Twenty-three year old Abdulfarouk Umar Abdulmutallab, son of former Chairman of First Bank Plc, Alhaji Umar Mutallab, was Saturday in Michigan, United States arrested for trying to blow up North-west Delta Airlines flight on Christmas day.
He was charged in a make-shift court session at the University of Michigan hospital, where the suspect was being treated for burns. He had bandages in his hands, spoke in English, and told the district attorney that he could not afford to pay for an attorney.
He was accused of “willful attempt to destroy an aircraft within the special aircraft jurisdiction of the United States and wilfully placing and causing to be placed a destructive device upon and or proximity to such aircraft.”
In a five-page affidavit deposed by Theodore James, FBI special agent before District Judge Paul Borman, the justice department said Abdul Mutallab had a device containing a high explosive attached to his body on flight 253 from Amsterdam.
Also Saturday, Alhaji Mutallab, who was former Federal Commissioner for Economic Development in the Murtala/Obasanjo administration, was quizzed for hours by a combined team of the nation’s security agencies in Abuja over the bombing incident involving his son.
The Justice Department said Umar Farouk Abdulmutallab who was born on December 22, 1986 had a device containing a high explosive attached to his body on Flight 253 from Amsterdam.
A preliminary analysis of the device shows that it contained PETN, also known as pentaerythritol, according to the affidavit filed in federal court in Detroit.
Abdulmutallab allegedly told passengers that his stomach was upset, then pulled a blanket over himself, the affidavit said. Passengers then heard popping noises that sounded like fireworks and smelled smoke before at least one passenger climbed over seats and tackled Abdulmutallab.
“Had this alleged plot to destroy an airplane been successful, scores of innocent people would have been killed or injured,” U.S. Attorney General Eric Holder said in a statement. “We will continue to investigate this matter vigorously, and we will use all measures available to our government to ensure that anyone responsible for this attempted attack is brought to justice.”
Abdulmutallab claimed to have been instructed by al-Qaida to detonate the plane over U.S. soil, said a U.S. law enforcement official. But others cautioned that such claims could not be verified immediately.
London’s Metropolitan Police also were working with U.S. officials, said a spokeswoman who spoke on condition of anonymity in line with department policy.
The father of the suspect Mutallab, told The Associated Press on Saturday that he didn’t know exactly where his son was but planned to speak with Nigerian authorities.
“I believe he might have been to Yemen, but we are investigating to determine that,” the father said.
Mutallab who left Funtua, his home town in Katsina State early Saturday morning for Abuja after hearing about the news of his son’s attempted bombing and arrest reported to the security agencies at the Federal Capital Territory.
Our correspondent gathered that as at the time of going to press Mutallab was still with the security agencies.
Mutallab, admitted that the man arrested over a botched attempt to blow up a US airliner on a flight from Amsterdan to Detroit is his son.
“I have been receiving telephone calls from all over the world about my child who has been arrested for an alleged attempt to bomb a plane,” Mutallab said.
“I am really disturbed. I would not want to say anything at the moment until I put myself together. I will address a press conference on the issue on Monday. I have been summoned by the Nigerian security and I am on my way to Abuja to answer the call,’’ he said.
Family sources said Mutallab has been uncomfortable with his son’s extreme religious views and had six months ago reported his activities to United States’ Embassy, Abuja and Nigerian security agencies.
Nigeria, 12 Others To Drive Global Trade By 2030 – Report
A trade research report has indicated that Nigeria and 12 other countries will be responsible for the driving of the global trade to the tune of $30 trillion by the year 2030.
The research, which was commissioned by Standard Chartered and prepared by PwC Singapore posited that Nigeria and 12 other countries would be responsible for driving global trade to $30tn by 2030.
According to the report sponsored by the Singaporean organisation, the global exports would be more than double from $17.4tn to $29.7tn over the next decade, while much of the growth would be driven by 13 markets.
It said Nigeria would be growing at an annual rate of 9.7 per cent, with about $112bn in exports by 2030, through key corridors such as India, Indonesia and Mainland China.
It also stated that Kenya, the second African nation on the list, would be growing by 7.6 per cent annually, with $10bn in exports by 2030 through key corridors namely, Pakistan, Uganda and the United States of America.
The list consists mostly of Asian countries with Mainland China contributing the most at $5.02tn by 2030 and growing at 7.1 per cent annually.
Other countries are Hong Kong ($939bn, 5.7 per cent), South Korea ($972bn, 7.1 per cent), and India ($564bn, 7.6 per cent).
