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Falana Rejects Soludo’s Defence on Allocation of $7bn to 14 Banks

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Falana

A human rights lawyers, Mr. Femi Falana, wednesday rejected the defence of the former Central Bank of Nigeria (CBN) Governor, Prof. Charles Soludo, on how the apex bank under his leadership removed $7 billion from the country’s foreign reserves and doled out it to 14 commercial banks.

Falana, a Senior Advocate of Nigeria (SAN), demanded whether the commercial banks that benefitted from $7 billion, which the former CBN governor said was deposited in the banks on October 3, 2006.

He made the demand in a statement he issued yesterday, saying Soludo’s demand for apology “is a joke since it was the CBN under him that claimed to have given its own share of $7 billion to the 14 banks.”

In the statement which he personally signed, Falana described Soludo’s demand for apology as baseless, noting that it was the CBN under his leadership that issued a statement on October 3, 2006 to the effect that the $7 billion had been released to the 14 banks.

The senior advocate said Soludo confirmed that the CBN management actually issued the statement, though claimed that Soludo “has turned round to say that it was a deposit and not a loan.

“So the $7 billion transaction is no longer a lie emanating from me! But in a display of empty arrogance, Soludo proceeded to accuse me of exhibiting ignorance by referring to the deposit placed in the 14 banks as a loan.

“Soludo never disclosed the terms of the deposit of the sum of $7 billion and when the principal sum and the accrued interests were paid back to the nation’s foreign reserves,” he explained.

He added that it was the management of the CBN that claimed “to have released to the 14 banks its own “share” of $7 billion from the foreign reserves estimated at $38 billion at the material time.

“The CBN never stated that it had fixed $500 million in each of the 14 banks, but that it had released a total of $7 billion of its own “share” of the fund. Is Soludo insisting that CBN under his management was entitled to any share of the nation’s foreign reserves?

“In any case, whether it was a deposit or its own “share” of the foreign reserves, did the CBN ever announce that the deposit had been paid back to the foreign reserves which belong to the three tiers of government of Nigeria?”

Meanwhile, Falana last night condemned the decision to suspend the Chairman of the House of Representatives Committee on Appropriation, Hon Jubrin Abdulmumin, from the House, saying the decision will not stand.

Falana who is also Abdulmumin’s lawyer said: “It is a primitive resort to self by the House. Since the matter is in court the House deliberately breached its rule of not interfering with pending judicial proceedings.

“In his desperation to cover up the scandal the Speaker, Hon. Yakubu Dogara, made himself the accuser, witness, prosecutor and judge at the same time and thereby breached the elementary rule of nemo judex in causa sua (thou shall not be a judge in your own cause).

“In view of the ongoing investigation by the police and the EFCC of the serious allegations of corrupt practices, fraud and money laundering levelled against the Speaker by Jibrin, the suspension has made a mockery of the anti-corruption war of the Buhari administration. It is a decision that will not stand,” he argued.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Netanyahu Stands Firm as US Halts Bomb Shipment Over Rafah Invasion Warning

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Amidst escalating tensions between Israel and the United States, Israeli Prime Minister Benjamin Netanyahu has adopted a defiant stance following the US decision to halt a shipment of bombs and warned against Israel’s potential invasion of the southern Gaza city of Rafah.

In a bold statement, Netanyahu declared, “If we have to stand alone, we will stand alone,” emphasizing Israel’s resolve to pursue its objectives despite opposition.

The Prime Minister’s comments, delivered via social media and a subsequent interview with American talk show host Dr. Phil, underscore Israel’s determination to address security threats posed by the Gaza Strip, particularly by Hamas militants operating in Rafah.

Netanyahu reiterated the necessity of military action in Rafah to eliminate the remaining Hamas battalions, condemned Hamas’s history of violence and reiterated Israel’s commitment to achieving victory and ensuring the safety of its citizens.

The US administration, led by President Joe Biden, expressed concerns over the potential humanitarian impact of an Israeli invasion of Rafah, prompting the decision to withhold additional offensive weapons shipments to Israel.

Biden’s statement echoed broader international apprehensions about the escalation of violence and civilian casualties in the conflict-stricken region.

However, Netanyahu remained resolute in Israel’s approach, asserting the country’s right to defend itself against security threats. He emphasized Israel’s efforts to minimize civilian casualties and facilitate the evacuation of civilians from Rafah before any military action.

Despite the US’s decision to pause the bomb shipment, Netanyahu affirmed Israel’s commitment to its longstanding alliance with the US. He acknowledged past disagreements between the two nations but expressed optimism about resolving current tensions through dialogue and cooperation.

In response, White House officials reiterated the US’s support for Israel’s security while urging restraint and emphasizing the need to avoid actions that could exacerbate the humanitarian crisis in Gaza.

The administration clarified that the decision to halt the bomb shipment was aimed at preventing potential civilian casualties in Rafah.

The confrontation between Israel and the US underscores the complexity of navigating regional conflicts and balancing strategic interests. As tensions persist, both nations face the challenge of reconciling their respective security imperatives with broader humanitarian concerns, seeking to avert further escalation while addressing the root causes of the conflict in the Middle East.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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