Saturday, April 22, 2017

USA Africa Dialogue Series - Re: ||NaijaObserver|| NigerianID | Re: Corruption-in-Chief Called Jonathan: Jonathan, Emefiele, Magu, Others to Be Questioned by Presidential Panel Probing N13 Billion Ikoyi Money

Joe Attueyi:

There will be transition difficulties, but the PMB administration MUST stay this anti-corruption course, make it more pointed and pungent, and use the monies deployed RAPIDLY - not return it to the Federation account just like that....

Anyway, read the write-up below...I agree with "no naira float"....

And there you have it.

Bolaji Aluko

CBN Will Not Float The Naira, Reverses Cashless Policy

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The Central Bank of Nigeria (CBN) has described as laughable suggestions that the Naira should be floated and subjected to the vagaries of market forces. The Acting Director of Communication of the CBN Mr Isaac Okorafor was reacting to calls at the ongoing Spring Meetings of the IMF here in Washington that Nigeria should float the naira and liberalise the market. He stressed that Nigeria's economic environment is extensively liberalised and therefore makes the call to float the naira a bit laughable in our case.
"Yesterday, when Madame Lagarde was discussing the economy of Egypt, she lamentedthe devastating inflation that is in that country. Egypt  has half of Nigeria's population, Egypts receives about 12 billion in foreign aids and several billions in tourism.
We are 180 million people, our infrastructure is so  poor and the productive capacity cannot be fast enough to rise to benefit from massive depreciation.
If we fl oat the naira today, and given the discoveries by security agencies, you'll discover that our case will be terrible. If Egypt today has an inflation rate of almost 31 percent, remember Angola also has about 36 percent inflation, ours is at 17.26.If we float the naira and we allow speculators and those with corruption money and all the people who create the bubbles to launch into the market, you can yourself imagine the kind of situation we will find ourselves
Of course, you should also know that no country floats its currency; just leaving it to the dictates of the market.
We want to appeal to you to help explain this to people. Our economy has its own peculiarities, and we cannot kill our people in the name of floating the naira
In the mean time, following reports that some commercial banks are frustrating the foreign exchange requests of Small  and Medium Enterprises (SMEs), the Central Bank of Nigeria (CBN), has warned that drastic measures will be taken against such acts that it described as deliberate efforts to sabotage the economy.
The apex bank's Ag. Director, Communications, Mr. Isaac Okorafor issued this warning in Washington United States of America where he is attending the ongoing  IMF Spring Meetings.
He said that the CBN  has been receiving reports from entrepreneurs that banks are frustrating their efforts at obtaining FOREX for their eligible imports after the stipulated 48 hours. He advised such victims of the antics of banks to ensure they make a photocopy of the form X, A, or M submitted to the erring bank and lodge a complaint, and promised that CBN would surely take action with such evidence.
Okorafor expressed regret that some customers had merely made oral or written complaints without evidence upon which the CBN could redress the situation and punish erring banks .
The text of the statement reads: You will recall that recently we introduced a window to be able to give forex to SMEs, which, incidentally, is the engine of growth in our economy, for them to be able to obtain a small amount of forex that suits their businesses and we have received complaints now that banks are frustrating them.
We have reviewed all these complaints and found out that the affected SMEs do not have evidence the CBN can act on. We want to use this opportunity to appeal to customers of banks and the SMEs to please give us concrete evidence against these banks so that we can hold them responsible by way of sanctions.
Get a photocopy of your Form Q, Form X, Form A or Form M. Give us the name of the bank, branch and send to us all tgese informaton and we will will make examples of erring ones.
We also say to all Nigerians that the only way we can make things better for all of us is to call the CBN whenever there is policy infraction by anyone no matter how highly placed. We have a number you can call 07002255226 or you send an email to our Consumer Protection Department on We want to urge everyone who is frustrated by banks to call and lay complaints. We assure you will get redress.
Meanwhile, the apex bank has suspended its earlier directive on the implementation of cashless policy.
In a circular released yesterday, the apex bank instructed banks to revert to old charges and refund customers who had been debited.
CBN had earlier announced new charges on deposit and withdrawals above a threshold of N500,000. The apex bank had directed banks to charge 5% and 10% for deposits and withdrawals above N40m in the corporate category.
The bank had fixed 1.5% and 2% for deposits ranging from N500,000 and N1 million in the individual category.
But in the circular signed by the director, banking and payments system department, CBN, Dipo Fatokun, said the existing policy before the announcement of the new policy shall remain in place in Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja.
"You will recall that a directive was issued on the nationwide implementation of the cashless policy vide our circulars with reference numbers BPS/DIR/GEN/CIR/04/001 dated February 21 and BPS/DIR/GEN/CIR/04/002 dated March 16," the circular read.
"Please note that the new withdrawal and deposit processing fee charges above the threshold, as contained in the circulars referenced above, are hereby suspended until further notice. The position of the policy shall now revert to the status quo ante."
The old charges to be reverted to 3% processing fee for withdrawals above N500,000 in the individual category and 5% for withdrawals above N3 million.
"The new policy already applied effective April 1, 2017 as contained in the circulars in reference above should be reversed and the old charges be applied. All necessary refunds should be made accordingly."

