On Return, Buhari Sets To Rejig Cabinet; CBN Gov, Fashola, 'almighty' Kyari, Babachir, Others To Be Affected, Oshiomhole, Others In

A report published by News Punch yesterday over possible cabinet shake by President Muhammadu Buhari on return from United Kingdom medical vacation has just been confirmed by the renown Punch Newspaper on Sunday.

Punch Newspaper affirmed that President Muhammadu Buhari has concluded plans for a major overhaul of his administration, reliable sources in government revealed.

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The sources, who spoke on condition of anonymity because of the sensitive nature of the subject, said the changes were going to be ‘earth-shattering’ because a few of the President’s powerful aides and prominent members of the administration would be affected. 

Findings according to Punch Newspaper also revealed that the Governor of the Central Bank of Nigeria, Godwin Emefiele, is likely to be affected by the changes.

A senior government official, who preferred anonymity said, “In the next few weeks, we are entering the second half of this administration. I can tell you that a major cabinet reshuffle is on the way. 

Ministerial vacancies for Kogi and Gombe states would be filled, while there would also be an exchange of portfolios.

“Some junior ministers, whose relationships with their senior counterparts are not smooth would also be redeployed.”

A source within the administration, who is privy to the details of the planned changes, said the country would soon witness greater synergy between the President and Vice-President Yemi Osinbajo. 

The source added that under the new scheme of things, the President intended to assign more important national duties to Osinbajo.

Buhari, who will resume duty on Monday after a 49-day medical vacation in London, is said to have been very impressed by what a source in government described as the ‘performance, competence and loyalty’ of  the Vice President, who served as Acting President while he was away.

When asked why it took the President two years to synergise fully with his deputy, the source replied that both men had  always been closer than the public knew.

“The President and the Vice President have always been on the same page. They are close. He likes to delegate tasks to the VP. 

However, not much could be done in the past because of the interference of some people close to the President. The President is determined to remove those who interfere so that his administration can build on its recent strides,” the source, who is a senior government official, said.

It was learnt on Saturday that besides filling vacancies in his cabinet, the President  would redistribute some ministerial portfolios. He may also divest the former Governor of Lagos State and current Minister of Power, Works and Housing, Babatunde Fashola, of one of his portfolios.

The senior government officials who spoke to SUNDAY PUNCH were however not forthcoming with the names of those likely to be affected by the changes. They said the President liked to keep such things close to his chest. However, independent findings by one of our correspondents revealed that  those to be removed may include the Chief of Staff to the President, Abba Kyari; the Secretary to the Government of the Federation, Babachir Lawal; and some ministers who have been adjudged as under-performing. A former Governor of Edo State, Adams Oshiomhole, is expected to join the cabinet.

The source explained the criteria the President would use in reshuffling his cabinet.

He said besides measuring the performance of each cabinet member, the President would also examine the relationship between senior and junior ministers.

Currently, two states, Kogi and Gombe, have no representatives in the Federal Executive Council.

Kogi State’s position became vacant following the death of a former Minister of State, Labour and Employment, Mr. James Ocholi (SAN), in a road accident on March 6, 2016.

The Minister of Environment, Amina Mohammed, who hails from Gombe, left the Federal Executive Council last month when she assumed duty as the Deputy Secretary-General of the United Nations.

There has been speculation since late last year that the President would carry out a major cabinet reshuffle.

In Kogi State,  it was learnt that already, there was intense rivalry among various groups to  fill the vacant slot for the state

According to a report, the Kogi East zone, where Ocholi hailed from, had expressed concern about the  delay in picking one of them to replace the late minister.

Also,  the All Progressives Congress  in Kogi West was reported to be interested in filling the vacant slot of the state.

The President,  after his return on Friday,  promised to rededicate himself to serve Nigerians.

He said  he returned on Friday deliberately so that he could continue his rest while the Vice-President, Prof. Yemi Osinbajo continued working.

“I deliberately came back towards the weekend so that the Vice-President will continue and I will continue to rest,” the President said.

He also took a retrospective look at his about-two-month medical sojourn in London, and declared that he had never been this sick.

His statement contrasted sharply with that of top government officials who had insisted that he was hale and hearty.

“I couldn’t recall being so sick since I was a young man, including in the military with its ups and downs,” he said.

Buhari added that He said he remained grateful to all Nigerians who had been praying for his good health.

He said the support he had received was a testimony that in spite of the hardship being experienced, Nigerians were behind the government in its efforts to tackle the country’s challenges.

Buhari’s spokesmen, Garba Shehu and Femi Adesina denied knowledge of the impending reshuffle.

Watch CBN Forex Fraud Video By Arrested Gbadamosi That Earned Emefiele FG's Query .. You'll Cry For Nigeria

A Peoples Democratic Party (PDP) chieftain, Babatunde Gbadamosi has said he was released by the Department of State Services (DSS) without preconditions.

Gbadamosi, who was arrested last week,regained his freedom on Thursday.

“I was freed without preconditions. They just allowed me to go without filing charges,” he told Premium Times.

He also expressed his appreciation to those who spoke out after he was arrested.

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“I appreciate the efforts of Nigerians and the sacrifice they made to secure my freedom.

