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Court Sentences Metuh To 39 Years Imprisonment

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Justice Okon Abang of the Federal High Court, Abuja, yesterday, sentenced former Publicity Secretary of the Peoples Democratic Party (PDP), Chief Olisa Metuh, to a total of 39 years imprisonment.
Metuh’s sentencing, which came after four years of trial, was sequel to his conviction in a money laundering charge against him by the Federal Government.
But Metuh, however, is to serve to seven years imprisonment on corruption charges regarding his activities preceding the 2015 presidential election which his party lost.
Justice Abang, delivering judgment at the proceedings which lasted over six hours, convicted Metuh on all the seven counts, including the fraudulent receipt of N400million from the Office of the National Security Adviser in November, 2014, and use of the money for political activities of the PDP and for his personal purposes.
The court also convicted Metuh for transacting with a cash sum of $2million without going through a financial institution.
The judge agreed that the Economic and Financial Crimes Commission (EFCC) successfully proved that the transaction violated the anti-money laundering law which pegs the maximum cash transaction an individual undertake outside a financial institution at N5million.
Metuh and his company, Destra Investment Limited were arraigned on a seven-count charge bordering on money laundering to the tune of N400million received from the former National Security Adviser, Col Sambo Dasuki (rtd).
They were also accused of laundering the sum of $2million and conversion of public funds into private usage.
EFCC had in a seven-count charge it entered before the court, alleged that the N400million was electronically wired from an account that ONSA operated with the Central Bank of Nigeria (CBN), to Metuh, via account no. 0040437573, which his firm operated with Diamond Bank Plc.
It told the court that the fund, which was released to Metuh and his firm by detained former NSA, Col. Sambo Dasuki (rtd), was part of about $2.1billion earmarked for the purchase of arms to fight insurgency in the North-East.
Besides, the prosecution alleged that Metuh was involved in an illicit transaction that involved the exchange of $2million, in violation of extant financial regulations.
But the former PDP spokesman claimed that the said funds were for a national assignment as directed by the then President, Dr Goodluck Jonathan.
However, delivering judgment in the case, Justice Abang held that the prosecution was able to establish the ingredients of guilt in all the seven-count charge against Metuh and his company.
Justice Abang, accordingly handed down the minimum years as prescribed by Section 15 of the Money Laundering Act.
For count one, the judge sentenced Metuh to seven years imprisonment; count two, seven years; count three, five years; count four, seven years; count five, three years with a fine of N25million; count six, three years with a fine of N25million; and count seven, seven years imprisonment.
The sentences, which are to run concurrently, according to the judge, comes into effect from the day the judgment was delivered, meaning that Metuh will serve all sentences simultaneously, thereby staying only seven years in jail, from yesterday.
While the court ordered the winding up of Destra Investment Limited and the balance in the firm’s bank accounts to be forfeited to the Federal Government, Justice Abang, in addition, imposed a fine of N375million on Metuh.
The judge also directed Metuh to pay the fine of N375million to the Federal Government.
He also ordered Destra Investments to pay N25million to the Federal Government.
He ordered the accounts of Destra in Diamond Bank and Asset Resource Management to be closed and their proceeds forfeited to the Federal Government.
Meanwhile, a group of lawyers has charged the Federal Government to deploy the same energy used in the investigation and prosecution of a former Peoples Democratic Party (PDP) National Publicity Secretary, Olisa Metuh, to those in the present administration that have allegations of corruption and fraud on their heads.
Metuh was sentenced to seven years imprisonment, yesterday, by a Federal High Court in Abuja presided over by Justice Okon Abang after he was found guilty of money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).
Reacting to the judgment of the court, lawyers under the aegis of Coalition of Public Interests Lawyers and Advocates (COPA) said the President Muhammadu Buhari-led administration could prove its doubters wrong if and when individuals in the administration that have cases hanging over their heads were given a similar treatment like Metuh’s.
Speaking on behalf of the coalition, Barrister Pelumi Olajengbesi, said: “There is a kind of blood flow that moves in the Federal Government whenever an opposition is being prosecuted.
“What we are saying is that this same energy should be transferred to people who are within the government.
“We are saying that the energy used in prosecuting Olisa Metuh, that energy should be used to investigate all of these (alleged) corrupt elements in the government.”
He stressed that: “We have (Godswill) Akpabio there, who has a lot of questions to answer with the EFCC. Federal Government has not done anything about it.”
The EFCC, in 2018, said the case of alleged fraud involving Akpabio was not over after he (Akpabio) reportedly said that he was a man of peace that had no case to answer with the EFCC.
Olajengbesi also mentioned the current Minister of State for Mines and Steel, Mr. Uchechukwu Sampson Ogah, who he alleged was arrested outside the court premises in 2016 by the EFCC after the police withdrew a case of forgery against him.
Ogah had, however, faulted the reported arrest, saying he was never arrested and the report of his so-called arrest was “false, wicked and fabricated”.

