News
Reps invite CBN gov for lifting forex ban on toothpicks, others
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The lifting of the ban on foreign exchange for 43 items by the Central Bank of Nigeria may ruin local economy, a member of the House of Representatives, Sada Soli, warned on Tuesday on the floor of the House of Representatives.
This is just as the House invited the Governor of the Central Bank of Nigeria, Yemi Cardoso, to appear before it following the apex bank’s decision to lift the foreign exchange ban on fertiliser, cement, toothpick, and 40 other items.
The 43 items were in 2015 restricted from accessing forex at the official market rate.
CBN’s sudden decision to lift the ban comes against the backdrop of high volatility levels experienced in the foreign exchange market owing to the unification of all trading windows into the investors’ and exporters’ window (the official FX market) by President Bola Tinubu’s administration.
The apex bank had in a statement issued by its Director of Corporate Communications, Isa AbdulMumin said, “The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.”
At a plenary session on Tuesday, the Green Chamber passed a resolution to summon the CBN governor following the adoption of a motion of urgent public importance sponsored by Sada Soli, a member of the House representing Jibia/Kaita Federal Constituency, Katsina State on the platform of the All Progressives Congress.
Justifying the significance of the motion, Soli said the decision of the apex bank may lead to the closure of factories and ultimately erode the nation’s capacity to build the local economy.
In his words, it is doubtful if the new policy would make any meaningful impact on the Nigerian economy, stressing that “middlemen” may take undue advantage of it for their own good.
Contributing to the motion, a lawmaker representing Oshodi/Isolo II Federal Constituency, Lagos State, Jesse Onuakalusi, called for the immediate reversal of the policy until the House concludes a legislative action on the matter; a prayer that was rejected by the lawmakers.
An amendment to the motion by Kingsley Chinda, representing Obio/Akpor Federal Constituency, Rivers State noted that the Cardoso should appear before the House Committee on Regulatory Banking, Finance and Customs to explain the rationale behind the lifting of the ban was thereafter adopted.
Crime
Alleged money laundering: Yahaya Bello’s name not on property documents, EFCC witness tells court
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Case adjourned to March 6, 7 for continuation of trial
The Federal High Court, Abuja, on Monday, adjourned the money laundering case instituted by the Economic and Financial Crimes Commission against the immediate past Governor of Kogi State, Yahaya Bello, to March 6 and 7, 2025, for continuation of trial.
The court adjourned after the prosecution counsel, Kemi Pinheiro, SAN, called his two witnesses, one on subpoena.
When Pinheiro, SAN, called the first witness, Segun Joseph Adeleke, the Defendant’s Counsel, Joseph Daudu, SAN, objected, saying that the witness’ name was not included in the initial list of witnesses provided by the prosecution.
This, he said, could affect his cross-examination.
The trial, however, proceeded and the witness, who identified himself as the General Manager of Efab Properties Limited, was asked to tell the court what he knows about a property on 1, Ikogosi Road, Maitama and another one in Gwarinpa.
Adeleke told the court that the name of the former governor did not reflect on any of the two properties being examined on Monday and that he did not sight him throughout the transactions.
Giving an account of what transpired, he said sometime in 2020, his chairman, Chief Fabian Nwora, introduced him to a young man called Shehu Bello and that they had a discussion concerning the purchase of the property.
“We had a discussion concerning the purchase of the property in question. And he told me that the young man would be coming back to make payment for the property at an agreed price of N550 million,” he said.
When asked if he had seen Shehu Bello since that day, he said, “I saw him three times. The first time was for introduction, the second time for payment and the third time was when he brought a legal document for the execution of the EFAB property.”
The EFCC lawyer then mentioned another property at 5th Avenue in Gwarinpa and told the witness to tell the court what he knows about it.
Responding, the witness said the property was purchased by one Nuhu Mohammed for N70 million and was paid for through a bank transfer.
He was asked if he remembered which bank the money came from, but he said no.
On cross-examination, the defendant’s counsel, Daudu, SAN, asked if the witness’ actions were purely based on the instructions of his chairman. He responded, “Yes.”
