Igarra

A file photo of EFCC
Chairman, Abdulrasheed Bawa.

 

Chairman of the Economic and Financial Crimes (EFCC),
Abdulrasheed Bawa, on Monday continued his testimony at the Lagos
High Court sitting in Ikeja in the trial of Abubakar Peters and his
company, Nadabo Energy Limited, for an alleged N1.4 billion subsidy
fraud.

Mr Bawa who is testifying as the fifth prosecution witness
concluded his examination-in-chief before Justice Christopher
Balogun.

While answering questions from the prosecuting counsel, Seidu
Atteh, he shed more light on Exhibit X – the nine-page document
tendered in court by the prosecution as the synopsis of the
findings of the investigation team.

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“Page eight is the summary of the findings of our
investigations,” he said. “We found out that contrary to the claim
of the defendant, as seen on page one that this particular Letter
of Credit (LC) no. SPG/DLC/11/0013 is in favour of Ashland Energy
SA, the LC is actually in favour of Petrocam Trading PYT Ltd.

“Also, contrary to the claim that MT St. Vanessa had a
ship-to-ship transfer with MT American Express, as per page one,
our findings, as per page eight, revealed that MT St. Vanessa had a
ship-to-ship transfer with MT Evridiki, in which only 4,843.22 MT
of PMS was taken offshore Lome as against the claim by the
defendant that the vessel took 14,134.58 MT on the same date and
same location.

“Our findings further revealed that Staco Insurance Plc issued
Certificate of Marine Insurance no. 0047851 dated 25 October 2011
for only $4,780,128 as against the claim of the defendant that
$17,205,000 was the value that was insured.

“In summary, our findings revealed that the defendant ought to
have been paid only N486, 560,246.15 for importation of
6,505,140.42litres of PMS as against N1,464,961,978.24 paid for
claiming to have imported 19,500,000 litres of PMS, thereby
obtaining N978,401,732.09.”

Under cross-examination by defence counsel, Osagie Isiramen,
Bawa told the court that the EFCC received complaints from the then
Minister of Petroleum Resources, Diezani Alison-Madueke, calling on
the commission to investigate the entirety of the subsidy
regime.

“In addition, we also received complaints from Femi Falana
Chambers, as well as civil society groups and other stakeholders in
Abuja, as signed by Dino Melaye and others,” he said.

According to him, the EFCC is empowered by Section 7 of the EFCC
Establishment Act, “even if it does not receive a formal petition
to still carry out investigation on financial matters that it
believes may be fraudulent.”

The EFCC chief also told the court that the agency investigated
all the companies that participated in the subsidy scheme.

“Some of the marketers that we prosecuted have been convicted by
the court, some are still under prosecution, some are still under
investigation, and we have recovered billions of naira,” he
added.

The case has been adjourned until January 24 and 25, 2022 for
the continuation of the cross-examination.

Turkish President Recep Tayyip
Erdogan (R) speaks to announce the net minimum wage will be raised
by 50 percent starting next year, next to Turkish Minister of Labor
and Social Security Vedat Bilgin at the Presidential Complex in
Ankara, Turkey on December 16, 2021. Adem ALTAN / AFP

 

Turkey’s troubled lira nosedived Monday after President
Recep Tayyip Erdogan cited Islamic teachings to justify not raising
interest rates to cushion the currency against historic
falls.

Erdogan has pushed the central bank to sharply lower borrowing
costs despite the annual rate of inflation soaring to more than 20
percent.

Economists believe the policy could see consumer price increases
reach 30 percent or higher in the coming months.

But Erdogan said in remarks aired by state television that his
Muslim faith prevented him from supporting rate hikes.

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“They complain we keep decreasing the interest rate. Don’t
expect anything else from me,” he said in the televised
comments.

“As a Muslim, I will continue doing what our religion tells us.
This is the command.”

Islamic teachings forbid Muslims from receiving or charging
interest on loaned or borrowed money.

Erdogan has previously cited his religion in explaining why he
believes interest rates cause inflation instead of reining it
in.

High interest rates are a drag on activity and slow down
economic growth.

But central banks raise their policy rates out of necessity when
inflation gets out of hand. High interest rates return value to
saving money for consumers and make it expensive for companies to
invest, thus reducing the demand that often fuels rising
prices.

The Turkish lira has now lost more than 45 percent of its value
since the start of November alone.

It fell Monday by as much as 10 percent against the dollar
before paring back some of the losses.

The main stock exchange in Istanbul also briefly suspended
trading for the second successive session as the currency rout
extended to Turkish shares.

“You cannot run a modern economy integrated into the global
economy on this basis,” economist Timothy Ash of BlueBay Asset
Management said in a note to clients.

“Even Saudi Arabia really does not attempt full shariah
compliant macro(economic) management.”

Fight with big business

Turkey’s nominally independent central bank — stacked in the
past year with Erdogan’s allies and supporters — has used four
successive rate cuts to lower its policy rate to 14 percent from 19
percent.

Diplomats think the powerful but increasingly unpopular Turkish
leader believes that economic growth at all costs will help him
extend his rule into a third decade in an election due by
mid-2023.