Bangladesh, Singapore, United Arab Emirates, Indonesia, Malaysia, Vietnam, and Saudi Arabia also featured in the report.
The report is based on an analysis of historical trade data and projections until 2030, as well as insights from a survey of more than 500 C-suite and senior leaders in global companies.
According to the report, global trade will be reshaped by five key trends: the wider adoption of sustainable and fair-trade practices, a push for more inclusive participation, greater risk diversification, more digitisation and a rebalancing towards high-growth emerging markets.
It said almost 90 per cent of the corporate leaders surveyed agreed that these trends would be shaping the future of trade and would be forming part of their five to 10-year cross-border expansion strategies.
The research also found a significant trend towards the adoption of sustainable trade practices in response to climate concerns and a rising wave of conscious consumerism.
It said while almost 90 per cent of corporate leaders acknowledged the need to implement these practices across their supply chains, only 34 per cent ranked it as a ‘top three’ priority for execution over the next five to 10 years.
By: Corlins Walter
Currency In Circulation Rose By N129bn In Oct – CBN
The currency in circulation in the country rose by N129bn to N2.97tn in October from N2.84tn in September, according to the figures from the Central Bank of Nigeria (CBN).
The currency in circulation had fallen to N2.78tn in August from N2.81tn in July.
It stood at N2.74tn in June, N2.79tn in May, N2.79tn in April, N2.8tn in March, N2.78tn in February and N2.83tn in January.
The CBN said, “The currency in circulation increased by N465.47bn or 19.06 per cent to N2.91tn in 2020, compared with N2.44tn in 2019.
“In 2020, there were higher withdrawals by DMBs than deposits, due to the panic need to hold cash to deal with the emergencies and reduced banking hours due to restrictions to curb spread of the pandemic”.
The apex bank said to maintain public confidence and ensure integrity of circulated notes in the economy, it developed and unveiled a clean note policy and banknote fitness guidelines in 2018.
The guidelines outlined details of quarterly and yearly activities towards the achievement of this objective.
According to the CBN, the clean note policy encapsulates diverse currency management activities to preserve the integrity and maintain the quality of banknotes in circulation.
The policy provides that every newly printed and existing banknotes should conform to predefined standards before circulation and re-circulation in the economy.
Currency in circulation is defined as currency outside the vaults of the central bank – that is, all legal tender currency in the hands of the general public and in the vaults of the deposit money banks.
The CBN said it employed the “accounting/statistical/withdrawals and deposits approach” to compute the currency in circulation in the country.
It said this approach involved tracking the movements in currency in circulation on a transaction-by-transaction basis.
According to the CBN, for every withdrawal made by a DMB at one of CBN’s branches, an increase in CIC is recorded; and for every deposit made by a DMB at one of CBN’s branches, a decrease in CIC is recorded.
The transactions are all recorded in the CBN’s CIC account, and the balance on the account at any point in time represented the country’s currency in circulation.
CBN’s eNaira Records 600,000 Downloads Within One Month
Barely four weeks after its launch in October, the eNaira app of the Central Bank of Nigeria (CBN) has witnessed about 600,000 downloads.
The CBN Governor, Godwin Emefiele, who disclosed this in a statement at the weekend, said, “In less than four weeks since its launch, almost 600,000 downloads of the e-Naira application have taken place.
“Efforts are ongoing to encourage faster adoption of the e-Naira by Nigerians who do not have smart phones.
“The support of the financial industry will be critical in the ongoing deployment of the e-Naira and efforts are ongoing to encourage continued partnership between the CBN and stakeholders in the financial industry”.
The CBN governor also said that building a robust payment system that would provide cheap, efficient, and faster means of conducting payments for most Nigerians have always been the focus of the apex bank.
According to him, the growing pace of digitization globally makes it essential that they leverage on digital channels in fulfilling this objective.
Emefiele disclosed that total transaction volumes using digital channels were more than doubled between 2018 and 2020, as volumes rose from 1.3 billion to over 3.3 billion financial transactions in 2020.
He added that digital payment channels also helped to support continued conduct of business activities during the lockdown.
The CBN boss noted that the robust payment system has continued to evolve towards meeting the needs of households and businesses in Nigeria. This, according to him, reflects the confidence people have in the payment system.
He said that between 2015 and September 2021, about US$900 million has been invested in firms being run by Nigerian founders.
“Notwithstanding these gains, close to 36 per cent of adult Nigerians do not have access to financial services.
“Improving access to finance for individuals and businesses through digital channels can help to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to households and businesses,’’ Emefiele added.
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