Facebook is working, but CBN is working harder
Police vs Boko Haram victims- who do you think is lying?
Hello,
The Cable reports that the dollar is now N530/$1 on the black market.
In this week’s issue:
CBN doubles down on crypto
Banks are aiding fraud
Government’s response to jailbreaks
Police vs Boko Haram victims- who do you think is lying?
Facebook is working, but CBN is working harder.
CBN cracks down on crypto... again
Weeks after the launch of Nigeria's digital currency—eNaira— the Central Bank (CBN) has taken measures to reiterate that no other digital currencies (read crypto) are allowed in the country by freezing accounts linked to crypto trading.
CBN has reportedly ordered all commercial banks to freeze the accounts of at least two individuals engaged in crypto trading.
CBN first outlawed crypto in February. They ordered banks and other financial institutions to close all customer accounts used in trading cryptocurrencies and other related transactions.
They called crypto “fraudulent” used to finance “money laundering and terrorism”.
Note: The Presidency has admitted several times that they know who some of the terrorist financiers are, but they have made no public arrests.
Grounds for closure: According to Technext, First City Monument Bank sent out an internal memo that listed the following as grounds for account freezing/closure:
Accounts that receive high daily inflows from multiple people all over the country; Accounts that receive high inflows within the same period; Customers whose account transactions are contrary to the expected profile (meaning if you look broke and your account says otherwise, it's all over for you 😭). Read more here
Meanwhile, banks are out here aiding pension fraud, according to PremiumTimes
A Federal High Court judge, Okon Abang, revealed the roles United Bank for Africa (UBA) and Fidelity Bank Plc played in the N2 billion pension fraud scheme by Abdulrasheed Maina, a former chairperson of the defunct Pension Reform Task Team (PRTT)
The EFCC alleged that Maina used fake names to open and operate various bank accounts. He had his relatives who worked at the banks set them up.
The judge thinks both banks should be punished for neglecting their responsibilities by failing to conduct due diligence to establish the true identities of people whose names Mr Maina used to open the accounts.
On Maina's verdict: the judge ordered Mr Maina and his company to return N1 billion and N183 million to the federal government within 90 days from Monday.
Maina is also serving a 7-year jail sentence.
EFCC detains ex-governor
The Commission detained a former governor of Edo State, Lucky Igbinedion, for allegedly embezzling N1.6 billion.
Premium Times reports that the ex-governor diverted a loan he obtained on behalf of the Edo State government to settle the debts of a company he is affiliated with.
Igbinedion was the governor from 1999 to 2007. In 2018, the EFCC convicted him for embezzling N2.9 billion. He had 191 charges, but the EFCC brought it down to one after a plea bargain.
The agreement got him six months in prison + "option of N3.5 million fine" (which the EFCC was not happy with). The judge also had him pay N500 million and ordered three properties to be seized from him.
And finally, People's Gazette reports that the Local Education Authorities in Adamawa staff have been arrested for stealing school bags UNICEF donated to the state-owned public schools.
Insurgency... can't wish it away.
Insecurity... reps want answers.
Following numerous terrorist attacks—kidnappings in Universities and other public areas— in the nation’s capital, Abuja, the House of reps have summoned the minister of the FCT to ask what the presidency is doing about it.
Toby Okechukwu, deputy minority leader of the House, instructed the minister to take urgent steps to guarantee safety. Firstly, he said that basic things like street lights must be provided— many in the city are broken.
He said things like CCTV installations, which would help with tracking, need to be taken seriously.
The House unanimously adopted the motion after Femi Gbajabiamila, speaker of the House, put it to a vote. So I guess the minister, Mohammed Bello, has work to do.
In other parts of the country
Sokoto
Residents of Sokoto state say that Boko Haram terrorists have taken territorial control of two villages—Gangara and Makwaruwa in the Sabon Birni Local Government Area. But the Police say it's a lie.
The state Police Public Relations Officer, ASP Sanusi Abubakar, in a statement, said, “Investigation reveals that the claim of bandits imposing heads on Sabon Birni villages is not substantiated".
However, Punch reports that residents say although the bandits did not mark the territory with a flag like Boko Haram usually does, parts of Sabon Birni and Isa LGAs were under their control.
The current Special Adviser to the Minister of Police Affairs (also a former chairman of Sabon Birni Local Government Area) confirmed the residents' claim. He said, “The bandits are now an authority in the entire eastern flank of Sokoto State, and no one dares challenge their authority".
Anambra
The Mmiata community in Anambra West Local Government Area of Anambra State were forced to desert their homes after an attack on Wednesday evening. A youth leader in the community, Obinna Chigbata, confirmed to Punch.
