Business
EFCC Reveals how CBN Awarded Contracts to Emefiele’s Wife, in-law
A witness of the Economic and Financial Crimes Commission, Agboro Omowera, on Monday, told a Federal Capital Territory High Court in Maitama that 10 officials of the Central Bank of Nigeria, including the former CBN Governor, Godwin Emefiele, minuted on the documents for the award of multi-million contracts to April 1616 and Architekon Nigeria Limited.
The EFCC accused Emefiele of using his position to confer a corrupt advantage on his wife, Margret, and brother-in-law by approving the payment of the total sum of N97.9m in favour of Architekon Nigeria Ltd, where both are directors.
According to the anti-graft agency, the N97.9m contract was for the supply of office furniture to the CBN.
The investigator, who is the seventh prosecution witness, while being cross-examined by the defendant’s counsel, Mathew Burkaa(SAN), stated that 10 persons acted on the documents with which the contracts were awarded.
He added that the buck stopped at Emefiele’s table, being the CBN governor at the time.
He said, “Ten persons acted on the documents awarding these contracts.
“There are 10 minutes and one approval, so one person takes the responsibility.
“He (Emefiele) is the head of the CBN and the buck stops at his table.”
When Burkaa asked the witness if Emefiele conferred a corrupt advantage on himself, he said, “No. Why I said no is because we limited our investigation to his relatives and associates and not him.”
Earlier, Omowera while being led in evidence by the counsel for the EFCC, Rotimi Oyedepo (SAN), told the court that the findings of his investigations showed that Emefiele conferred a corrupt and unfair advantage on Architekon Nigeria Limited and April 1616.
According to him, Emefiele’s wife, Margaret Omoyile, is listed as a director of Archtekon Nigeria Limited.
He added that Emefiele’s wife used her maiden name to register the company.
Omowera said a staff of the CBN,
Sa`adatu Yaro was also listed as a director of April 1616 Investment Ltd.
According to him, the company was awarded several contracts for the supply of over 45 Toyota Hilux vehicles, ranging from N854,700,000 to N99,900,000.
He added that his investigative team, comprising different agencies, including the Department of State Services, also found out that Yaro’s husband had other companies but they were not patronised by the CBN except the one in which the wife was a director.
Omowera said, “In the second company, April 1616 Investment Limited, we also discovered that one of the directors of that company by name, Sahadatu Ramalan Yaro, was a director of April 1616 Investment.
“We discovered that the company was incorporated a few days after her employment with the CBN and she was posted to CBN Lagos office.
“In 2018, the company started to enjoy the patronage of the CBN in the procurement of particular vehicles, Toyota branded motors.
“During the period that the defendant was, this company was awarded about 45 different contracts
“My Lord, we were curious as investigators, how it was possible for a company that has no track record to continually win bids against Toyota-accredited bids.
“We tried to confirm whether this company was accredited by Toyota and to our surprise, it was not among the accredited bidders.”
The trial judge, Hamza Muazu subsequently adjourned the matter till April 25 for the continuation of the trial.
Text except headline courtesy of Punch
Business
inDrive Emerges Most Outstanding Brand in Urban Service
inDrive, a global mobility and urban services platform, has emerged the most outstanding brand in urban service in Nigeria at the maiden edition of Iconic Brands and Legends of Media and Marketing Communications Award held in Lagos on Tuesday, December 10, 2024.
inDrive was recognized and celebrated for its transparency, fairness, and affordability in intercity travel and logistics among ride-hailing platforms in Nigeria.
Speaking on the award, Timothy Oladimeji, Country Representative, Nigeria, inDrive, described it as a testament to the ride-hailing platform’s unique contribution and commitment to providing fair and accessible transportation options to its customers.
Oladimeji stated that the award highlights the company’s focus on safety, fairness, affordability, and satisfaction, thereby cementing its reputation as the go-to ride-hailing service in Nigeria.
He noted that the achievement underscores the company’s dedication to delivering the best ride-hailing and logistic experience for customers while continually pushing the envelope for innovation. He explained that the mobility platform remains a game-changer in the ride-hailing business in Nigeria as it empowers both drivers and passengers through its negotiation model.
“This recognition is a huge motivation that would help us expand our footprint and continue to provide exceptional services to all our customers. I can categorically say that the recognition validates the acceptability and rapid adoption of our platform by both drivers and passengers in Nigeria,” he said.