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Tinubu Lauds Dangote’s Diesel Price Cut, Foresees Economic Relief

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President Bola Tinubu, yesterday, applauded Dangote Oil and Gas Limited for reducing the price of Automotive Gas Oil, also known as diesel, from N1,650 to N1,000 per litre.
The Dangote Group recently reviewed downwards the gantry price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product, as well as providing a discount of N30 per litre for an offtake of five million litres and above
Tinubu described the move as an “enterprising feat” and said, “The price review represents a 60 per cent drop, which will, in no small measure, impact the prices of sundry goods and services.”
In a statement signed by his Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu affirmed that Nigerians and domestic businesses are the nation’s surest transport and security to economic prosperity.
The statement is titled ‘President Tinubu commends Dangote Group over new gantry price of diesel.’
Tinubu also noted the Federal Government’s 20 per cent stake in Dangote Refinery, saying such partnerships between public and private entities are essential to advancing the country’s overall well-being.
Therefore, he called on Nigerians and businesses to, at this time, put the nation in priority gear while assuring them of a conducive, safe, and secure environment to thrive.
This statement comes precisely a week after Dangote met President Tinubu in Lagos, where he said Nigerians should expect a drop in inflation given the cut in diesel pump prices.
“In our refinery, we have started selling diesel at about ¦ 1,200 for ¦ 1,650 and I’m sure as we go along…this can help to bring inflation down immediately,” Dangote told journalists after he paid homage to President Bola Tinubu at the latter’s residence to mark Eid-el-Fitr.
The businessman said his petroleum refinery had been selling diesel at N1,200 per litre, compared to the previous price of N1,650–N1,700.
He expressed hopes that Nigeria’s economy will improve, as the naira has made some gains in the foreign exchange market, dropping from N1,900/$ to the current level of N1,250 – N1,300.
Dangote said this rise in value has sparked a gradual drop in the price of locally-produced goods, such as flour, as businesses are paying less for diesel. Therefore, he asserted that the reduced fuel costs would drive down inflation in the coming months.
“I believe that we are on the right track. I believe Nigerians have been patient and I also believe that a lot of goodies will now come through.
“There’s quite a lot of improvement because, if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ¦ 1,900.
“But right now, we’re back to almost ¦ 1,250, ¦ 1,300, which is a good reprieve. Quite a lot of commodities went up.
“When you go to the market, for example, something that we produce locally, like flour, people will charge you more. Why? Because they’re paying very high prices on diesel,” he explained.
He argued that the reduced diesel price would have “a lot of impact” on local businesses.
“Going forward, even though the crude prices are going up, I believe people will not get it much higher than what it is today, N1,200.
“It might be even a little bit lower, but that can help quite a lot because if you are transporting locally-produced goods and you were paying N1,650, now you are spending two-thirds of that amount, N1,200. It’s a lot of difference. People don’t know.
“This can help bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you’ll see that there’s quite a lot of improvement in the inflation rate, one step at a time. And I’m sure the government is working around the clock to ensure things get much better,” Dangote added.
He also urged captains of industry to partner with the government to improve the lives of citizens.
“You can’t clap with one hand,” said the businessman, adding, “So, both the entrepreneurs and the government need to clap together and make sure that it is in the best interest of everybody.”

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Court Halts Amaewhule-Led Assembly From Extending LG Officials’ Tenure

