Banks to seize defaulter’s funds in other banks

Guidelines on the Global Standing Instruction (GSI) issued by the Central Bank of Nigeria, has granted banks the right to seize loan defaulters’ money in other banks.

According to the apex bank, the GIS guideline was issued to enhance loan recovery in the banking sector and to facilitate an improved credit repayment culture; reduce Non-Performing Loans in the banking industry; and watch-list consistent loan defaulters.

Accounts eligible for such seizure include individual savings accounts, current accounts, domiciliary accounts, investment /deposit accounts in both Naira, foreign currencies; as well as electronic wallets and joint accounts.

The statement read in parts;

“The GIS shall serve as the last resort by a creditor bank without recourse to the borrower to recover past due obligations principal and accrued interest only, excluding any penal charges from a defaulting borrower through a direct set-off from deposit/investments held in the borrower’s qualifying bank accounts with participating bank accounts.”

While the Nigeria Inter-Bank Settlement System (NIBSS) and the apex bank would be expected to work together for successful implementation of the guidelines, it is expected that all banks must execute the GSI Mandate Agreement with the NIBSS and ensure that all qualifying accounts remain visible to NIBSS on the Industry Customer Accounts datab

Accounts of borrowers must be linked to their Bank’s Verification Number (BVN), as failure to do so would attract such accounts being watch-listed when discovered. It is also expected that all banks will honour all balance inquiry and debit advice received from NIBSS for GSI Trigger in accordance with master agreement including GSI recall instructions.

Chief Executive Officers of banks have been directed to routinely update the Board of directors on the GSI process as it relates to frequency of use and amounts recovered or released, and banks have also been ordered to report regularly to the CBN on recoveries made through the GSI as well as releases made to other banks.

Any creditor that violates the guidelines would be made to take full liability and pay a flat fine of N500m per incident.

Osinbajo denies receiving N4billion from suspended EFCC Chairman, Ibrahim Magu

Vice President Osinbajo

Vice President Yemi Osinbajo has reacted to allegation of receiving N4bn from suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu.

The Vice President’s media aide Laolu Akande who rubbished the claim, described it as lies “calculated to confuse and concocted to smear Prof. Osinbajo’s image.”

He added that Osinbajo hasn’t and will never be involved in any shady activity. The tweet read;

“Inundated by wide circulation of Fake News about VP’s purported involvement in some EFCC recovery billions, please rest assured they’re all LIES: calculated to confuse and concocted to smear Prof. Osinbajo’s image.

“The VP hasn’t and will never be involved in any such shady activities.”

Court declines Okorocha’s request to stop probe by EFCC and Imo panel

Senator Rochas Okorocha’s request for an order to stop the Economic and Financial Crimes Commission (EFCC) and the state probe panel from investigating him on alleged financial infractions, has been struck out by a federal high court sitting in Abuja.

Okorocha had requested for a court order ending or suspending EFCC’s investigation against him, including all the petitions submitted to it by the Imo government until the panel on contract set up by the same state government had concluded its probe on his government between 2011 and 2019.

While counsel to the former Imo State governor, Oba Maduabuchi (SAN) informed the court that the defence counsel asked for an adjournment to respond to processes served on them and also asked the court to stop those involved in the suit from going ahead with the probe pending the determination of the matter, the counsel to 2nd to 48th defendants, J.M. Madu quickly interjected that the probe panel had not commenced sitting. Madu also promised to inform the Attorney-General of Imo about the development.

The request was however rejected by Justice Ahmed Mohammed who held that it would be of no use to grant a restraining order since Madu had undertaken to tell the parties not to go ahead with the probe pending when the matter would be determined. He added that since the EFCC was not represented in court, it would be unfair to grant the request in the interest of justice.

Security agents ransack suspended EFCC boss, Ibrahim Magu’s home

EFCC Boss, Ibrahim Magu

Operatives of the Department of State Services and Nigeria Police Force this on Tuesday July 7, stormed the Abuja home of suspended EFCC boss, Ibrahim Magu, and ransacked it.

The security agents this evening arrived at Magu’s home located on Abduljalil Street, Karu Site, on the outskirts of Abuja, and carried out a thorough search of the apartment. They reportedly went away with vital documents found in the apartment.

Magu is currently being investigated over allegations of corruption leveled against him by the Attorney General and Minister of Justice, Abubakar Malami. He was suspended by the presidency today to allow him to face the probe panel investigating the allegations of corruption.

Seven oil workers killed in an expolosion at the Benin River Basin

The Nigerian National Petroleum Corporation (NNPC) has confirmed the death of seven oil workers killed in an explosion that occurred at Gbetiokun, OML 40, operated by the Nigerian Petroleum Development Company (NPDC), on behalf of the NPDC/Elcrest Joint Venture.

