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

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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.

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

READ ALSO: Police Arrest Three Men With Two Human Hearts

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.

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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.

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READ ALSO: Military Destroys 68 Illegal Refining Sites In Niger Delta

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.

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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.”

READ ALSO: FG Resumes Payment Of Arrears To N-Power Beneficiaries

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“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

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Edo SSG Calls On Media To Support Govt Policies, Assures Better Welfare

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L-R: Government House Public Relations Officer (PRO); Chief Press Secretary to Governor Monday Okpebholo, Patrick Ebojele, Ph.D; Secretary to Edo State Government, Musa Ikhilor; Special Adviser to Governor Monday Okpebholo, Mr. Paul Ezewon during the courtesy visit.

The Secretary to the Edo State Government (SSG), Umar Musa Ikhilor, has called on members of the media to continue to support government policies and programmes through objective, professional and balanced reportage, describing them as critical stakeholders in governance.

Ikhilor made the call while receiving members of the Governor’s Press Crew, Edo State Government House, led by the Chief Press Secretary, Ebojele Akhere Patrick, PhD, who paid him a courtesy visit in his office as part of the season’s greetings.

Responding, Ikhilor expressed gratitude for the gesture, noting that it was thoughtful and symbolic.

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According to him, the media plays an indispensable role in governance and public accountability.

He said, “Whatever it is that we do, it still will not matter much if we do not have you guys to be our eyes and our ears to report some of those things so that Edo people will be aware and people globally will be aware, and that is where you come in very important.”

READ ALSO:Edo Assembly Declares Okpebholo’s Projects Unprecedented

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The SSG further emphasized the strategic role of journalists, describing them as the fourth estate of the realm.

Ikhilor stated, “Because without the press, the government is blind, deaf and dumb. You are the ones we can see with and you are the ones we can hear with and talk with as well. So we consider you very critical stakeholders in the affairs of governance. That is the sincere sentiment of the government,”

He acknowledged the challenges faced by the media, particularly poor working conditions, and assured that the government was aware and already taking steps to address them.

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He said, “Your working conditions have not been the best one would have expected. These are some of the things we have made recommendations to His Excellency the Governor, and he has promised from next year, after this budget by January, with a new budget that is coming, there will be something substantial to cater for the media.”

READ ALSO:JUST IN: Okpebholo Assigns Portfolios To Commissioners, Makes Major Reshuffle 

Explaining the initial constraints of the administration, Ikhilor noted that spending was limited by budgetary provisions inherited at the time the government assumed office.

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He explained, “When we came in, we met a budget already prepared. We just tried and tinkered with it to pass it as at then November–December. Once you don’t have an appropriation, you can’t spend. That would be a criminal offence,”

The SSG urged journalists to remain professional and committed to truth, regardless of circumstances.

He said, “Your responsibility as a journalist, your first training, your first duty, is the pursuit of truth wherever you find it. Reporting should not be based on a special relationship. Professionalism actually means you are consistent and you deliver, whether the day is good or the day is bad.”

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He encouraged the media to continue to support government policies and programmes through accurate and diligent reporting, stressing the importance of teamwork in effective communication.

Commending the press crew, Ikhilor added, “I have seen exceptional reports from a lot of reporters here. Our camera men have done very well in terms of proper coverage. Everybody needs to work together as a team for the story to come alive and for the story to be complete.”

Earlier, while presenting a gift on behalf of the team to the SSG in appreciation of his leadership and support, the Chief Press Secretary, Ebojele Akhere Patrick, PhD, said, “In the spirit of the season, I present this to you on behalf of the Governor’s Press Crew in appreciation of your effort as the engine room of government.”

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Forest Reserve: Okpebholo Broker Peace Between Host Communities, Investors

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Governor Monday Okpebholo of Edo state on Wednesday brokered peace between host communities and investors on the use of government forest reserve land for agricultural purposes and investors.

The governor, who was represented by his deputy, Hon Dennis Idahosa, appealed to the various stakeholders to always tow the line of peace at all times

Okpebholo noted that by virtue of the Land Use Act, the land in dispute belongs to the Edo state government.

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The governor blamed activities of the previous administration of the state for the hostility between the investors and the host communities over the land that spreads across Ovia South West and Ovia North East Local Government Areas.

He accused the previous administration of arbitrarily allocating the said forest reserve to investors to without due consultation with host communities of Iguomon, Egbetta and Usen.

READ ALSO:Okpebholo Pledges To Clear Inherited Salary Arrears, Gratuities At AAU

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He stated that the meeting with stakeholders became expedient in order to straighten out facts and restrategize.

We had three investors that want to invest in oil palm production in the council areas, which is in line with the vision of Governor Monday Okpebholo to turn the state into investment heaven.

