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Fed Govt to stop $418m Paris Club refund payment



The Federal Government has made moves to block the redemption of about 62 promissory notes issued to consultants/contractors engaged by the Nigeria Governor’s Forum (NGF) and the Association of Local Governments of Nigeria (ALGON) to retrieve their shares of the Paris Club refunds.

The Federal Government, while faulting the procedure for the issuance of the promissory notes, has prayed a Federal High Court in Abuja to void the notes already issued.

In the suit, now before Justice Inyang Ekwo, the Federal Government and three others, listed as plaintiffs, want the court to, among others, set aside all the promissory notes and issue an order of perpetual injunction restraining the defendants and their agents “from exercising any proprietary rights” over the promissory notes.

Listed as defendants in the suit are: FSDH Merchant Bank Limited, Ned Munir Nwoko, Gregory Nangor Lar, Riok Nigeria Limited, Prince Orji Nwafor Orizu, Olaitan Bello, Dr. Ted Iseghohi Edwards, and Panic Alert Security System Limited.

Other plaintiffs in the suit are: the Attorney General of the Federation, the Minister of Finance, Budget and National Planning, and the Accountant General of the Federation.

The 62 promissory notes, valued at $418,953,668, were issued to the defendants on September 27, 2021 by the Debt Management Office (DMO) following judgments and orders of mandamus obtained against the Federal Government and the Minister of Finance by the defendants, who were said to have been engaged by the Federal Government and ALGON.

The plaintiffs are contending, among others, that the promissory notes are invalid, having been wrongly issued in violation of relevant laws.

They added that although the promissory notes were executed by the then Minister of Finance, Budget and National Planning and the Director General of the DMO, the notes were not signed as required.

The plaintiffs argued that “the promissory notes in issue were wrongly and unlawfully changed on the assets and revenues of the federation instead of the assets and revenues of the states and local governments, who incurred the applicable loans/debts”. 

A Principal State Counsel in the Federal Ministry of Justice, Mr. Oyinlade Koleosho, stated in a supporting affidavit that the promissory notes were wrongly and invalidly issued against the assets of the federation. 

The lawyer averred that sections 314 and 317 of the Constitution have separated the assets of a state or local government from the assets of the federation or the Federal Government of Nigeria.

Koleosho added that the 62 promissory notes issued to the defendants are invalid because they were charged on the assets of the Fed Govt, who is not indebted to any of the defendants (contractors/consultants).

The plaintiffs also claimed that the Federal Government of Nigeria did not engage any of the defendants, saying there is no valid consideration for the promissory notes issued to them (defendants). 

According to court documents, FSDH Merchant Bank Limited was issued 10 promissory notes for the total value of $67,925,661.00, at the rate of $6,499,561.00 per note (allegedly for the benefit of Nwoko).

Gregory Nangor Lar, who is described as Nwoko’s agent, was issued two promissory notes “for the account/benefit of the second defendant (Nwoko) for the total value of $732,511.00 at the rate of $366,256.00 per note”.

Riok Nigeria Limited was issued 10 Federal Government of Nigeria promissory notes issued for the total value of $142,028, 941.00, at the rate of $14,202,895.00 per note.

Prince Orji Nwafor Orizu was issued 10 promissory notes for the total value of $1,219,440.00 at the rate of $121,944.00 per promissory note.

Olaitan Bello is said to have been issued eight promissory notes for the total value of $215,195.00 at the rate of $21,524.00 per promissory note.

Dr. Ted Iseghohi Edwards is said to have got 10 promissory notes for the value of $159,000,000.00, at the rate of $15,900,000.00 per note.

Panic Alert Security System Limited was also issued 10 promissory notes for the value of $47,831,920.00 being the total value of the 10 notes, with a value of $4,783,192.00 per note.


BREAKING: Senate confirms Olayemi Cardoso as CBN Governor and other Deputies



The Senate has confirmed Olayemi Cardoso, as the Governor of the Central Bank of Nigeria (CBN), and four others deputy governors during the screening exercise, in replacement of the then-acting CBN governor Folashodun Shonubi.

Cardoso assumed office last Friday while awaiting confirmation by the Senate.

The confirmed deputy governors include Mrs Emem Nnana Usoro, Mr Muhammad Sani Abdullahi Dattijo, Mr Philip Ikeazor, and Dr Bala M. Bello.

Details later…….

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BREAKING: TUC, NLC, to ground activities nationwide from Oct 3



The Nigeria Labour Congress and the Trade Union Congress have resolved to ground activities nationwide from October 3, 2023, following what the Labour Unions tagged as the “failure” of government to successfully implement policies to alleviate the sufferings of Nigerians following the removal of the subsidy on Premium Motor Spirit.

NLC national president, Joe Ajaero, during a virtual National Executive Council meeting which was held on Zoom, Tuesday told members of NEC that a meeting was held with the officials of the TUC to deliberate on ways forward. Ajaero noted that it was resolved that the two centres work together to make their stance known to the government.

A source who was present at the meeting noted that some members of the NLC initially objected to the development of the NLC working together with the TUC.

“Initially some members did not want us to work with the TUC but as of now, we don’t have a choice. The government has not been proactive. So it is going to be a definite action this time around.”

The 21-day ultimatum given by the NLC ended last week. The national president of the NLC, Joe Ajaero had complained that “none of the demands put before the Federal Government had been addressed.”

The union first observed a two-day nationwide warning strike on September 5 and 6 to show its readiness for the indefinite strike later in the month.

Among other things, the NLC and the TUC are asking for wage awards, implementation of palliatives, tax exemptions and allowances to public sector workers and a review of the minimum wage.

President Bola Tinubu had on June 19 set up the Presidential Steering Committee and various sub-committees to discuss the framework to be adopted on the palliatives.

Though the FG made a commitment to restructure the framework for engagement with organised Labour on palliatives, the eight-week time-frame set for the conclusion of the process expired in August with no action taken.

The committees were given eight weeks to conclude their assignment and hasten the implementation of the framework in cushioning the effect of petrol subsidy removal on Nigerians but weeks after the timeframe expired, the sub-committees had yet to meet or actualise their mandates, leaving the NLC and TUC leadership frustrated.

Details later…

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JUST IN: Nelson Mandela’s granddaughter, Zoleka, dies of cancer at 43



South African anti-apartheid struggle hero, Nelson Mandela’s granddaughter, Zoleka Mandela, has died of cancer aged 43, her family said on Tuesday.

Known for having detailed her long battle against the disease, the author was admitted into hospital on Monday as part of her ongoing treatment, a family spokesman said.

“Zoleka passed away… surrounded by friends and family,” said Zwelabo Mandela.

She was the child of Mandela’s youngest daughter, Zindzi Mandela, and her first husband, Zwelibanzi Hlongwane.

The family said recent scans revealed “significant” progress in the cancer that affected her hip, liver, lung, pelvis, brain and spinal cord.

“We mourn the loss of a beloved grandchild of Mum Winnie and Madiba,” the Nelson Mandela Foundation wrote on social media, using the name by which the Nobel Peace Prize laureate was fondly known.

“Her work in raising awareness about cancer prevention and her unwavering commitment to breaking down the stigma surrounding the disease will continue to inspire us all.”


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