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Amaechi Says Jonathan Wasted $65bn Excess Crude Fund, PDP Kicks

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  • Amaechi Says Jonathan Wasted $65bn Excess Crude Fund, PDP Kicks

The Minister of Transportation, Mr. Rotimi Amaechi, has said he left the Peoples Democratic Party in 2015 due to the gross mismanagement of the country’s resources by the former ruling party.

According to him, the wastage of the country’s resources was so much during the PDP reign that a total of $65bn left in the Excess Crude Account by ex-President Olusegun Obansajo was squandered by his successor, Goodluck Jonathan.

Amaechi said he left the PDP because he was desirous of change and he saw a change agent in the presidential candidate of the All Progressives Congress, Muhammadu Buhari.

Amaechi said this in Lagos on the sidelines of the Future Awards Africa held at the Federal Palace Hotel, Victoria Island.

According to Amaechi, Buhari, who eventually defeated Jonathan, inherited an empty treasury when he came into office as President.

The transportation minister lamented that had the Jonathan government saved rather than squandered the country’s resources, getting money to fund some major railway projects in the country would have been easy.

Amaechi said, “When Obasanjo was leaving, he left about $65bn in the Excess Crude Account, but this money was frittered away and we wonder where the money is.

“As at then, the price of crude oil during the President Goodluck Jonathan’s administration hovered around $140, with this, they did not leave anything for the incoming government.

“With that kind of money, we should be thinking of connecting Nigeria through rail system. The rail between Ibadan to Kano would have been completed.

“Also the rail gauge between Port Harcourt to Maiduguri and Lagos to Calabar would have been completed, but all the excess crude money was frittered away, we need to ask questions.’’

Amaechi said as the then Chairman of the PDP Governors’ Forum, he was influential and could have stayed and used his position to force the former ruling party to do the right thing, but he was simply fed up.

“My attention and belief shifted to Buhari which was the viable alternative; I believe in the change mantra because it is the only way to improve on what is on the ground.

“He (Buhari) has not disappointed (the country) because the economy is now back on track and is growing. This is evident in the current prices of food items because it’s getting lower.”

Efforts to get Jonathan’s reaction did not succeed, as phone calls placed to the mobile line of the former President’s spokesman, Mr. Ikechukwu Eze, did not go through.

Eze had also not responded to both a text message and an email sent to him as of press time.

But the PDP has accused Amaechi of leading the governors against the Jonathan administration in its bid to save money.

The former ruling party said that Amaechi, as the Chairman of the Nigerian Governors’ Forum, was also asking the Federal Government to share all of the money in the Excess Crude Account.

It wondered why the former governor of Rivers State would now turn around to accuse the former President and his administration of not saving money.

The National Publicity Secretary of the party, Mr. Kola Ologbondiyan, spoke on behalf of the PDP in an interview with one of our correspondents.

He said, “Nigerians won’t take Amaechi serious because they know the roles he led the governors to play in frustrating the government to share every kobo in the ECA.

“It was Amaechi who was leading the governors against the Federal Government. Nigerians are aware that Amaechi is merely playing to the gallery. “

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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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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