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How Emefiele Spent N1.7bn Defending Naira Redesign In Court – CBN Investigator

Published

2 years ago

December 22, 2023

An independent report has indicted the embattled former Central Bank of Nigeria Governor, Godwin Emefiele, of spending over N1.7 billion on legal fees for suits instituted against the naira redesign policy introduced during former President Muhammadu Buhari’s administration.

According to the report by The PUNCH on Friday, Emefiele spent questionable legal fees for 19 cases instituted against the policy.

The report quoted Emefiele as also using N1.325 billion, for what was described as “stolen pre-incorporation,” adding that the money was funneled to four companies, including a legal firm that got N300 million.

Between 2015 and 2021, an investment company was said to have collected unlawfully a total of N4.89bn.

A breakdown indicated that the firm received N262mn in 2015, N464mn in 2016, N550mn in 2017, N726mn in 2018, N762 in 2019, N684 in 2020, and N1.44bn in 2021, totaling N4.89bn.

Continuing, the reports further indicted Emefiele of also allegedly paying N17.2bn to 14 deposit money banks participating in the Nigerian Electricity Market Stabilisation Facility.

Among the people who instituted an action against Emefiele on the policy were eight states, including Kaduna, Kogi, Zamfara, Ekiti, Kano, and Ondo, while disagreeing with the deadlines for the use of old Naira notes in the country.

The suit came as a result of the difficulties caused by the policy in the lives of citizens, the practicality of the deadline, and the constitutionality of the policy.

Aside from the states, another litigant was a Lagos-based lawyer, Tope Alabi, who approached the Federal High Court sitting in Lagos for leave to initiate contempt proceedings against the ex-CBN governor for alleged disobedience of the Supreme Court orders on its naira redesign policy.

Alabi made the application via a March 27 ex parte motion in the suit, with Emefiele listed as the sole respondent.

Describing the naira swap as a “cash confiscation policy,” he said it had affected the day-to-day running of his office as his staff could not make it to work daily due to the non-availability of physical cash, adding that commercial drivers “do not have a point of sale device/machine to collect fares.”

The lawyer filed a 28-page affidavit in support of his application wherein he claimed that the Supreme Court on March 10, in Suit No. SC. 162/2023, “directed Emefiele to make available and allow the old naira notes of N200, N500, and N1000 to co-exist as legal tender with the new N200, N500, and N1000 notes till December 2023.”

“The respondent who had withdrawn N200, N500 and 1000 old notes from circulation on 10 February 2023 has refused to comply with the Order of the Supreme Court made on 10 March 2023 till date by releasing the old notes to circulation.”

The document also stated, “The CBN also went further by authorising the issuance of debenture for the NESI SPV, starting with N64.8bn in 2015. By 2021, N952bn debenture had been issued. The investigator said the money was diverted from public funds.’’

It was further gathered that Emefiele could be tried for alleged manipulation of the naira exchange rate, fraudulent implementation of the e-naira project, and exemption of three foreign firms from paying income tax.
PUNCH

News

Minister Suspends Aide Over 2027 Governorship Election Write-up

Published

2 hours ago

January 7, 2026

Editor

The Minister of Information and National Orientation, Mohammed Idris, has formally distanced himself from a political article titled “Malagi 2027,” which speculated on potential scenarios ahead of the 2027 Niger State governorship election.

In a statement released on Wednesday, the minister’s office clarified that the article was published without authorization by one of his aides, Sa’idu Enagi, emphasizing that the opinions expressed do not represent Idris’ views or intentions.

“The write-up and all its contents are hereby vehemently disclaimed,” the statement affirmed, urging the public to disregard the publication.

The statement noted that the minister remains fully dedicated to his duties at the Federal Ministry of Information and National Orientation and has no interest in, nor tolerance for political distractions or premature electioneering.

It further stressed that he neither approved nor directed the publication of the write-up.

Following the incident, the minister has ordered an immediate investigation, and the aide responsible has been suspended with immediate effect.

The statement also underscored the cordial and mutually beneficial relationship between the minister and Niger State Governor Mohammed Umaru Bago, highlighting their joint commitment to the development and stability of the state.

“Speculations about the 2027 elections would be inimical to these noble objectives,” the statement added.

The disclaimer was signed by Rabiu Ibrahim, Special Assistant (Media) to the minister.

News

How To Calculate Your Taxable Income

Published

10 hours ago

January 7, 2026

Editor

Contents

Current Personal Income Tax Brackets (2026 Onward)

Personal income tax applies to:

*Residents: on worldwide income

*Non-residents: on Nigeria-sourced income

For employees, tax is usually deducted at source under the Pay-As-You-Earn (PAYE) system.

Current Personal Income Tax Brackets (2026 Onward)

Nigeria operates a progressive tax system, meaning income is taxed in layers. Only the portion of income within each band is taxed at the applicable rate.

