Press spotlights suspension from office of Nigeria’s anti financial crimes chair, others

APA – Lagos (Nigeria)
The indefinitely suspension of the Chairman of the Economic and Financial Crimes Commission, AbdulRasheed Bawa, from office by President, Bola Tinubu, dominates the headlines of Nigerian newspapers on Thursday.
The Punch reports that President, Bola Ahmed Tinubu, has indefinitely suspended the Chairman of the Economic and Financial Crimes Commission, AbdulRasheed Bawa, from office.
The Director of Information in the Office of the Secretary to the Government of the Federation, Willie Bassey, who stated this in a statement on Wednesday, disclosed that the suspension was meant to ensure investigations into “weighty allegations “ of abuse of office against the suspended EFCC chairman.
Former President Muhammadu Buhari had in February 2021 appointed Bawa as the EFCC chairman following the removal of his predecessor, Ibrahim Magu, over allegations of corruption.
According to Buhari’s letter to the Senate, Bawa, 40, is a trained EFCC investigator with vast experience in the investigation and prosecution of Advance Fee Fraud cases, official corruption, bank fraud, money laundering, and other economic crimes.
“He has undergone several specialized trainings in different parts of the world and was one of the pioneer EFCC Cadet Officers in 2005. Bawa holds a B.Sc degree in Economics, and Master’s in International Affairs and Diplomacy,” the letter added.
Magu, a Commissioner of Police, was suspended from office following allegations of abuse of office and corruption levelled against him.
Although he denied all the allegations, a presidential panel led by former President of the Appeal Court, Justice Ayo Salami, investigated him and recommended his dismissal from the EFCC.
A few years, after his appointment, Bawa faced strong opposition from non-governmental organisations who called for his removal.
The newspaper says that the Central Bank of Nigeria has directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ Window of the foreign exchange market, to allow for a free float of the national currency against the dollar and other global currencies.
This came barely two weeks after President Bola Tinubu promised to unify the nation’s multiple exchange rates, and less than a week before the suspension and detention of CBN Governor Godwin Emefiele whose unorthodox monetary policies had become a stumbling block to investors and the economy.
The CBN’s decision to float the currency was hailed by the organised private sector and economists who said the move would unify the country’s multiple exchange rate and bring sanitise the FX market
The development means buyers and sellers of foreign currency in the official FX markets are now allowed to quote rates they find comfortable in the FX market, as against the previous practice where rates were dictated by the Central Bank of Nigeria.
Following the development, the naira depreciated to N664.04/dollar at the close of trading at the I&E Window on Wednesday, according to data from the FMDQ Securities Exchange.
That implies a 40.97 per cent decline in the naira value compared to the 471/dollar rate which the national currency closed at the I&E Window on Tuesday. Data from the FMDQ Exchange showed that trading at the I&E forex window opened at 473.83/$ before closing at 664.04/$. A total turnover of $193.33m was recorded.
The naira had always closed below N480/dollar at the I&E Window over the years.
However, the CBN had yet to update the I&E Window rate on its website as of 9pm on Wednesday.
The central bank quoted N463.38/$ as the I&E rate for June 9, 2023.
According to the chief executive officer of a commercial bank, who confirmed the development to The PUNCH, banks are now allowed to trade forex on the I & E window at any rate, subject to N1 spread.
“The CBN has called banks that the rate cap has been removed at I&E Window. Hence, banks and customers are allowed to trade freely at any rate subject to N1 spread between buy and sell rate”, the bank chief said.
The Punch also reports that the United Nations World Food Programme, on Wednesday, unveiled a $2.56bn Country Strategic Plan for Nigeria aimed at addressing hunger and malnutrition in some parts of North-East, North-West and other selected states.
It outlined the states to include Borno, Yobe and Adamawa in the North-East; Sokoto, Zamfara and Katsina in the North-West; as well as Cross River and Taraba states.
The WFP Representative and Country Director, David Stevenson, disclosed this at a press briefing in Abuja, alongside the Permanent Secretary, Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, Nasir Sani-Gwarzo.
Stevenson said the Country Strategic Plan defined the UN agency’s entire portfolio of assistance within the country for 2023 to 2027.
“The Country Strategic Plan is valued at $2.56bn. That’s over $500m a year of assistance for Nigeria to achieve food security and improve nutrition by 2030,” he stated.
Stevenson explained that the CSP was designed to support Nigeria in achieving food security and improved nutrition by 2030, adding that this was in line with the Sustainable Development Goals-2.
He said the CSP also sought to contribute to improving good health and wellbeing, inclusive education, gender equality and climate action, as well as foster a reinforced partnership in strengthening the national humanitarian and development response in accordance with the SDGs.
“My job as country representative in Nigeria is effectively running a big business, a business that is valued at about $1m every day of assistance. And we are assigning contracts with Nigerian companies, with Nigerian civil society everyday to get the food assistance where it’s needed most.
The Guardian says that the new government’s reforms have continued to spur unprecedented rally on the equities sector of the Nigerian Exchange Limited (NGX) as investors gain over N2.2 trillion in two trading sessions.
Specifically, the market capitalization, which stood at N30, 454 trillion as of last week Friday, rose by N2, 208 trillion or 6.8 per cent to N32, 662 trillion yesterday. Also, the All-Share Index (ASI), which measures the performance of quoted companies, appreciated by 4,054.13 from 55,930.97 points to 59,985.10.
The sustained confidence follows the decision by the Central Bank of Nigeria (CBN) to allow the naira to freely float at the I&E Window, in addition to the well-received suspension of the CBN Governor, Godwin Emefiele.
Yesterday, the ASI gained by 1,821.51 points, representing a growth of 3.13 per cent to close at 59,985.10 points. Also, market capitalisation gained N992 billion to close at N32.662 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Presco, Lafarge Africa, Nigerian Exchange Group and Cutix.
As measured by market breadth, market sentiment was positive as 70 stocks gained relative to 13 losers. Dangote Sugar Refinery, FBN Holdings (FBNH), International Breweries, Seplat Energy, Transcorp Hotel, MTN Nigeria Communications (MTNN) and Sterling Financial Holdings Company recorded the highest price gain of 10 per cent each to close at N25.30, N15.95, N5.50, N1, 320.00, N12.10, N284.90 and N2.75 respectively.
TotalEnergies Marketing Nigeria followed with a gain of 9.99 per cent to close at N306.10, while NASCON Allied Industries rose by 9.97 per cent to close at N18.75 kobo.
On the other hand, Pharma Deko led the losers’ chart by 9.65 per cent, to close at N2.06 kobo. CWG followed with a decline of 9.44 per cent to close at N1.63 kobo.
Northern Nigeria Flour Mills (NNFM) declined by 8.66 per cent to close at N12.65 kobo. BUA Cement depreciated by 6.52 per cent to close at N86 while Ardova Plc also declined by 5.06 per cent to close at N16.90 kobo.
The total volume traded advanced by 9.28 per cent to 1.297 billion units, valued at N21.080 billion, and exchanged in 11,947 deals.
GIK/APA