EFCC Quizzes Indian Over N1.275b Gift To Ex-Minister

The Economic and Financial Crimes Commission, EFCC yesterday grilled the Managing Director of Stallion Group Harprrie Singh over his alleged N1.275bn gift to Bashir Yuguda, the former Minister of State for Finance.

The former minister has been in the custody of the anti graft agency for his alleged roles in the arms procurement scandal surrounding the Office of the National Security Adviser, ONSA.

THE NATION reports that Singh was invited by the EFCC based on clues linking him with a N1.275b gift which was initiated from the office of the NSA for political reason.

According to an EFCC source cited by THE NATION,
”Stallion’s name cropped up when investigators scrutinizing transactions carried out by the former NSA with Jabbama Company, a bureau de change operator, stumbled on evidence that Stallion Group also paid N1.375 billion to the company though N100million of the money was later returned, leaving a balance of N1.275 billion.

“Investigation further revealed that Jabbama converted the money into United States Dollars ($114,750,000) and handed it to Ambassador Bashir Yuguda, former Minister of State for Finance who is already being prosecuted on multiple charges of fraud and money laundering.

“Yuguda was said to have explained to EFCC interrogators that the N1.275 billion received from the Stallion Group was at the instance of former NSA, Dasuki, for political purposes."

The source said that EFCC aims to determine if the gift made by Singh was to influence the contracts awarded to him from the ONSA.

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Read PDP's birthday message to Buhari as he turned 73

On Thursday, the Peoples Democratic Party, PDP put opposition politics aside to join millions of well wishers to congratulate President Muhammadu Buhari on his 73rd birthday.

See the birthday message as expressed by the PDP on its Twitter handle, @PdpNigeria.

Happy 73rd birthday celebration to president Muhammadu Buhari. We wish you long life & good health . pic.twitter.com/RbioKsbAYr
— PDP Nigeria (@PdpNigeria) December 17, 2015

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MTN To Sue NCC Over N780b Fine

Unsatisfied with the "manner of the imposition of the fine and the quantum" of the N780b penalty imposed on it by Nigerian Communications Commission, NCC, Mobile Telecommunications Network, MTN has declared its intention to challenge the telecoms regulator in court.

MTN said that based on legal advice, it would contest the constitutional authority of the NCC to impose the fine.

See the statement issued by MTN Group Corporate Affairs office on the matter.

“Further to the SENS announcement issued by the company on 4 December 2015, shareholders are advised that all factors having a bearing on the matter have been thoroughly and carefully considered, including a review of the circumstances leading to the fine and the subsequent letters received from the NCC.

“MTN Nigeria acting on legal advice has resolved that the manner of the imposition of the fine and the quantum thereof is not in accordance with the NCC’s powers under the Nigerian Communications Act and therefore there are valid grounds upon which to challenge the fine.

“Accordingly MTN has followed due process and has instructed its lawyers to proceed with an action in the Federal High Court in Lagos seeking the appropriate reliefs.

“MTN is advised that in the current circumstances in line with the lis pendens rule (pending legal action) the parties are enjoined to restrain from taking further action until the matter is finally determined. This is consistent with previous judicial decisions in Nigeria.

“Notwithstanding this action, the company will continue to engage with the Nigerian authorities to try and ensure an amicable resolution in the best interests of the company, its stakeholders and the Nigerian authorities.”

However, NCC's Director, Public Affairs, Mr Tony Ojobo said that the commission is yet to receive MTN's court papers.

The NCC had earlier imposed a 1.4 trillion naira fine on MTN for failing to disconnect over five million unregistered SIM cards from its network.

The fine was reduced to N780b following MTN's plea for leniency and intervention from the presidency.

MTN has up to 31 December 2015 to pay the fine.

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Abacha Loot Account Almost Empty

National Economic Council, NEC was told at its meeting at the Presidential Villa, Abuja yesterday that the Abacha loot accounts had $26m and £19m as balance.

The meeting was presided over by Vice President, Yemi Osinbajo.

Recall that former Finance Minister, Dr Ngozi Okonjo-Iweala recently disclosed that she released $300m and £5m from the accounts to former NSA, Col Sambo Dasuki for arms procurement.

She also said that $700m was being expected.

So, where has all the money gone to?

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Shiite leader, Ibraheem El-Zakzaky no longer in our custody - Army

The Chief of Army Staff, Lt Gen Tukur Buratai has said that Shiite leader, Ibraheem El-Zakzaky who was earlier arrested by the Army has been handed over to the appropriate authorities for prosecution. 

The Army Chief told l a delegation from the Nigerian Supreme Council for Islamic Affairs, NSCIA at the Army Headquarters, Abuja that El-Zakzaky had been handed over for prosecution and that the society should not tolerate lawlessness.

His words ;
“As a responsible and law abiding organisation, we will do all that we can to always safeguard lives and property.

“As for the whereabouts of the Shi’ite leader, he is not in our custody; he has been handed over to the appropriate authorities for prosecution because we don’t prosecute.

“What happened was avoidable and unfortunate, we followed the rules of engagement as enshrined in the constitution but what happened still happened.”

Earlier, the leader of the NSCIA, Prof. Daud Noibi, who said the group was at the Army headquarters on a fact-finding mission had requested the Army's permission to meet with El-Zakzaky.

Noibi expressed his organization's concern over the Zaria incident and reaffirmed the commitment of the council to see that peace returns to the area.

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Police Arrest Six Armed Robbery Suspects In Abuja

The Federal Capital Territory, Abuja Police Command has arrested six suspected armed robbers who specialised in dispossessing their victims of mobile phones and cash.

The Public Relations Officer of the FCT command, ASP Anjuguri Manzah, disclosed this on Thursday during an interview with the News Agency of Nigeria, NAN

He said that the suspects who were arrested in Nyanya, Mabushi and Wuye areas of Abuja would be charged to court.

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It's price modulation, not subsidy removal - Petroleum Minister

The Federal Government plans to focus on price modulation of petroleum products to ensure efficiency and availability of the products.

Minister of State for Petroleum, Dr. Ibe Kachikwu who disclosed this to newsmen in Abuja on Thursday said that price modulation has nothing to do with fuel subsidy.

“There is too much emotion around subsidy issue, but our focus is that the Federal Government should not spend as much as it spends every year on subsidy.

“First, it is an issue of irresponsibility; this year we have spent about one trillion and given the state of the finances, we have to save money from every means.

“What I am trying to do is to make sure that whatever we do, the poor people will not be affected. So whatever we are going to do will be intellectual,’’ he said.

“It is not that we have removed subsidy but the application of market forces will enable you to sell products as close to the prices we have today.

“Is it going to be between N87 and N90; we will have to get PPPRA to do those templates and at 35 million (litres) we may sell products at N87; by the time we consume 36, we may be selling at N90 or N91.’’

Stressing that prices would no longer be fixed, the Minister pointed out that the price of crude oil will henceforth determine the prices of petroleum products.

“ Today the prices are largely close to N87; there might be no need to change the price by January, and it might go up or come down slightly by April.

“It is all the dynamics of what the crude is; so, I have not put a static figure. Myself and PPPRA will sit down and do the calculations and be able to announce what price PMS will sell in January,’’ he said .

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