“Today, we met with the critical stakeholders of Ovia South West and Ovia North East to ensure all interests are captured.

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“The investors were here, the community leaders, led by the Elawure of Usen, Oba Wilson Oluogbe II, and Palace Chiefs all came.

“Initially, a 5 percent buffer was proposed by the previous administration, but based on the conversation we had today, the investors agreed to increase to 10 percent.

READ ALSO:Okpebholo Removes Itua As Chief Press Secretary

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Haven put into consideration that Ovia is an agrarian area, with 80 percent of people relying on subsistence farming for survival,” he stated.

Okpebholo maintained that part of the resolution involved the raising of a memorandum of understanding (MoU) by investors with their host communities to keep all parties involved in decision making.

IHe declared, “Our administration is people oriented. The interest of investors are paramount to us as well as the interest of our people.”

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The Secretary to the Edo State Government (SSG), Musa Ikhilor stated that before the said land allocation to investors, the previous administration was supposed to have carried out diligent studies and a NEEDS assessment in relations to the communities.

He said basic steps ought to have been followed, such as meetings with Community Development Associations (CDA) with agreements reached on community development.

READ ALSO:IYC Expresses Displeasure Over Okpebholo’s Neglect Of Edo Ijaw

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Historically, Ikhilor said Usen community started as a farm stead hence the need to carry such a community along in decision making on issues that affect their means of livelihood.

He further encouraged investors to engage in Corporate Social rlResponsibility (CSR) acts as well as put in place activities that promote job creation and general welfare of their host.

The Elawure of Usen, Oba Wilson Oluogbe II praised the Edo State Government for its intervention.

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He appealed for communities to be carried along when critical decisions are being made, especially on issues that affect their livelihood.

The investors, included: Nimbel Shaw Limited; Professional Support Farms Limited and Steve Integrated Limited, commended Edo state government for the peaceful resolution of the matter.

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Trump Places Nigeria, 14 Others On Partial Travel Restrictions To US

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The United States has partially suspended the issuance of immigrant and non-immigrant visas to Nigeria and 14 other countries, citing concerns on radical Islamic terrorist groups such as Boko Haram and the Islamic State operating freely in certain parts of the West African country.

Specifically, the classes of visas affected include the B-1, B-2, B-1/B-2, F, M, and J Visas.

President Donald J. Trump, on Monday, signed a proclamation expanding and strengthening entry restrictions on nationals from countries with demonstrated, persistent, and severe deficiencies in screening, vetting, and information-sharing to protect the country from national security and public safety threats.

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The United States also cited the Overstay Report, noting that Nigeria had a B-1/B-2 visa overstay rate of 5.56 per cent and an F, M, and J visa overstay rate of 11.90 per cent.

READ ALSO:Trump Using FBI To ‘Intimidate’ Congress, US Lawmakers Cry Out

The Proclamation includes exceptions for lawful permanent residents, existing visa holders, certain visa categories like athletes and diplomats, and individuals whose entry serves U.S. national interests. It narrows broad family-based immigrant visa carve-outs that carry demonstrated fraud risks, while preserving case-by-case waivers.

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While the proclamation continues the full restrictions and entry limitations of nationals from the original 12 high-risk countries established under Proclamation 10949: Afghanistan, Burma, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, and Yemen, it adds full restrictions and entry limitations on 5 additional countries based on recent analysis: Burkina Faso, Mali, Niger, South Sudan, and Syria.

On October 31, the U.S. President Trump redesignated Nigeria as a “Country of Particular Concern (CPC)” for the persecution of Christians by violent Islamic groups.

In a Truth Social post, Trump hinted that the US will immediately stop all aid and assistance to Nigeria and may very well go into the country, “guns-a-blazing,” and that the military intervention “will be fast, vicious, and sweet, just like the terrorist thugs attack our cherished Christians.

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In his first term, President Trump imposed travel restrictions that restricted entry from several countries with inadequate vetting processes or that posed significant security risks.

READ ALSO:Trump Blasts Ukraine For ‘Zero Gratitude’ Amid Talks To Halt War

The Supreme Court upheld the travel restrictions put in place in the prior Administration, ruling that it “is squarely within the scope of Presidential authority” and noting that it is “expressly premised on legitimate purposes”—namely, “preventing entry of nationals who cannot be adequately vetted and inducing other nations to improve their practices.”

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Trump in recent weeks has used increasingly loaded languages in denouncing African-origin immigrants.

At a rally last week he said that the United States was only taking people from “shithole countries” and instead should seek immigrants from Norway and Sweden.

In June 2025, President Trump restored the travel restrictions from his first term, incorporating an updated assessment of current global screening, vetting, and security risks.

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