A statement from the corporation said the incident occurred on Wednesday, July 8 during the installation of a ladder on a platform (Benin River Valve Station) for access during discharging of Gbetiokun production.

The statement said that a detailed investigation into the cause of the explosion has commenced.

”The bodies of casualties have been deposited in a morgue in Sapele, while families of the personnel involved are being contacted by their employers: Weld Affairs and Flow Impact, which are consultants to NPDC.” the statement adds

$9.7m seized by EFCC was part of the gift I collected after my tenure, Ex-NNPC MD tells court

The former group managing director of the Nigerian National Petroleum Corporation (NNPC), Mr. Andrew Yakubu, has told a federal high court in Abuja that the monies seized from him by the Economic and Financial Crimes Commission (EFCC), were gifts he received after he left public service.

The EFCC had in February 2017 recovered $9.7 million and £74,000 from Yakubu’s Kaduna residence.

He was subsequently charged to court and arraigned on six counts of money laundering.

He was alleged to have, as “group managing director of NNPC, between 2012 and 2014, within the jurisdiction of this court, with intent to avoid lawful transaction, transported to Kaduna $9.7million and €74,000.’’

Yakubu was also accused of failing to disclose the monies to the EFCC in his asset declaration form, a crime which contravened Section 27 (3) of the EFCC Act.

However, giving evidence as the first defence witness, the former GMD said 97 percent to 98 percent of the sum were gifts he received during celebrations which he hosted.

“The money was not received in bulk but in tranches of not more than $10,000 and not more than £5,000. And a substantial part of the money was given to me after I left office,” he said.

“And it was given to me on the occasions of birthdays, thanksgiving services, weddings of my daughters and other celebrations that I hosted after leaving office.”

He said he kept the money in a safe at home because he was yet to figure out what business to venture into.

“Because the money came unplanned, the plan was to think about the business venture I’ll embark on after retirement,” he said.

“I kept the money in the safe pending when there is a specific business venture I’ll embark on and as soon as that decision is crystalised, the business would be funded through a financial institution.”

Yakubu explained that the remaining two percent of the money was savings he got from estacodes.

“For over 25 years, I had reasons by virtue of my schedule, to travel to many parts of the world. So, I was entitled to estacodes in USD,” Yakubu explained.

“And any savings made during a trip, I came back with whatever I had and saved it. The savings estimated time of start was around 2010 to 2014.”

Currently, Yakubu is standing trial on only two out of the initial six counts preferred against him.

The trial court had struck out two counts while the court of appeal struck out another two.

He was then ordered to come back to the trial court to defend himself on the remaining two counts.

The case has been adjourned till July 22 for cross-examination of Yakubu.

Rapists to get life imprisonment in Akwa Ibom

Governor Udom Emmanuel

Governor Emmanuel Udom has signed the Violence Against Persons Prohibition Law (2020) which empowers judges to hand down life imprisonment to anyone convicted of rape in Akwa Ibom state.

The state’s commissioner for agriculture and women affairs, Glory Edet said the bill is aimed at discouraging the spate of violence in the society.

Edet said; “I think this is one of the best things that has happened to protect the female gender and as the commissioner overseeing women matters.

”I believe the women of Akwa Ibom, the children and even our men are happy because this law will teach defaulters a lesson.

“This law allows for the implementation of a lot of things we were praying for and prescribes stiffer punishment for violators of the Child’s Right Act, perpetrators of violence against citizens of both genders.

”Before now violators of the female gender had some years to spend in prison but VAPPL recommends life imprisonment to deal with the offenders and discourage the spate of violence in our society.”

The commissioner also disclosed that sensitisation and awareness campaign on the new law will soon be initiated.

Uwemedimo Nwoko, the state attorney-general and commissioner for justice further revealed that the law also provides 14 years imprisonment for perpetrators of gender-based violence and any kind of sexual offence other than rape.

JUST IN: Buhari meets 3 APC governors over party crisis

President Muhammadu Buhari is meeting with the leadership of the Progressives Governors Forum, led by Gov. Atiku Bagudu, at the Presidential Villa, Abuja.

Bagudu was accompanied by Governors Simon Lalong of Plateau and Badaru Abubakar of Jigawa.

The agenda of the meeting between the president and the governors was unknown as at the time of this report.

NAN, however, gathered that the meeting may among other national matters deliberate on the ongoing political crisis in the ruling party, the All Progressives Congress (APC), following the suspension of the party’s national chairman, Comrade Adams Oshiohmole, by the appeal court.

NAN reports that the Senate President, Ahmad Lawan had on June 21 met with President Buhari over the APC crisis, where he challenged the leadership of the party across the country to make every possible effort to get the party reconciled.

”I believe that we have to deal with these challenges, this is the ruling party with the president; with the control of the National Assembly; with more governors than any other political party.

