New week, new billing
Hi!
This week’s newsletter is structured a little shorter than usual and structured a bit differently - I was a bit “under the weather” all weekend. But it’s as thorough as always so read and share and if you can, donate to help us hire extra hands 🙏
In this edition
Ex-Minister of Aviation and his family under investigation
Binance claims they were propositioned for bribes
NNPC says FG owes them over N2trillion
Reps to investigate Coastal Highway
Soldiers have been withdrawn from Okuama
Police have released Investigative journalist Daniel Ojukwu
Electricity, “band A” price drop
The Nigerian Electricity Regulatory Commission (NERC) has reduced the cost of electricity for Band A customers by 8% 🤡
This means a decrease in price from N225/kWh to N206.8/kWh.
In April, the commission increased electricity bills for customers under the Band A category to ₦225 per kWh from the initial ₦68 per kWh (kWh).
At the time, the commission assured Band A customers that this hike would come with at least 20 hours of electricity per day, but there are still complaints of less than 10 hours of electricity supply in the designated Band A areas.
Fraud, crime and everything in between
Family fraud
Hadi Sirika, who previously served as Nigeria's Minister of Aviation, along with his daughter Fatima, son-in-law Jalal Sule Hamma, and their company Al Buraq Global Investment Limited, faced a court over allegations of a ₦2.7 billion fraud.
During the court proceedings, Sirika said he is not guilty to the charges brought against him.
All three of the accused have been granted bail. To be released, they must each present ₦100 million and two sureties.
More Fraud
The EFCC is interrogating six senior Nigeria Security and Civil Defence Corps (NSCDC) officers following allegations of a N6 billion scam.
The officers were handed over to the EFCC by the NSCDC Commandant General, Ahmed Audi upon the request of the anti-graft agency's chairman, Ola Olukoyede.
The names of the senior members under investigation has not been released but the EFCC has confirmed the detention and investigation of these officers.
They also affirmed that the NSCDC Commandant General is not one of the officers under investigation.
The spokesperson for the EFCC was unavailable for comments, and the NSCDC spokesperson claimed no awareness of the situation.
Did someone in the government ask Binance for a bribe? 👀Binance’s CEO is lying -FG
Binance's CEO, Richard Teng, claims that Nigerian officials demanded a $150 million bribe to settle the charges levied against the company.
Teng says that when Binance employees were threatened with arrest and detention, Nigerian officials asked for bribes to sweep the allegations away.
The lawyers prosecuting the Binance case said it was a lie. Nobody demanded any money from Binance, and Teng is making it up.
The Nigerian government also denies these bribery allegations and vows to pursue the criminal case against Binance and its officials to a logical end.
Who do you believe 🤔
More crypto news: Naira removed from crypto transactions
In response to the alleged manipulation of the naira and exchange rates by operators in the crypto space, the FG is preparing to delist the naira from all peer-to-peer (P2P) crypto trading platforms.
The newly appointed SEC Director-General, Emomotimi Agama, announced this move during a meeting with the Nigerian blockchain industry, emphasising the need for new regulations to govern the crypto sector.
The SEC is drafting regulations to address the concerns and has called for cooperation from the crypto community to name and shame those involved in manipulative practices.
The government's actions follow a series of measures to regulate the crypto market, including instructions from the Central Bank to payment service banks to caution customers against crypto transactions.
The SEC aims to create an innovative digital asset regulatory regime that will “position Nigeria as a digital asset powerhouse while safeguarding the nation's economic interests”.
Part of this innovation, I guess, is the 5% “cybersecurity levy” the CBN has just instructed banks to slap on all bank accounts.
In fighting: NNPC vs FG
The Federal Government owes NNPCL money - Punch
It was initially thought to be N6 trillion but a special audit from KPMG revealed that the government owes N2.7tn.
The government is now planning a fresh audit of the N2.7tn subsidy debt to further scrutinise and validate the figures.
Backstory: On May 30, 2023, a few hours after the “subsidy is gone” declaration by President Bola Tinubu, the NNPCL Group CEO, Mele Kyari, told State House correspondents that the federal government still owes the firm N2.8 trillion spent on petrol subsidy.
While revealing that the NNPCL footed petrol subsidy bills Kyari said the government had so far been unable to pay back the N2.8 trillion.
He said, “Since the provision of the N6tn in 2022, and N3.7tn in 2023, we have not received any payment from the Federation”.
Reps to investigate Coastal Highway Project
The House of Representatives has announced an investigation into the Lagos-Calabar coastal highway project. According to the House, the project did not receive the required National Assembly approval.
The project, which involves a 700km road and rail line, has been under scrutiny for its financing, dicy environmental regulation, and procurement processes.
Concerns about the potential breach of the Debt Management Office (Establishment) Act of 2023, the Public Procurement Act 2007, and the Infrastructure Concession and Regulatory Commission Act 2005 have been raised.