The counsel further asked whether it was correct to say that he did not initiate any discussion with Shehu Bello on his own, to which he also answered, “Yes.”
On the documents signed for the transactions, the Defendant’s Counsel asked the witness if he could confirm that Shehu Bello signed his own part in his presence.
“He did not my Lord,” he answered.
Daudu, SAN, also asked: “Throughout this transaction, did you set eye on the defendant?”
“Not at anytime in the course of this transaction,” the witness responded.
He was also asked if the name of the defendant appeared anywhere on the documents he said were with the EFCC.
He, again, answered, “no!”
The Prosecution then told the court that they had another witness to call, on subpoena.
The Defendant’s Counsel objected that they were being taken by surprise but added that he had no intention of stalling the trial.
The second witness identified herself as Williams Abimbola, a compliance officer with the United Bank for Africa Plc (UBA).
She had the subpoena with her, which the lawyer sought to tender as evidence.
The Defendant’s counsel had no objection and it was marked “Exhibit 1”.
The witness read out the documents the subpoena asked for to include the statement of account of Kogi State Government House, from January 1, 2016 to January 31, 2024.
The statements of account of Maselina Njoku, from January 1 to December 31, 2022, were also admitted in evidence, including the account opening packages of American International School and statements of accounts, from September 1 to September 30, 2020.
Justice Emeka Nwite then adjourned to March 6 and 7, 2025 for continuation of trial.
News
Chief Ayo Adebanjo scheduled for Burial on May 4, 2025
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The family of late elder statesman and Afenifere leader, Chief Samuel Ayo Adebanjo, has announced the funeral arrangements for the revered nationalist, who passed away on February 14, 2025, at the age of 96.
According to the family, the burial ceremonies, scheduled to hold on Saturday May 4, 2025, will take place in Lagos and Ogun States.
In a statement sent to Ohibaba.com and signed by Ms Ayotunde Ayo-Adebanjo, the family said:
Following the passing of our patriarch, elder statesman and nationalist, Chief Samuel Ayodele Adebanjo (April 10, 1928 – February 14, 2025), the family hereby notifies you of the funeral activities:
1. Day of Tributes/ Service of Songs: Date: Wednesday, April 30, 2025 Venue: Harbour Point, Victoria Island, Lagos Time: 1:00 pm – 6:00 pm
2. Wake: Date: Friday, May 2, 2025, Venue: Pa Ayo Adebanjo’s Country Home, Isanya Ogbo, Ijebu Ode, Ogun State, Time: 4:00 pm – 6:00
3. Church Service/Final Burial: Date: Saturday, May 3, 2025, Venue: St Phillips Anglican Church, Isanya Ogbo, Ijebu Ode, Ogun State Time: 10:00 am – 1:00 pm
4. Thanksgiving: Date: Sunday, May 4, 2025 Venue: St Phillips Anglican Church, Isanya Ogbo, Ijebu Ode, Ogun State, Time: 10:00 am – 12:30 pm
We covet your prayers for the family and your professional support as wecontinue with the preparations to give him a most befitting burial. We alsolook forward to your esteemed presence at all the events.
Please accept the assurances of our highest regards.
News
BREAKING: Aiyedatiwa, Adelami sworn in as governor, deputy in Ondo
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Governor Lucky Aiyedatiwa of Ondo State and his deputy, Olayide Adelami, have been sworn in for a fresh four year term.
The Chief Justice of the state, Olusegun Odusola administered the oath to Aiyedatiwa and Adelami amid the presence of the people of the state and dignitaries who witnessed the event.
While taking the oath of office, the number one and number two citizens vowed to uphold the constitution, work within its dictates, and ensure the well-being of the people of the state.
The inauguration marks the takeoff of a new administration in Ondo State.
Present at the oath-taking event were the Governor of Lagos State, Babajide Sanwo-Olu, Governor of Ekiti, Abiodun Oyebanji, Minister of Interior, Olubunmi Tunji-Ojo, Minister of Youth Development, Ayo Olawande, among others.
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