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The Rivers State High Court sitting in Port Harcourt has issued an interim injunction directing the maintenance of status quo ante belum following the move by the Martin Amaewhule-led Assembly in Rivers State to extend the tenure of the elected local government councils’ officials.
The Amaewhule-led Assembly, which is loyal to the Minister of Federal Capital Territory, Nyesom Wike, had amended the Local Government Law Number 5 of 2018 and other related matters.
Amaewhule, explained that the amendments of Section 9(2), (3) and (4)of the Principal Law was to empower the House of Assembly via a resolution to extend the tenure of elected chairmen and councilors, where it is considered impracticable to hold local government elections before the expiration of their three years in office.
But the court asked all the parties to maintain the status quo ante belum pending the hearing and determination of motion on notice for the interlocutory injunction.
The court presided over by G.N. Okonkwo also ordered that the claimant/applicant would enter into an undertaking to indemnify the defendants in the sum of N5million should the substantive case turned out to be frivolous.
The court fixed April 22, 2024 to hear the motion on notice for interlocutory injunction.
Okonkwo also issued an order of substituted service of the motion on notice for interlocutory injunction, originating summons and other subsequent processes on the defendants.
The orders were made following a suit filed by Executive Chairman, Opobo-Nkoro, Enyiada Cooky-Gam; Bonny, Anengi Claude-Wilcox; and five other elected council officials challenging the decision of the Amaewhule-led House of Assembly to extend the tenure of local government areas.
Also named as defendants in the suit are the Governor of Rivers State, the Government of Rivers State and the Attorney-General of Rivers State.
The claimants/applicants are praying the court for a declaration that under section 9(1) of the Rivers State Local Government Amendment Law number 5 of 2018 the tenure of office of the chairmen and members of the 23 local government councils of Rivers State is three years
A declaration that the tenure of office of the elected chairmen and members of the local government areas would expire on the 17th of June 2024 having commenced on the 18th of June 2021 when they were sworn in.
A declaration that the defendants cannot in any manner or form extend the tenure of office of the chairmen and members of the local government areas after the expiration of their tenure.
An order of perpetual injunction restraining the defendants from extending the tenure of office of the chairmen and members of the local government areas.
An order of perpetual injunction restraining the 28th, 29th and 30th defendants (the Governor, the Government House and the Attorney-General) from giving effects to any purported extension of the tenure of the chairmen and members of the local government areas.
They also prayed for an order of interlocutory injunction directing all the defendants to maintain the status quo by not elongating the three-year tenure of the chairmen and councilors.
The claimants further sought an order of interlocutory injunction restraining the defendants from extending the tenures of the chairmen and the councilors.

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Nigeria’s Inflation Rate’ll Drop To 23% By 2025 -IMF

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In a recent release of its Global Economic Outlook at the International Monetary Fund/World Bank Spring Meetings in Washington D.C., on Tuesday, the IMF provided projections for Nigeria’s economy, indicating a significant shift in inflation rates.
Division Chief of the IMF Research Department, Daniel Leigh, highlighted the impact of Nigeria’s economic reforms, including exchange rate adjustments, which have led to a surge in inflation rate to 33.2 percent in March.
Nigeria’s inflation rate rose to 33.2 percent according to recent data released by the National Bureau of Statistics.
Also, the food inflation rate increased to over 40 per cent in the first quarter of 2024.
Leigh stated, “We see inflation declining to 23 per cent next year and then 18 percent in 2026.”
This is however different from the fund’s prediction of a new single-digit (15.5 per cent ) inflation rate for 2025 which it predicted last year.
He further elaborated on Nigeria’s economic growth, which is expected to rise from 2.9 percent last year to 3.3 percent this year, attributing this expansion to the recovery in the oil sector, improved security, and advancements in agriculture due to better weather conditions and the introduction of dry season farming.
The IMF official also noted a broad-based increase in Nigeria’s financial and IT sectors.
“Inflation has increased, reflecting the reforms, the exchange rate, and its pass-through into other goods from imports to other goods,” Leigh explained.
He added that the IMF revised its inflation projection for the current year to 26 percent but emphasised that tight monetary policies and significant interest rate increases during February and March are expected to curb inflation.
An official of the IMF Research Department, Pierre Olivier Gourinchas commented on the global economic landscape, mentioning that oil prices have risen partly due to geopolitical tensions, and services inflation remains high in many countries.
Despite Nigeria’s inflation target of six to nine percent being missed for over a decade, Gourinchas stressed that bringing inflation back to target should be the priority.
He warned of the risks posed by geo-economic fragmentation to global growth prospects and the need for careful calibration of monetary policy.
“Trade linkages are changing, and while some economies could benefit from the reconfiguration of global supply chains, the overall impact may be a loss of efficiency, reducing global economic resilience,” Gourinchas said.
He also emphasised the importance of preserving the improvements in monetary, fiscal, and financial policy frameworks, particularly for emerging market economies, to maintain a resilient global financial system and prevent a permanent resurgence in inflation.

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