On Sat, Apr 22, 2017 at 6:31 PM, Joe Attueyi <> wrote:
Joe Attueyi:

You have been a little quiet, as I have, perhaps mesmerized by all the huge monies recovered from bunkers, banks and apartments in Nigeria lately?  How can a country truly survive with such UNBELIEVABLE money being tied up idly all over the place? 

Prof Aluko
And there I was thinking you had gone quiet because of the reasons other Buharists and Buharideens had done so!!!πŸ˜ŽπŸƒπŸΏπŸƒπŸΏπŸƒπŸΏπŸƒπŸΏπŸƒπŸΏπŸƒπŸΏ

Btw not 'relitigate' that particular debate the folks who stored their loots in $ already have dollars and those who stole Naira are converting their Naira into dollars at CBN artificially fixed exchange rate. We are now using our reserves to subsidize those who stole our Naira. 

Odikwa egwu!!! 

Sent from my iPhone

On 22 Apr 2017, at 5:55 PM, Mobolaji Aluko <> wrote:

Joe Attueyi:

You have been a little quiet, as I have, perhaps mesmerized by all the huge monies recovered from bunkers, banks and apartments in Nigeria lately?  How can a country truly survive with such UNBELIEVABLE money being tied up idly all over the place?  As a person who has earned his salary in dollars for most of my life - and knowing that in all such years (since 1979, 38 years in all), I have not earned more than  $1.9 million TOTAL - I cannot wrap my mind around $9 million, $33 million or $44 million in BUNDLES or in BANKS found for ONE PERSON!

This is why your orthodox mouthings of letting supply and demand determine the true value of the naira relative to the dollar cannot hold water in Nigeria...these fraudsters will just be smiling to the bank........You cannot determine the TRUE value of any commodity in a FAKE market.....

Moving on....

Now you asked:  "Just for my education,What SPECIFIC policies are you referring to?

I will let Kayode answer his own, but on my part - and for your education - the specific policies should be:

  (1) continuing more holisticially the ANTI-CORRUPTION fight, for the serious misappropriation of funds in Nigeria saps the country of its ability to adequately address our myriad infrastructural and socio-economic problems that are emblematic of a developing country.

  (2)  faithfully executing its recently-announced 2017-2020 ERGP Economic Recovery and Growth Program.  Sixty interventions may be too many, but if in the areas of

 Stabilizing the macroeconomic environment

 Achieving agriculture and food security

 Ensuring energy sufficiency (power and petroleum products)

 Improving transportation infrastructure

 Driving industrialization focusing on Small and Medium Scale Enterprises

anywhere from three to five critical steps are taken, particularly on power and low credit cost to SMSEs  - and talent, treasure and time are adequately deployed - Nigeria will begin to get out of its woods fast enough.

It is not exactly rocket science.

And there you have it.

Bolaji Aluko

On Sat, Apr 22, 2017 at 4:47 PM, Joe Attueyi <> wrote:
.... but it will take some time before the new policies and diversification of the economy to start having effects that would turn the economy around.


Just for my education,What SPECIFIC policies are you referring to? 

Sent from my iPhone

On 22 Apr 2017, at 4:31 PM, Kayode Adebayo <> wrote:


And I'm not suggesting here that Nigeria's economic recovery will take 6 years, but it will take some time before the new policies and diversification of the economy to start having effects that would turn the economy around.

That is just the way it works.