The House has mandated its committees on Procurement and Works to look into the contract's procurement process, with particular attention to the lack of open competitive bidding and the potential creation of contingent liabilities for the Nigerian government
Last week, former Vice President Atiku Abubakar raised concerns over the transparency and propriety of the project, which is being constructed by Hitech Construction Company Ltd, a company under the Chagoury Group.
Atiku pointed out that Seyi Tinubu, the son of President Bola Tinubu aka First Son™, holds a directorship at CDK Integrated Industries, a Chagoury Group subsidiary, suggesting a potential conflict of interest.
He criticised the hasty award of the contract without a completed environmental impact assessment, secured right of way, or competitive bidding process.
In addition to highlighting the lack of adherence to the National Assembly's approved budget for the project, Atiku also stressed the negative impact the project's handling may have on investor confidence.
In response, the President’s team released a side-eye-worthy statement. It said, “We found it strange that Alhaji Atiku could accuse President Tinubu of conflict of interest in the award of Lagos-Calabar Coastal highway to Hitech Construction Company which he claimed is owned by Chagoury family because the President’s son, Seyi Tinubu, sits on the board of CDK, a tiles manufacturing company, based in Sagamu, Ogun State”. 😒
Fake NIMC officers arrested
The National Identity Management Commission (NIMC) has identified an illegal organisation impersonating NIMC employees and selling fake NINs. The NIMC chairman stated that “some” of the offenders have been caught, but he did not disclose their identities.
Kids, DO NOT sell drugs
The Nigerian Senate has passed a bill to sentence drug traffickers to death. The initial maximum penalty was life imprisonment. Reports say some of the members of house of reps are in support of this bill while others are strongly opposed to it. The bill still needs to be signed into law by the President before it can take effect - Premium Times
Insecurity
Soldiers have been withdrawn from Okuama
Following the tragic killing of 17 army officers and soldiers on a peace mission in March, the Nigerian Army maintained a siege on the Okuama community in Delta State.
Since the army officials were killed, the military has invaded Okuama and neighbouring communities. They have arrested people, burned property and killed at least a dozen people
The presidency attempted to get people in the Okuama community to move to IDP camps while the military raided their community, but they refused
Finally, last week, the military pulled out its troops from the area, a decision that the Delta State Governor, Sheriff Oborevwori, has welcomed.
The governor expressed gratitude to President Bola Tinubu and the military high command for their roles in facilitating the withdrawal.
With the soldiers' departure, the community members are now safe to return to their homes and start the process of reintegration and reconstruction..
Police released investigative journalist
Investigative journalist Daniel Ojukwu has been released after being detained for 9 days by the Lagos State Criminal Investigation Department under allegations of violating the country's cybercrimes law.
Ojukwu, a journalist with the Foundation for Investigative Journalism (FIJ), was reported missing on May 1 and later found to be in police custody for a report he published revealing suspicious financial transactions by a former presidential aide.
The report was part of the GovSpend Media Fellowship, aimed at promoting accountability journalism and transparency in government expenditures.
At the fellowship's closing ceremony, Ojukwu's co-fellows issued a press statement condemning his detention as a violation of his fundamental human rights and the constitution.
They urged President Bola Ahmed Tinubu to intervene and highlighted the importance of the work done by investigative journalists in uncovering corruption, which should be commended rather than persecuted.
Two communities in Zamfara attacked
Bandits attacked two farming communities in Zamfara and killed at least 30 people, primarily farmers. Among those killed was an Islamic cleric, Mallam Makwashi Maradun Mai Jan Baki, who was killed on his farm in Gidangoga village, Maradun local government area. The attacks extended to Bilbis village in Tsafe LGA, where 20 people were killed in the evening while preparing their fields for the wet season.
Students abducted Confluence University in Kogi
On the night of May 10, 2024, armed bandits stormed the Confluence University of Science and Technology, Osara, in Kogi State, and abducted an unidentified number of students - Punch
The bandits, who came through the surrounding bush, fired shots to create panic and managed to kidnap several students despite resistance from local and campus security.
The university's Vice Chancellor, Prof. Abdulraman Asipita, acknowledged the situation but declined to provide details on the number of abducted students, stating that “the university was handling the situation”.
The Kogi State Police has yet to comment on this incident
Hitmen kill FRIS official
On the night of May 11th, 2024, in the Maitama district of Abuja, Khalid Bichi, an official working for the Federal Inland Revenue Service (FIRS), was shot in a seemingly targeted attack.
The incident occurred just before 9 pm as Bichi was reportedly heading out to buy food.
The attackers reportedly shot him multiple times, and despite being rushed to Maitama General Hospital, he died.
Announcement: PoS operators must now register with CAC
The Central Bank of Nigeria (CBN) has issued a deadline of July 7, 2024, for PoS operators to register with the Corporate Affairs Commission (CAC). The CAC says the deadline applies to all operators. Fintech companies in Nigeria are also collaborating with the CAC to help POS operators meet the July 7th registration deadline.