”So, I believe that we have to sort this out and that will make our work even better and easier when we have a stable party as the party is supposed to be part of the apparatus of running government.’’

Some APC chieftains across the country, including the party’s Deputy National Publicity Secretary, Yekini Nabena, are calling on the president to summon an emergency meeting of the party’s National Executive Committee (NEC) to address the crisis.

Nabena urged the President to convene NEC emergency meeting to deliberate on consolidating the APC’s control of Edo and Ondo States ahead of the forthcoming governorship elections in the states.

But the acting chairman of the party Hillard Eta said a NEC meeting will be impossible now, in view of the COVID-19 pandemic.

The Party’s National Working Committee (NWC), has been divided into factions, each claiming leadership of the party.

The crisis followed the Appeal Court ruling affirming the suspension of Oshiomhole as the party’s National Chairman.

Senators earn luxury wages while workers are paid peanuts – Senator Ndume

Senator Ali Ndume has expressed disappointment with the wages Nigerian workers are paid across the country.

Speaking at a webinar organised by the Emmanuel Chapel themed, ‘Economic stability beyond COVID-19’, the Chairman of the Senate Committee on Army said Vice President Yemi Osinbajo and former governor of the Central Bank of Nigeria Muhammadu Sanusi, vindicated his position on the high cost of running a presidential democracy which he said is no longer realistic.

Ndume said;

“We have a budget of N10tn and only 30 per cent is going to the majority, whereas 70 per cent will be spent on a few minority. The system we are practising now is not fair either morally or socially.

“In the current system, workers are not being paid living wages, whereas a privileged few are earning luxury wages. The National Assembly members, including me, for instance, are paid luxury wages.

“How can we live comfortably when only a few of us are living a life of luxury while the majority are living in abject poverty? The N30,000 minimum wage is too small; it can make workers engage in corruption in order to survive.”

The former Senate Leader also disclosed that lawmakers in the national assembly might kick against a change from presidential democracy to parliamentary system of government, because the current system of government works in their favour.

The senator who represents Borno South Senatorial District said;

“Parliamentary system is effective in the sense that the head of government is more or less one among equals of the parliamentarians.

“Therefore, accountability is achieved in the chamber in the sense that the prime minister has to be in the parliament every day, and he must give account of government to his colleagues.

“Also, ministers are selected among the elected parliamentarians. The idea is to reduce the cost of governance and make it more effective.”

Ndume also appealed to legal luminaries to come together and reach an agreement which will initiate the constitution amendment through referendum.

Alleged rape: I’m innocent until proven guilty –D’banj

Nigerian musician, Oladapo Oyebanjo, better known as D’banj, has said he is innocent of the rape allegation leveled against him until proven guilty.

D’banj

The 40-year-old singer said this on Monday when he shared a video of himself dancing on Instagram with a caption, “Innocent until proven guilty, Stop social media trial. #SAY no to rape and human rights violation”.

Dbanj is currently being investigated by the police for allegedly raping Seyitan Babatayo.

A little over two weeks ago, Ms. Babatayo’s friend, Benjamin Ese, alleged that Dbanj raped his friend (Seyitan) on December 31, 2018, at Glee hotel in Victoria Island, Lagos.

Things took a confusing turn last week after Ms. Babatayo, was arrested and detained for accusing the singer of rape.

Ms. Babatayo’s lawyers, Olamide Omileye of Ojoge, Omileye, and Partners, told PREMIUM TIMES on Wednesday that their client was intimidated and coerced into withdrawing her accusation while in police custody.

He told this newspaper that their client deleted the tweets under duress while in police custody on Tuesday.

Ms. Babatoyo’s Twitter account, with username @Seyitannn_, was apparently used to promote D’banj’s newest single, ‘Stress-Free.’

The promotional post appeared alongside tweets wherein she debunked the report of her arrest and intimidation by D’banj and his team.

The incident had sparked outrage on social media with many celebrities reacting to the development.

Davido’s father settles Davido and Chioma’s relationship crisis (See details)

A popular Instagram blogger Cutie Julls has alleged that the rift and crisis existing between Nigerian power couple Davido and Chioma, has been resolved.

Cutie Julls revealed on Instagram that Davido’s father, Adedeji Adeleke called him to order because he would take no-nonsense.

The blogger celebrated the billionaire father and asked for God’s blessings on him and all other responsible fathers.

She wrote:

Now let’s celebrate a very responsible man in our society. Wanted to do this list yesterday but obviously got distracted.
Papa has called son to order and everything is settled.

This man is indeed a gentleman and very very perfect example of i.e; “I did not disgrace my parents so no child of mine will disgrace me”. A great dad indeed. God bless our heroes who strive at making us better and responsible people in society. : 🙌