On Sat, Apr 22, 2017 at 11:14 AM, Kayode Adebayo


Finally, it took the United States, the leader of the capitalist world and the biggest and largest economy in the whole world, that has several sources of revenue 6 good years under Obama, with all the great economic policies that it implemented to get out of the recession and depression. 

You can imagine what it would take a small economy like Nigeria, with a population of over 167 million and insignificant economic activities, that relied on a single source of revenue all these years and with its inherent corruption, pilferage  and wanton economic destruction that took place over years and that is just diversifying its economic base to other sources and seeking loans for infrastructure and implementing new economic policies to grow the economy.

It's like planting a crop. There is no magic you can adopt to start harvesting the new crop you just planted in a few days or weeks, regardless of how much fertilizer you used. It still has to grow and ripe before you start harvesting. It has to follow it's natural path and process of growth. 

That's just the way it is.


On Sat, Apr 22, 2017 at 8:45 AM, Kayode Adebayo

Click the links below to read the news. It looks like you are completely out of touch with realities under Jonathan or you're out to deceive yourself and others. I'm not a politician. I present facts and truth to Nigerians and whole world all my life:


On Sat, Apr 22, 2017 at 7:55 AM, Kayode Adebayo

You were probably out of touch with the realities in Nigeria during the Jonathan Administration or you just want to deceive yourself.

You want to tell me that you didn't know that workers' salary problem started during Jonathan Administration?

You didn't know that Madam Hypertension called Ngozi Okonjo, the Minister of Finance under Jonathan couldn't pay Nigerian workers as of February 2015 and announced publicly to Nigerians that she was having Hypertension finding money to pay workers? You wonder why I named her Madam Hypertension in 2015?

What did you expect, when thousands of looters looted the treasury and made away with billions and millions of Dollars and Naira and jetted out of the country? Where did you think all that money came from? 

What did you expect, when monies that belong to Nigerians that should be used to pay workers and develop the country is hidden in empty stores and apartments all over the country?

What did you expect, when a Phd holder in Economics and Finance didn't know that she supposed to diversify the economy of a country which relied on oil as it sole source revenue?

What did you expect, when that sole source of revenue faces a decline and glut in the world market and eventual decline in prices and revenue, because the so called managers failed to plan?

What did you expect, when the same sole source of revenue was being disrupted by militancy in the creeks?

What did you expect, when the Central Bank in the country refused to reduce the lending rate to the commercial banks causing companies to close down and paralyzing the economic activities in the country?

If do know, economic recession is the ultimate result of the above actions and inactions in an economy and it will take some time and actions which the current leadership is undertaking to revive the economy. There is no magic wand anywhere.

Stop deceiving yourself.


On Fri, Apr 21, 2017 at 11:24 PM, johnson ariwei
Ladies  and  gentlemen, why distract the attention  of Nigerian civil servants  who are facing  starvation  daily, whose salaries  have not been paid  for months. Please, can one of you remind me if the Nigerian  civil servants' salaries  were owed for months  during  Jonathan  or Obasanjo administration ?
Please, don't  tell Nigerians that it is inflation  or low oil prices is the reason  for the situation  Nigerians are facing .  It is purely  bad management  of the economy  and corruption  of the PRESENT ADMINISTRATION . Let's start talking  about  food for the citizens  because  corruption  is in every  Nigerian 's bone. The only thing that  will  cure us is an atonement (if we accept  it). SORRY  to disappoint  you but this is the honest truth. Two years the present  administration has been in office, the only thing we talk about is corruption, just like a bull dog that barks but can not bite. We are afraid  to criticize  our Government  because  either  we are killed  or jailed  if one dares to do so hence the citizens  can not experience  change. It took  two days  demonstration  by Quebec citizens  to effect  needed  change  in Bombardier. 
PLease, let us put away  tribalism  and politics  and help our brothers  and  sisters  at home by speaking the truth  and  taking  the  right  action.
God  bless  
Elder  Johnson  Ariwei  

On Fri, Apr 21, 2017 at 10:57, Kayode Adebayo

Ezeana is suffering from memory lapse. He can't remember anything anymore.


On Fri, Apr 21, 2017 at 10:45 AM, Imperial
Pa Ezeana,

I agree with you that corruption is very rampart in Nigeria and entire black Africa but is there any corrupt head of state -  anywhere in the entire continent - that is comparable to your lord and savior, Goodluck Jonathan who institutionalized corruption in Nigeria ? 

