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IGP Collects N120bn Annually From Firms

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  • IGP Collects N120bn Annually From Firms, VIPs –Senator Misau

The senator representing Bauchi Central Senatorial District in the upper chamber of the National Assembly, Isah Misau, has taken a swipe at the Inspector General of Police, Ibrahim Idris, alleging that Idris collected about N120bn annually as payment for special security services rendered by the police to corporate organisations and very important personalities.

He, however, added that over 50,000 personnel involved in such act had not been benefitting from the money.

Misau, who is a retired Deputy Superintendent of Police, had also alleged that the special promotion of officers by the force was fraught with corruption, an allegation the IGP subsequently set a panel to investigate.

But in a telephone interview with one of our correspondents on Thursday evening, the senator said he would not honour the invitation of the IGP’s probe panel because the police could not be a judge in a case involving them.

He said the Department of State Services or the Economic and Financial Crimes Commission should be given the task of investigating his claims.

However, speaking at a press conference in Abuja on Friday, the lawmaker, who denied the allegation by police authorities that he was on a vendetta against the force due to his dismissal from the service, alleged that posting of senior officers such as commissioners and mobile police commanders attracted between N10m and N15m bribe.

Misau said, “Based on available records, series of petitions and reports from insiders, the incumbent IGP has no capacity to run the police, just like the Chairman of the Police Service Commission, Mike Okiro (retd.), a former IGP, who also lacks similar capacity going by the N300m scam and others hanging on his neck since 2011 during the presidential primary of the Peoples Democratic Party, where he served as the head of the security committee.

“Specifically, the IGP, on good authority from within the force, collects over N10bn on monthly basis as money for special security provided by men of the force to corporate bodies and highly placed individuals, including criminals, running to N120bn on a yearly basis without any reflection in the police’ annual budget or internally generated revenue.”

“On nepotism, the IGP is scoring high marks by making almost half of the mobile commanders in the country people of his Nupe extraction.”

According to the senator, such postings have not helped the police in their war against crime in the country.

“Police is not a political outfit and should not be allowed to be turned into one by IGP Idris,” he stated.

Misau also dismissed the allegation made by the Police Public Relations Officer, Mr. Jimoh Moshhod, that he (Misau) was dismissed for misconduct while displaying his letter of retirement issued by the Police Service Commission.

The letter, dated March 5, 2014, and signed by one Mrs. Garos Logams, on behalf of the then Permanent Secretary/Secretary to the PSC, read in part, “I wish to inform you that the commission has approved your retirement from the service of the Nigeria Police Force with effect from 1st December, 2010, after 10 years of meritorious service.”

Speaking further on why he would not honour the invitation by the IGP’s probe panel, Misau, in a telephone interview, stated, “You cannot be the judge in your own case. If really their hands are clean, they should bring an independent body. They brought the invitation (to me) because of fear.

“Under the Freedom of Information Act, they should make something like that public. It means they are not fair in what they are doing. If there is no corruption (in the process), they should make it public.

“They set up a panel led by one retired judge but the allegation is against them (police) and you cannot be the judge in your own case.”

Misau further alleged that there was more corruption in the Nigeria Police and the Police Service Commission apart from those in the promotion exercise.

He said, “Let me give you an example of the so many corruption cases that are taking place. More than 10,000 policemen are working with the oil companies and every month the companies are paying money. Where is the money going? Is the money going into the Federal Government’s coffers or into some people’s pockets?

“We have over 10,000 officers working in banks. Are they paying money to the Federal Government? Who are they paying the money to? Where is the money? We have policemen in thousands working for companies and private individuals. Go to the airports and you will see that people of questionable character have policemen attached to them. Are they paying money to the Federal Government?

“Why should the Federal Government train a policeman, give him uniform and gun; and then he is passed to an individual who will not pay anything to the Federal Government. Is that right under President Muhammadu Buhari’s administration?

“Last week, an organisation accused the Nigeria Police of bribery amounting to N400bn. Am I the person who said it?”

The senator said before he received the panel’s invitation, he had written the police authorities in which he invoked the Freedom of Information Act to compel the force to provide details of promotions since 2009, including the beneficiaries and reasons for their promotion.

He said police’s response was that he was not the chairman of the Senate Committee on Police Affairs and was not eligible to request for the information.

“I replied them again that I wrote not as chairman of the committee but as a citizen of Nigeria and as a senator who made an allegation and who wants to further show them that what he is saying is true,” he said.