Erdogan last month launched a self-declared “economic war of
independence” aimed at breaking Turkey’s reliance on foreign
investment and the fluctuating cost of imports such as oil and
natural gas.

But the policy is meeting increasing resistance from powerful
business leaders who had largely rallied around Erdogan during his
19-year rule.

The TUSIAD lobby of major exporters issued an unusually firm
rebuke of the president over the weekend.

“The policy choices implemented here are not only creating new
economic problems for businesses, but for all of our citizens,” the
big business lobby said.

“It is urgent that we assess the damage that has been done to
the economy, and quickly return to the implementation of
established economic principles, within the framework of a free
market economy.”

Erdogan attacked TUSIAD directly after chairing a cabinet
meeting at which ministers agreed to introduce tax and other
support measures aimed at making lira holdings more attractive
compared to dollars and euros.

“You are scheming to topple the government,” he told members of
the industrial lobby.

“Do not hold out your hopes in vain. You’re dreaming. You will
have to wait until June 2023,” he said in reference to the date of
the next scheduled election.

 

AFP

A file photo of a
classroom. Credit: Sodiq Adelakun/Channels Television

 

Libya’s education minister was arrested on Monday as
part of an enquiry into a lack of schoolbooks, the prosecution
service said.

Moussa al-Megarief “was placed in preventative detention pending
an investigation into (possible) negligence”, it said in a
statement.

“The Public Prosecution has launched an enquiry to determine the
circumstances around contractual procedures for the printing of
textbooks and the reasons for a shortfall,” it said.

A number of other officials are wanted for questioning,
including the minister for planning, it added.

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Since the times of dictator Moamer Kadhafi, Libyan authorities
have had a budget earmarked to provide free textbooks to each
student at the start of the school year in September.

However many of this year’s books have yet to be delivered,
forcing students to make full photocopies from just a handful of
books per class.

Many pupils had still not been supplied with their books by
mid-December.

“I’ve got three children in primary school and copying each book
for several classes costs us hundreds of dinars,” a major expense
for cash-strapped Libyans, said Zakiya Abdelsamad, a secretary at a
medical clinic in Tripoli.

Several stationary and office supplies shops have profited from
the situation, selling overpriced copies of the books.

Before Megarief was arrested, the education ministry had blamed
the delay on the complex process of reunifying Libya’s curriculum
after a key east-west schism in 2014 produced different
versions.

Eastern and western camps signed a landmark ceasefire in October
2020 and have been working to align school curricula across the
country.

The ministry has also posted the books on its website in PDF
format.

The minister’s arrest comes just four days ahead of presidential
elections meant to cap a transition phase, but widely expected to
be delayed.

A graphical
illustration of gunmen.

 

Two more bodies have been recovered following separate
attacks on three villages in Giwa Local Government Area of Kaduna
State bringing the death toll to 40.

Gunmen had invaded the villages between Saturday and Sunday
morning and opened fire on the innocent villagers.

The bandits also burnt several houses, vehicles, and farmlands
during the attack on the three villages – Kauran Fawa, Marke and
Riheya.

As of Sunday, the Kaduna State Government said the dead bodies
retrieved were 38 but the Commissioner for internal security and
Home Affairs, Samuel Aruwan confirmed to Channels Television on
Monday that two additional bodies were recovered.

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This is even as security agencies continue with more search
operations in the affected local government area.

Meanwhile, President Muhammadu Buhari has condemned the gruesome
incidents in Kauran Fawa, Marke and Ruhiya of Idasu Ward of Giwa
Local Government Area, saying he was really saddened by them.

Buhari in a statement by his Senior Special Assistant on Media
and Publicity, Garba Shehu, extended his condolences to the Kaduna
State Government and the people in the affected local
governments.

In addition, he also sent the nation’s condolences to the people
of Zonkwa Chiefdom and the family of His Highness Nuhu Bature, the
Agwam Kajju on his demise.

He prayed for the repose of the souls of the deceased.

Speaking further, President Buhari affirmed that the security
forces have turned the heat on the terrorists who are getting
frustrated and are soft-targeting innocent citizens, looting their
assets, burning their homes and killing them indiscriminately.

He also reiterated his directive to the security and
intelligence chiefs to do everything they can to destroy the
remaining vestiges of the terrorists.

Nasarawa is a state in north central
zone of Nigeria.

 

The police have confirmed the killing of no fewer than
nine persons in Obi and Lafia local government areas of Nasarawa
State.

According to a statement signed by police spokesperson, Ramhan
Nansel, the killings were a result of skirmishes within the
communities after the killing of one person at Gidan Washi village
of Obi Local Government Area.

Nasarawa State Governor, Abdullahi Sule, who also confirmed the
killings, has chaired a meeting in Obi to seek a resolution to the
conflict.

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The meeting was attended by socio-cultural and traditional
leaders of the affected communities, the Commissioner of Police in
the state, and Nigeria Army representatives.

Speaking to the press, Governor Abdullahi said security
operatives have been deployed to the affected areas.