Speaking on the recognition and criteria, the lead convener of the award, Samuel Ajayi, said the award was truly deserving, given that the platform has provided unique, fair, and affordable services to all its users.
Ajayi emphasised the significance of acknowledging the brand’s achievements in Nigeria over the last few years adding that the company has shown exceptional performance by all parameters and standards.
“inDrive has really thrown its weight since joining other ride-hailing platforms in Nigeria. I am happy to say that inDrive has disrupted the Nigerian market with its unique offerings, which has endeared many users to the platform. From our findings, I can say that the brand remains the preferred platform given that it is the only one that provides safe, fair, efficient, and affordable transportation,” he said.
Since launching in Nigeria, inDrive has cemented its status as a market leader through its commitment to enhancing urban mobility and consistently delivering superior customer service.
Business
FG to benefit from World Bank’s $500m loan
Federal Government is to benefit from a $500 million loan facility from the World Bank for the Human Capital Opportunities for Prosperity and Equity (HOPE) project in the country.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made this known during a courtesy visit on him by the International Monetary Fund (IMF) Mission Chief for Nigeria, Mr. Axel Schimmelpfennig
The loan facility, according to the minister, will increase the availability and effectiveness for financing for basic education and primary health care in the various states of the federation.
The fund, he said, will enhance transparency and accountability for basic education and primary health care in addition to improving recruitments, deployments and better performance management of teachers.
While appreciating the support of the World Bank, Bagudu elucidated that the Nigerian Constitution is the legal framework that provides the rules and procedures that guides the budget process in addition to empowering the federal and state governments to make expenditures in the preceding year for the purpose of meeting expenditure necessary to carry on the services of the government.
“This expenditure can continue for a period not exceeding six months or until the coming into operation of the law as can be seen on Chapter 5, Part 2 Section 122 of the Nigerian Constitution” he said
Bagudu explained further that the reforms embarked on by the Bola Ahmed Tinubu’s administration were aimed at developing and implementing economic and tax reforms that will guarantee more functional Public Financial Management (PFM) systems in the country.
“The economic reforms are necessary decisions to put the Nigerian economy on the right track”he explained
He assured the IMF Team that though Nigeria is experiencing a number of challenges such as hardship of citizens as a result of removal of fuel subsidy, floating of foreign exchange, electricity reforms that distributed citizens into bands, Nigeria is on course to economic recovery.
In a statement, the minister appreciated the willingness of the IMF to support Nigeria but however called for more support in the area of resource mobilisation from multinational partners in order for government to provide developments in all sectors of the economy.
Earlier, the International Monetary Fund (IMF) Mission Chief for Nigeria, Mr. Axel Schimmelpfennig said he was in the country to have interactions with the minister on the workings of the Nigerian budgeting process with particular emphasis on the simultaneous implementation of the 2023/2024 budgets and supplementary budgets in the same year in preparation for the publication of the 2025 annual report of the World Bank.
Schimmelpfennig welcomed the tax reforms of the federal government as increased revenue generation will ensure more developments for Nigerian citizens and thus promised the country of more IMF support for Nigeria’s developmental needs.
Permanent Secretary, Ministry of Budget and Economic Planning, Dr. Vitalis Emeka Obi, briefed the team on the ministry’s role in co-ordinating Nigeria’s development planning and budgeting processes. The Permanent Secretary emphasised that 2025 promises to be a year of more rapid investments.
DailySun
Business
FG invests $450m on CNG value chain
The Nigerian government said that it has invested over $450 million in the development of the country’s compressed natural gas value chain.
According to NAN, the Project Director of the Presidential Compressed Natural Gas Initiative, PCNGi, Michael Oluwagbemi, disclosed this on Monday at the 9th Edition of the Nigeria Energy Forum, NEF 2024, in Lagos.
Oluwagbemi, who was represented by Tosin Coker, the Head of Commercial at PCNGi, emphasised that the investment spans critical areas of the CNG infrastructure, including the establishment of mother stations, daughter stations, refuelling stations, and conversion centres across the country.
“The Presidential Compressed Natural Gas Initiative (PCNGi) on Monday said that it had invested more than 450 million U.S. dollars in the Compressed Natural Gas (CNG) value chain.
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