The lawmaker alleged that although police were at the forefront of anti-corruption campaigns in developed countries, corruption had prevented Nigeria Police from leading the anti-graft war by the Buhari-led administration.

Okiro is performing well – PSC

When contacted, the PSC spokesman, Ikechukwu Ani, said Misau was entitled to his opinion about Okiro, but added that the commission’s chairman was performing well.

He cautioned the senator against making unsubstantiated allegations, stressing that he should present evidence on his allegations if he had any.

In a telephone interview, Ani said, “What has the promotion issue got to do with Okiro’s role in the PDP? The police have set up a panel. The commission too is investigating his allegations, and if he has evidence, he should present it before either of the panels. If he has issues with the IGP, he should leave the commission out of it; Okiro is doing well as chairman of the commission and this was attested to by everyone,” he stated.

Misau is a habitual liar –Police

While reacting to the allegations, the police described Misau as “a habitual liar and police deserter who would be brought to justice for his crimes.”

The Force spokesperson, Jimoh Moshood, said Misau was parading a forged retirement letter and called on the Senate to direct the former police officer to return to the force to face the disciplinary committee.

He said, “Everything Misau said is false; he is a habitual and unrepentant liar. DSP Isa Hamma is still a police officer, he is not a senator, his real name is Isa Hamma and his name is still on the police staff list.

“He deserted the force and didn’t fill the emolument form; he forged and paraded a retirement letter dated 2014 while he contested in the House of Representatives election in Bauchi State in 2011 and lost. He exited the force unceremoniously in 2010, but he is parading a letter dated 2014.”

Moshood said the police would give the Senate Ethics and Privileges Committee some time to deal with Misau, adding that if they failed, the police would have no choice than to arrest him and charge him for desertion and forgery.

He added, “He (Misau) should know that desertion and forgery are criminal offences and the police are going to pursue that. The Senate should ask DSP Hamma to return to the police to face a disciplinary committee for the various offenses he had committed. He is not qualified to be a senator and we are going to bring him to justice.”

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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South Africa’s Inflation Rate Holds Steady in May

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South Africa’s inflation rate remained unchanged in May, increasing the likelihood that the central bank will maintain current borrowing costs.

According to a statement released by Statistics South Africa on Wednesday, consumer prices rose by 5.2% year-on-year, the same rate as in April.

The consistent inflation rate is expected to influence the decision of the six-member monetary policy committee (MPC), which is set to meet in mid-July. The current benchmark rate stands at 8.25%, a 15-year high, and has been held steady for six consecutive meetings.

Central Bank Governor Lesetja Kganyago has repeatedly emphasized the need for inflation to fall firmly within the 3% to 6% target range before considering any reduction in borrowing costs.

“We will continue to deliver on our mandate, irrespective of how our post-election politics plays out,” Kganyago stated earlier this month in Soweto. “The only impact is what kind of policies any coalition will propose. If the policies are not sustainable, we might not have investment.”

While money markets are assigning a slim chance of a 25-basis point rate cut in July, they are fully pricing in a reduction by November.

Bloomberg Africa economist Yvonne Mhango anticipates the rate-cutting cycle to begin in the fourth quarter, supported by a sharp drop in gasoline prices in June and a rally in the rand.

The rand has appreciated more than 3% since Friday, following the ANC’s agreement to a power-sharing deal with business-friendly opposition parties and the re-election of President Cyril Ramaphosa.

In May, the annual inflation rates for four of the twelve product groups remained stable, including food and non-alcoholic beverages.

However, transport, alcoholic beverages and tobacco, and recreation and culture saw higher rates. Food prices increased by 4.3% in May, slightly down from 4.4% in April, while transport costs rose by 6.3%, up from 5.7% and marking the highest rate for this category since October 2023.

The central bank’s cautious stance on monetary policy reflects its ongoing concerns about inflation.

Governor Kganyago has consistently voiced worries that the inflation rate is not decreasing as quickly as desired. The MPC’s upcoming decision will hinge on sustained inflationary pressures and the need to balance economic stability with fostering growth.

As South Africa navigates its economic challenges, the steady inflation rate in May provides a measure of predictability for policymakers and investors alike.

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Ghana Reports Strong 4.7% GDP Growth in First Quarter of 2024

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Ghana’s economy showed impressive growth in the first quarter of 2024 with the Gross Domestic Product (GDP) expanding by 4.7% compared to the same period last year, according to Government Statistician Samuel Kobina Annim.