Annual Taxable Income (₦)	Tax Rate
First ₦800,000	0%
Next ₦1,400,000 (₦800,001 – ₦3,000,000)	15%
Next ₦9,000,000 (₦3,000,001 – ₦12,000,000)	18%
Next ₦13,000,000 (₦12,000,001 – ₦25,000,000)	21%
Next ₦25,000,000 (₦25,000,001 – ₦50,000,000)	23%
Above ₦50,000,000	25%

Your tax bracket refers to the highest (marginal) rate that applies to any portion of your income.
For example:

₦10 million → 18% bracket

₦60 million → 25% bracket

Steps to Calculate Your Taxable Income

1. Determine Your Gross Income

Add all annual earnings, including:

Salary and wages
Bonuses and allowances
Business or professional income
Rental income and other earnings

2. Subtract Allowable Deductions and Reliefs

These include:

Pension contribution: 8% of salary (employee portion)
National Housing Fund (NHF) (where applicable)
Rent relief: higher of ₦500,000 or 20% of annual rent paid
Other approved deductions (e.g. life insurance premiums, eligible mortgage interest)

Note: The former Consolidated Relief Allowance (CRA) has been abolished.

3. Arrive at Taxable Income

Taxable income = Gross income – deductions and reliefs

4. Apply the Progressive Tax Rates

Tax each portion of income according to the applicable band.

Worked Example

Annual gross salary: ₦15,000,000

Pension (8%): ₦1,200,000
Rent relief: ₦600,000

Taxable income:
₦15,000,000 − ₦1,200,000 − ₦600,000 = ₦13,200,000

Tax Breakdown:

First ₦800,000 @ 0% = ₦0
Next ₦2,200,000 @ 15% = ₦330,000
Next ₦9,000,000 @ 18% = ₦1,620,000
Remaining ₦1,200,000 @ 21% = ₦252,000

Total tax payable: ₦2,202,000
Marginal tax rate: 21%
Effective tax rate: ~16.7%

Important Notes

Low-income earners, including those below the minimum wage threshold, may be fully exempt.
PAYE administration may vary slightly by state.
For exact figures, taxpayers should consult their state internal revenue service or a licensed tax professional.

Source: Tribune

News

Foundation Offers Free Medical Serves To Edo Community

Published

23 hours ago

January 6, 2026

Editor

As part of its campaign against extractive activities and promotion of healthy living in the Niger Delta region, an environmental think-tank organisation — The Ecological Action Advocacy Foundation (TEAAF) on Monday offered free medical services to the people of Gelegele community in Ovia South West Local Government Area of Edo State.

The free medical services which included eye screening, sugar level and BP tests, general medical examination and counseling, etc, saw over 150 people benefitting from the free medical outreach.

The beneficiaries were also offered the appropriate reading eyeglasses and medications as the outcome of their tests required.

In her speech, Project Director, TEAAF, Ann Ajirioghene Offi, said though it was not the first time her organisation is taking free medical services to the community, the need to offer the current free medical services to Gelegele people arise during a dialogue with them where they narrated different health challenges to the representatives of the organisation.

A cross section of beneficiaries of the outreach

Offi, who described Gelegele as a Community of Particular Concern to her organisation, said the health challenges keep increasing by the day as a result of extractive activities, gas flares and negligence.

She said: “We have seen that there are a lot of health challenges in this community, and this is as a result of the location of the community, and the ongoing extractive activities in the community, most especially the gas flares in the heart of the community. The gas flare has resulted in a lot of health challenges in the community, according to our research.

“We felt it’s very vital for us to bring free medical services here going by the health challenges facing the people.

“The challenges keep increasing by the day as a result of negligence. Negligence in the sense that the health centre in the community is not functional as it ought to be, and from my observation, no medical equipment in the clinic to take care of people.”

Eyeglasses display displayed during the medical outreach for distribution.

One of the beneficiaries, Clement Eyenmi, expressed joy and appreciated TEAAF for the free medical services, saying “our people need an organisation as this to come to their aid.”

He lamented that despite his age, he’s already having eye challenges as a result of the gas flares in the heart of the community.

“In this our environment, and personally for me, I have an eye challenge as a result of this gas flaring in the heart of our community. But today, I was attended to; I was given a reading glasses.

“The oil company flares the gas but does not bother about the welfare of the people, or show concern about the environment. This is a major problem we have here.

Medical personnel attending to a beneficiary.

“What this organisation is doing today is what we expect the government and the oil company to do, but they will never do such,” he added.

Also speaking, another beneficiary, Bobby Ikinbor, also appreciated TEAAF for the free medical services, saying “we do not have a standard hospital here, so, today, as this organisation brings this free medical services, it is a relief to us. We appreciate the organisation.”

He added: “You see, at times when we have an emergency health challenge and we try to rush the person to the city, we have to pray because of the bad condition of the road. At times the emergency patient dies before we get to the city.”