Chigbata, who left the city for Onitsha, believes that the attackers were herdsmen who were upset that residents wouldn't give up their farmlands.
He said he had moderated several discussions between the residents and the herdsmen, but the issue wasn’t resolved.
Chigbata believes they're after him and other community members. He says they killed his father during a similar attack in the past.
He said they'd contacted the Police, but that has been useless. The Police PRO said they have “received such complaint. I will find out and get back to you” when Punch called them for comments.
Recall: A few weeks ago, President Buhari said the terrorist attacks are getting better and warned the media to stop spreading "misinformation" about worsening terrorist attacks.
All these attacks have left over one million Nigerians internally displaced in the past 12 months, according to the National Commission for Refugees, Migrants and Internally Displaced Persons.
The Federal Commissioner of the NCFRMI, Imaan Sulieman-Ibrahim, disclosed this while defending her agency's budget before the House of Representatives Committee on Internally Displaced Persons on Monday.
She also said Nigeria is host to about 73,000 refugees from 23 countries while over 500,000 Nigerians are awaiting repatriation from Chad, Niger, Cameroon, Mali, Libya and other countries.
But the House wanted to know why the National Emergency Management Agency, NCFRMI and North-east Development Commission all have the same item stated separately in their budgets.
They also asked why they should give the Commission more money when most of their previous funded projects are incomplete.
The verdict is still out on the budget. The House is deliberating...
The Deputy police commissioner has advice.
The deputy says when Police ask for your phone at checkpoints, do not give it to them unless they have a warrant.
Apparently, “No policeman can ask for your phone unless there is a warrant”. Shocked?
The former Inspector General of police Mohammed Adamu in October 2020 banned the Police from random mobile phone and laptop searches.
Despite the ban, here we are.
Federal Government shenanigans
Numerous prison break situations have forced the Federal government into the 21st century. According to an official, the FG has captured the biometric data of all inmates in Nigeria's correctional centres.
At least 5,000 prisoners have escaped from prisons all around the country.
The most recent is Abolongo Custodial Centre in Oyo State, where unidentified attackers freed hundreds of inmates.
In September, attackers freed hundreds in Kabba correctional centre in Kogi State. They also killed two security personnel.
1,844 prisoners were freed six months earlier when people with guns attacked another correctional facility in Owerri, Imo State.
Some of the Inmates from the Imo incident returned voluntarily
Over 3,000 prisoners are still missing from all the jailbreaks.
Update: Electoral bill
The Senate finally passed a version of the Electoral Act (Amendment) Bill, 2021, that all parties approve of.
The trouble in the past: they couldn’t agree on who had the authority to make core vote counting and electoral decisions. The group— INEC and the National Assembly— finally agreed. Some of the updated clause
INEC must provide suitable voting material (ballot boxes, etc.)
Political parties seeking to participate in general elections must hold direct primaries with an INEC official present.
INEC will determine how voting and result transmission (electronically or manually) are conducted in each election
If you're over 18 and haven't yet. Please, register to vote!
PSA?
Nigeria's Commission for communications warns Nigerians about a new, "high-risk and extremely damaging, Malware called Flubot".
Flubot “impersonates Android mobile banking applications to draw fake web view on targeted applications”. Its goal is to "steal [bank] card details or online banking credentials".
PSA For NYSC members
If you have a complaint about the country, keep it to yourself. The NYSC Director-General, Shuaibu Ibrahim, says as a Youth Corper, it is an offence to bad mouth the nation on social media.
Other News This Week
President Muhammadu Buhari says Nigerians would be able to “look after themselves” when adequate infrastructure is available in the country (The Cable)
Nigeria is exporting gas while citizens can’t buy due to price surge (Premium Times)
The Federal Government has dismissed rumours that the 3rd Mainland Bridge has “opened up” and is “shaking”, therefore, unsafe for vehicles (Punch).
Libya overtakes Nigeria as Africa's biggest oil producer. Nigeria's oil output fell to about 1.23 million barrels per day (BDP) in October from about 1.25 million BPD in the previous month (Punch)
Nigerian stocks hit a new milestone on Monday as investors scramble for the shares of the biggest telecoms – MTN Nigeria (MTNN) and Airtel Africa– catapulted the benchmark index by 2.93% — to 43,246.87 points equivalent to a market capitalisation, the peak level since February 2018 (PremiumTimes)
Video: Paris club refund: Fayemi attacks Malami over 418m consultant fee (Arise)
Terrorism to food insecurity: The Minister of Defence, Bashir Magashi, Nigeria's security threats have affected food security (PremiumTimes)
FG is considering paying transport fare for Nigerians for 6 to 12 months after the removal of fuel subsidy, which is set to take effect in July 2022 (The Cable)