Sent from my iPad

On 21 Apr 2017, at 03:12, Philip Achusim [NaijaObserver] <> wrote:



Don't forget our history. Obasanjo was corrupt. He gave us GEJ who was corrupt. Now we have Buhari who also has Obasanjo in his corner. It looks like Nigerians love to elect corrupt presidents to govern them. Was Obasanjo corrupt and a president of Nigeria? Yes. Was GEJ corrupt and a president of Nigeria? Yes. Is Buhari president of Nigeria and corrupt? Yes. Even with inflation figured in, Nigerian presidents have beaten their predecessors as far as looting goes. If GEJ is to go to Kirikiri, Obasanjo and Buhari should join him there. 

And I am

Ezeana Igirigi Achusim 
Nwa Dim Orioha AKA Onyeukwu 

On Apr 20, 2017 at 3:18 PM, <Kayode Adebayo [NigerianID]> wrote:



That's right. The Corruption-in-Chief called Jonathan Goodluck bagged a PhD in Lootocracy, after learning how to swindle over 167 million Nigerians while in college. He researched, wrote and submitted a dissertation titled 'The Art of Looting Nigeria Empty in Just Four Years' in order to graduate and he successfully emptied the treasury in just four years. He will be spending the rest of his life in Kirikiri. Hahaha!

Thanks for your observation and intelligent contribution.


On Thursday, April 20, 2017 3:59 AM, Imperial <> wrote:

Truly corruption in chief πŸ‘πŸ‘

Sent from my iPad

On 19 Apr 2017, at 23:30, Kayode Adebayo <> wrote:

Hahaha! Kirikiri Phase II, here comes the Corruption-in-Chief called Jonathan Goodluck.


