of Nigeria Governor, Godwin Emefiele, saying he should investigate the Independent National Electoral Commission, (INEC) instead.

    This comment was made by National Publicity Secretary of the Labour Party, Obiora Ifoh on behalf of the party via a statement on Saturday.

    The opposition party stated that it is disturbed and pained by the decision of Tinubu to suspend Emefiele without recourse to the National Assembly.

    According to the party, the embattled CBN governor is paying for the sins against Tinubu by disagreeing with him on the implementation of Naira Redesign Policy.

    “Most Nigerians will not forget in a hurry the famous Naira redesign policy initiated by Emefiele primarily to check vote buying in the last general election. A noble policy which a particular candidate then unfortunately believed was targeted at him. To him, it was a mortal sin which cannot be forgiven and must be punished. Labour Party believes that Emefiele, a fall guy, is paying for his “sin”.

    “The government said the suspension of Emefiele is ‘sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy’. If indeed, there is any government agency that should be investigated with this utmost urgency, should it not be the Independent National Electoral Commission, INEC and its Chairman, Prof. Mahmood Yakubu? This is the institution that is responsible for the mockery of our democracy”, the statement reads.

    Emefiele was first suspended by the Tinubu government before being arrested by the Department of State Service DSS on Saturday morning.

    Emefiele has since handed over the mode of operation to his deputy, Folashodun Shonubi.