News
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.
News
MARKETING EDGE publisher John Ajayi dies at 62
A visionary entrepreneur, Ajayi was widely acknowledged as a pioneer of brand journalism in Nigeria.
• Mr John Ajayi
The Founder and Publisher of Marketing Edge magazine, Mr John Ajayi, has died.
He was 62.
His demise has thrown the brand and marketing communications industry into mourning.
Ajayi was a respected journalist and one of the foremost voices in the nation’s integrated marketing communications space.
He left behind a legacy that profoundly shaped, and will continue to shape, the industry he passionately served.
A visionary entrepreneur, Ajayi was widely acknowledged as a pioneer of brand journalism in Nigeria.
Through MARKETING EDGE, he championed ethical practice, elevated professional standards, and built a respected platform that provided insight, analysis and thought leadership for practitioners and institutions within the sector.
Under his stewardship, the publication grew into an authoritative voice, shaping discourse and spotlighting excellence and innovation across the marketing communications ecosystem.
The MARKETING EDGE family described his demise as a devastating loss to the organisation and the wider industry.
(The Nation)
News
President Tinubu to NEC: You’re too Slow on Livestock Reforms
Tinubu asked Vice President Kashim Shettima to get the National Economic Council to identify grazing reserves that can be rehabilitated into ranches or livestock settlements.
President Bola Tinubu during today’s Federal Executive Council meeting, expressed frustration with the National Economic Council’s slow pace on livestock reforms and urging members (Governors) to carry out their constitutional responsibility.
Emphasising on the livestock reforms, he insisted that the NEC must revive grazing reserves or ranches across the country.
Tinubu asked Vice President Kashim Shettima to get the National Economic Council to identify grazing reserves that can be rehabilitated into ranches or livestock settlements.
He said that conflict prone areas should be converted into opportunities for economic development and long-term prosperity.
Regarding the withdrawal of VIP police escorts , President Tinubu directed ministers and other VIPs who still require security cover for their official assignments to route such requests through the inspector-general of police and obtain his personal clearance.
He asked the minister of interior to work with the IGP and the civil defence corps to replace police officers currently deployed on special duties.
He also instructed the NSA and the DSS to set up a committee to review existing security arrangements, noting that the country faces persistent threats from kidnapping and terrorism and must maximise all available security assets.
News
Double Voices As Senate Seeks Exemption from Withdrawal of VIP Police Escorts
The push for possible exemption for Senators followed a Point of Order by Senator, Abdul Ningi, (PDP, Bauchi Central), who lamented the withdrawal of his lone police orderly in compliance with the directive of the President
The Nigerian Senate has expressed serious concerns over the withdrawal of Police orderlies attached to senators, worried that the move could expose members to unnecessary danger.
Worried about the situation, Deputy President of the Senate , Barau Jibrin disclosed that the leadership of the Senate held an emergency meeting on the issue on Tuesday, with the hope of positive feedback as it seeks to secure
exemption for lawmakers from the Presidential directive.
President Bola Tinubu had on the 23rd of November issued a stern directive calling for the withdrawal of Police officers attached to “Very Important Persons”, VIPs in the country to make available more hands to tackle Nigeria’s internal security challenges.
About 11, 000 police officers are currently engaged on such assignments across the country.
The push for possible exemption for Senators followed a Point of Order by Senator, Abdul Ningi, (PDP, Bauchi Central), who lamented the withdrawal of his lone police orderly in compliance with the directive of the President.
Ningi said while he has no issues with the withdrawal , he expressed disappointment at the manner the directive of the President is being flouted and called for a strict compliance with the directive starting from the Presidency, the Office of the Vice President , and Federal Ministers.
The Bauchi Senator said while his own police orderly has been withdrawn, he continues to see some businessmen including Chinese citizens and celebrity singers being escorted by contingents of police officers in brazen disregard to the directive of the President.
Based on the revelations by Senator Ningi, the Senate mandated its Committee on Police Affairs to immediately conduct a thorough investigation into the alleged disregard of the President’s directive .
The Committee has 4 weeks to complete the assignment and revert to senate at plenary.
MARKETING EDGE publisher John Ajayi dies at 62
President Tinubu to NEC: You’re too Slow on Livestock Reforms
Double Voices As Senate Seeks Exemption from Withdrawal of VIP Police Escorts
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