Source: PremiumTimes

A former president, Goodluck Jonathan, Governor of the Central Bank of Nigeria, Godwin Emefiele; and anti-corruption chief, Ibrahim Magu are amongst some high-profile personalities that are expected to be questioned by a presidential panel investigating the mysteries surrounding the over N13 billion recovered from an apartment in Lagos last Wednesday, PREMIUM TIMES has learnt.
The panel will also question the suspended Director-General of the National Intelligence Agency, NIA, Ayodele Oke, and his predecessor, Olaniyi Oladeji.
The owner of the building where the money was found and the EFCC official who led the operation will also be questioned by the three-man panel, which was convened on Wednesday, PREMIUM TIMES understands.
The National Security Adviser, Babagana Monguno, who is also a member of the investigating committee is also expected to brief the committee on what he knows following reports that Mr. Oke briefed him on the NIA operation prior to the discovery of the money.
President Muhammadu Buhari named Vice President Yemi Osinbajo to lead the committee, with Attorney General Abubakar Malami and Mr. Monguno being the remaining two members, the presidency said in a statement.
The constitution of the panel came as the presidency announced the immediate suspension of the Secretary to the Government of the Federation, Babachir Lawal, and Mr. Oke for their respective roles in the grass cutting scandal and the over N13 billion recovered in Lagos respectively.
"The president also ordered a full-scale investigation into the discovery of large amounts of foreign and local currencies by the Economic and Financial Crimes Commission, EFCC, in a residential apartment at Osborne Towers, Ikoyi, Lagos, over which the National Intelligence Agency, NIA, has made a claim," presidential spokesperson, Femi Adesina, said Wednesday.
Mr. Adesina's statement appears to indicate that the presidency has already accepted the NIA's argument that the money belongs to it.
The investigative panel was tasked to unravel the "circumstances in which the NIA came into possession of the funds, how and by whose or which authority the funds were made available to the NIA, and to establish whether or not there has been a breach of the law or security procedure in obtaining custody and use of the funds," Mr. Adesina said.
In a separate probe, the same committee is also to look into the allegations against Mr. Lawal in the grass cutting scandal.
Operatives of the EFCC, acting on a tip-off on April 12, said they found $43,449,947, £27,800 and N23,218,000 hidden inside an apartment at Osborne Towers, Ikoyi.
The funds were valued at over N13 billion based on prevailing exchange rate set by the Central Bank of Nigeria.
But the development, which could have been another success in the ongoing campaign against graft, became problematic for the Buhari administration following conflicting reports about the ownership of the money.
A day after news of the recovery gripped the country, the EFCC approached the Federal High Court, FHC, to secure a forfeiture order.
Muslim Hassan, a judge at the Lagos Division of the FHC, granted the anti-graft agency's request and gave any potential claimant until May 5, else the entire N13 billion would be permanently forfeited to the Nigerian government.
On April 14, Mr. Oke told PREMIUM TIMES the NIA concealed the money in the apartment for undisclosed operations the foreign intelligence office was conducting.
Our sources said Mr. Oke had approached Mr. Magu to order EFCC operatives who broke into the apartment to back down while the operation was still underway, but the EFCC boss declined his pleas.
But the security chief would not comment on the purpose of the fund, telling this newspaper: "You don't expect me to tell you that."
On April 15, Governor Nyesom Wike said the money belonged to Rivers State, having allegedly been plundered by his predecessor, Rotimi Amaechi.
"We have facts to prove that the said money belongs to the Rivers State Government," Mr. Wike said. "The Federal Government must return our money."
But Mr. Amaechi, now Minister of Transport, strongly denied the allegationsand threatened to sue those who publicly accused him of being the owner of the money.
The uncertainties notwithstanding, President Buhari directed that the money be returned to the CBN and ordered preliminary findings into the matter.
Why Osinbajo's panel may question Jonathan, Emefiele, others
Sources close to the panel told PREMIUM TIMES its members commenced work on Wednesday afternoon and identified some key individuals whose information would be useful to their work.
The panel, which has two weeks to conclude its activities, will invite the individuals for the unique insight they might have on the matter.
On his part, Mr. Jonathan is expected to be questioned over claims that he approved the operation for which the NIA allegedly obtained the money.
Presidency and security sources told PREMIUM TIMES on April 14 that Mr. Jonathan approved the funds for the 30-year old secret service agency after its immediate past boss, Mr. Oladeji, alerted him to the need for some "crucial and covert security projects".
Since the presidency said the person who authorised the funds for the NIA would be crucial, it indicates that Mr. Buhari might not have prior knowledge of the operation.
A source said should Mr. Oke's reported stance that Mr. Jonathan approved the money be found to be true, then the former president would have to be questioned.However, the former president may not be summoned, our sources said, as the committee members will arrange to meet with Mr. Jonathan, who left office in 2015, at the former president's preferred point.
The panel will also summon Mr. Emefiele, who has led the CBN since 2014.
The apex bank is believed to have released the money to the NIA as a way of making the funding of the 'covert operation' entirely secret, PREMIUM TIMES understands.
The recovered funds had the packaging and inscriptions of the Nigerian Security Printing and Minting Company on them, indicating that they might have come directly from the CBN. The dollar denominations were also itemised with serialised bar codes.
But the CBN already cast doubts about its connection to the money.
"I cannot say if the notes the NIA is claiming came from the CBN," its spokesperson, Isaac Okorafor, told PREMIUM TIMES over the weekend.
Mr. Oke and Mr. Olajide will be grilled by the committee to explain the NIA's roles.
Although Mr. Olajide left NIA since 2013, and handed over to Mr. Oke, security sources told PREMIUM TIMES he initiated the clandestine projects and forwarded the proposal to Mr. Jonathan for approval.
The two security chiefs are expected tell the committee about the project in detail, sources said.
Sources also said the panel will take testimonies from Mr. Monguno, even though he's a member. This is largely due to claims by NIA sources that the NSA was briefed on the project and knew about the money.
Mr. Magu will be invited alongside his subordinate who led the operation for their respective roles in the recovery, our sources said.
One of the most widely-asked questions centred on the owner the apartment where the money was recovered in particular and the Osborne Towers itself in general.
Shortly after EFCC announced the recovery, media reports mentioned a former National Chairman of the Peoples Democratic Party, Adamu Mu'azu, as the owner of the building and possible owner of the funds.
"I acquired the land and jointly developed it using a bank loan, I obtained about nine (9) years ago," Mr. Mu'azu said. "However, all the flats have been sold to prospective buyers in order to pay back the loan."
For this reason, our sources said, the panel intends to invite the owner of the apartment. But it is not immediately clear if the members have identified the owner as at Wednesday night.


Posted by: Philip Achusim <>
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