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ICPC Interrogates CBN Officials, Others Over $3.4bn COVID-19 Loan

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The Independent Corrupt Practices and Other Related Offenses Commission, ICPC, has questioned two officials of the Central Bank of Nigeria, CBN, and one from the Office of the Accountant-General of the Federation, OAGF, over a $3.4 billion loan allegedly granted to Nigeria by the International Monetary Fund, IMF.

Recall that the Socio-Economic Rights and Accountability Project, SERAP, had filed a lawsuit against President Bola Tinubu for failing to probe the $3.4 billion loan that was either “missing, diverted or unaccounted for.”

The organization said the lawsuit was in line with Section 16(1) and (2) of the 1999 Constitution.

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Following calls for investigation from various civil society organizations, the ICPC has retrieved vital documents on the loan, which was meant to finance the budget and to manage COVID-19.

According to a source who spoke to The Nation, the probe of the loan was already in progress.

READ ALSO: SERAP Sues Tinubu ‘Over Failure To Probe Missing $3.4 Billion IMF Loan’

“ICPC has launched a comprehensive investigation into the $3.4 billion loan.

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“The commission began the probe after it had reviewed the report of the Auditor-General of the Federation.

“Our investigators are trying to establish if the cash was missing, diverted, or unaccounted for.

“The documents relating to the loan were retrieved from the CBN, the OAGF, and the Ministry of Finance.

“Some CBN and OAGF officials were interviewed, and the officials of the Ministry of Finance will be interviewed in the coming (this) week.

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“Investigation is ongoing into the various approval and utilisation of the funds by the beneficiaries,” he said.

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Ex-CBN Gov, Emefiele Faces Fresh Charge Over Printing Of Naira Emefiele

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The Economic and Financial Crimes Commission, EFCC, has preferred a fresh charge against the former Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, over an allegation that he illegally printed Naira notes while he held sway at the apex bank.

The anti-graft agency, in the four-count charge it entered before the High Court of the Federal Capital Territory, FCT, Abuja, equally accused the former CBN boss of unlawfully approving the withdrawal of about N124.8billion from the consolidated revenue fund.

According to the EFCC, the defendant, acting in violation of law and “with intent to cause injury to the public,” okayed the printing of naira notes without the approval of both the former President, Muhammadu Buhari and the board of the CBN.

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Emefiele, who is already facing multiple charges both in Abuja and Lagos, is expected to take his plea before trial Justice Maryann Anenih.

READ ALSO: Alleged Fraud: Court Admits Bundles Of Documents As Evidence Against Emefiele

Specifically, the charge against him, read: “That you Godwin Ifeanyi Emefiele, between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“That you, Godwin Ifeanyi Emefiele, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

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“That you Godwin Ifeanyi Emefiele, between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

READ ALSO: How I Collected Dollars In Cash For Emefiele, Dispatch Rider Tells Court

“That you, Godwin Ifeanyi Emefiele, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

It will be recalled that President Bola Tinubu had on June 9, 2023, suspended Emefiele from office as the head of the apex bank.

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He was later arrested at his Lagos residence by DSS operatives.

The former CBN boss was subsequently transferred to the custody of the EFCC, which on November 28, 2023, docked him on a six-count charge that bordered on his alleged involvement in procurement fraud.

Though Emefiele, who initially spent 151 days in custody of security agencies, was later granted bail to the tune of N300million and ordered to produce two sureties that the trial court stressed must be Abuja residents that have landed property within the Maitama District, the defendant could not perfect the conditions till December 23, 2023, when he was released from Kuje prison where he spent about 34 days.

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JUST IN: Tinubu Officially Suspends 0.5% Cybersecurity Levy

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President Bola Tinubu has officially suspended the controversial 0.5% cybersecurity levy on electronic banking transactions.

Minister of Information and National Orientation Mohammed Idris said President Tinubu ordered the suspension following deliberations by members of the Federal Executive Council (FEC).

READ ALSO: Tinubu Bows To Pressure, Orders CBN To Suspend Implementation Of Cybersecurity Levy

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Idris disclosed this at the State House in Abuja on Tuesday after the FEC meeting.

Details later…

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BREAKING: ASUU Threatens Nationwide Strike

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The Academic Staff Union of Universities, ASUU, has threatened to embark on another nationwide strike to protest absence of governing councils in all federal universities across the country among other issues the government is yet to address.

The body which recalled that the federal government dissolved governing councils of the universities in May, last year, has asked Nigerians to hold the government responsible for any decision it takes to protest the action of government.

President of ASUU,Prof. Emmanuel Osodeke,spoke at a press conference which is ongoing at ASUU national secretariat,Abuja.

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