This represents an increase from the 3.8% growth recorded in the previous quarter and should provide a much-needed boost to the ruling New Patriotic Party (NPP) as the nation approaches the presidential elections scheduled for December 7.

The positive economic data comes amidst a challenging backdrop of fiscal consolidation efforts under a $3 billion International Monetary Fund (IMF) rescue program.

The government has been working to control debt through reduced spending and restructuring nearly all of its $44 billion debt.

This includes ongoing negotiations with private creditors to reorganize $13 billion worth of bonds.

The latest GDP figures are seen as a vindication of the NPP’s economic policies, which have been under fire from the main opposition party, the National Democratic Congress (NDC).

The opposition has criticized the government’s handling of the economy, particularly its fiscal policies and the terms of the IMF program, arguing that they have imposed undue hardship on ordinary Ghanaians.

However, the 4.7% growth rate suggests that the measures taken to stabilize the economy are beginning to yield positive results.

Analysts believe that the stronger-than-expected economic performance will bolster the NPP’s position as the country gears up for the presidential elections.

“The growth we are seeing is a testament to the resilience of the Ghanaian economy and the effectiveness of the government’s policies,” Annim stated at a press briefing in Accra. “Despite the constraints imposed by the debt restructuring and IMF program, we are seeing significant progress.”

The IMF program, which is designed to restore macroeconomic stability, has necessitated tough fiscal adjustments.

These include cutting government expenditure and implementing structural reforms aimed at boosting economic efficiency and growth.

The government’s commitment to these reforms has been crucial in securing the confidence of international lenders and investors.

In addition to the IMF support, the government has also been focused on diversifying the economy, reducing its reliance on commodities, and fostering sectors such as manufacturing, services, and technology.

These efforts have contributed to the robust growth figures reported for the first quarter.

Economic growth in Ghana has been uneven in recent years, with periods of rapid expansion often followed by slowdowns.

The current administration has emphasized sustainable and inclusive growth, seeking to ensure that the benefits of economic progress are widely shared across all segments of the population.

The next few months will be critical as the government continues its efforts to stabilize the economy while preparing for the upcoming elections.

The positive GDP growth figures provide a strong foundation, but challenges remain, including managing inflation, creating jobs, and ensuring the stability of the financial sector.

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World Bank Commits Over $15 Billion to Support Nigeria’s Economic Reforms

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The World Bank has pledged over $15 billion in technical advisory and financial support to help the country achieve sustainable economic prosperity.

This commitment, announced in a feature article titled “Turning The Corner: Nigeria’s Ongoing Path of Economic Reforms,” underscores the international lender’s confidence in Nigeria’s recent bold reforms aimed at stabilizing and growing its economy.

The World Bank’s support will be channeled into key sectors such as reliable power and clean energy, girls’ education and women’s economic empowerment, climate adaptation and resilience, water and sanitation, and governance reforms.

The bank lauded Nigeria’s government for its courageous steps in implementing much-needed reforms, highlighting the unification of multiple official exchange rates, which has led to a market-determined official rate, and the phasing out of the costly gasoline subsidy.

“These reforms are crucial for Nigeria’s long-term economic health,” the World Bank stated. “The supply of foreign exchange has improved, benefiting businesses and consumers, while the gap between official and parallel market exchange rates has narrowed, enhancing transparency and curbing corrupt practices.”

The removal of the gasoline subsidy, which had cost the country over 8.6 trillion naira (US$22.2 billion) from 2019 to 2022, was particularly noted for its potential to redirect fiscal resources toward more impactful public investments.

The World Bank pointed out that the subsidy primarily benefited wealthier consumers and fostered black market activities, rather than aiding the poor.

The bank’s article emphasized that Nigeria is at a turning point, with macro-fiscal reforms expected to channel more resources into sectors critical for improving citizens’ lives.

The World Bank’s support is designed to sustain these reforms and expand social protection for the poor and vulnerable, aiming to put the economy back on a sustainable growth path.

In addition to this substantial support, the World Bank recently approved a $2.25 billion loan to Nigeria at a one percent interest rate to finance further fiscal reforms.

This includes $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing, and $750 million for the NG Accelerating Resource Mobilization Reforms Programme-for-Results (ARMOR).

“The future can be bright, and Nigeria can rise and serve as an example for the region on how macro-fiscal and governance reforms, along with continued investments in public goods, can accelerate growth and improve the lives of its citizens,” the World Bank concluded.

With this robust backing from the World Bank, Nigeria is well-positioned to tackle its economic challenges and embark on a path to sustained prosperity and development.

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