“I will brief them extensively about what happened after briefing with my lawyers”, he added.

Watch The Video:

Before his release today, While Nigerians are still speculating the actual reason behind the sudden appreciation of the Naira over major International currencies since February 20, 2017 and Central Bank of Nigeria (CBN) sudden change of policy, Mr Babatunde Gbadamosi, a Lagos Businessman and former governorship candidate, who exposed in details the monumental organized foreign currency fraud by the Buhari government and officials of CBN was arrested and still detained by the Department of Security Services (DSS) since February 22, 2017.   

In a social media video which went viral, Mr Gbadamosi frowned at the shabby practices where those that genuinely need foreign currencies for Business are not provided with any, while the President’s allies and the cronies of CBN big-wigs are receiving them at ridiculously low rates of N3/$1.

Every effort to secure Mr Gbadamosi’s release has proved abortive. The DSS has ensured that no one visits or see the incarcerated voice of the Nigerian opposition in the secret detention center he was dumped six days ago and sources close to Hope For Nigeria within the secret police headquarters in Abuja are claiming that Gbadamosi was accused of blackmailing the Central Bank of Nigeria and the Government by releasing this classified information about forex sales. 

Regrettably, while Mr Babatunde Gbadamosi is languishing in DSS secret detention center for saving Nigeria from the forex mafia, Nigerians are giving the glory to the acting President Osibanjo who raised no finger in the new development where the CBN suspended forex sales to cronies and allies of President Buhari and sudden revert to the policies of the former President Goodluck Jonathan, where the Naira is protected with our external reserve.   

Re-echoing the concern of Nigerians including that of the former CBN governor and the Emir of Kano, Sanusi Lamido who revealed the operation of over 20 different foreign exchange rates by the CBN and some Nigerians making billions of Naira daily from their gardens trading dollar they bought at an alarming low rates, Mr Gbadamosi demanded that these sharp practices should stop in other for the country to survive the self-induced recession.   

Gbadamosi quoting various media sources in the video stated that the CBN was selling forex to some close allies of President Muhammadu Buhari for as low as N3 to $1 through what is called Bills of Collection. People were given Dollars with cold claims that their Form M was filled and submitted like 35 years ago but forex was not released. They cartel only has to claim that they made their importation in 1985 but forex was not released to you despite submitting duly completed Form M.   

With all documents perfected, the forex will then be released at the prevailing rate in 1985. They will get $3 million at N5/ $1 and selling to end users at say N480/ $1. The said customer will be making about N1.425billion in one transaction. He listed transactions by some individuals that got $4,327 at the rate of N23.34 to $1 through “credit card payment” for “invisible” purpose and under “invisible sector”. 

A bank also got $3,589.11 at the rate of N3.19 to $1 also for “invisible” purposes and under “invisible” sector. There was a transaction involving sales of $66.72 at the rate of N0.62 to $1. There was also a sale of $5.56 to a company at the rate of N0.61 also for “invisible” purposes. A particular transaction also involved the sale of $570.8 at the rate N3.17. 

In contrast, there was a company, who purchased $1,462,480.83 at the rate of N425 to $1. The document shows that individuals and companies got foreign exchange for purposes ranging from importation, PTA, school fees, “invisible”, family maintenance allowances, mortgage payments and medical travel among others. 

This video leads the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), to query the CBN Governor, Mr. Godwin Emefiele, demanding “prompt response” to the allegations of corruption in the CBN’s foreign exchange allocation and transactions. Multiple Petitions against the CBN indicated how some companies and individuals got a foreign exchange in US dollars at the rates as low as low as N0.61 to $1 while others got it in rates that were as high as N470 to $1. 

Malami, in the letter, dated February 6, 2017, and with reference number, HAGF/CBN/2017/VOL.1/1, asked Emefiele to respond to the allegations “to enable us to advise the Presidency and take appropriate measures.” Titled ‘allegations of racketeering in the Central Bank of Nigeria; disparity in allocation of foreign exchange’, and addressed to Emefiele, the letter was delivered to the CBN governor’s office on Monday. 

The allegations in the attorney general’s letter to Emefiele includes:- 

1. alleged corruption in the apex bank’s “foreign exchange allocation transactions. 

2. Questionable policy in CBN’s allocation and sale of foreign currency to Nigerians. 

3. Arbitrary allotment of different exchange rates for same purposes. 4. Allocation of conflicting foreign exchange rates. 

The DSS has not charged Mr. Gbadamosi after six days of arrest and they denied him medical attention, family visits and rejected the request for his lawyers to see him or be informed of the reason for his arrest. 

It is shocking to note that Nigerians are enjoying the appreciation of the Naira over major currencies and praising the CBN and the government that oversees the foreign currency fraud that almost crippled the Nigerian economy while the man who sacrificed neck for us, is under chain and locked up in secret detention center.

Source: Nigerian Newspaper

Crippling Financial System: CBN Indicts FG

The Punch Newspaper - The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday called on the Federal Government to urgently evaluate the level of its domestic indebtedness and develop a framework for settling these debts.

The committee, in a communique issued at the end of its two-day meeting held at the headquarters of the CBN in Abuja, warned that the huge government indebtedness to economic agents had slowed down business activities.

In the communique, which was read by the CBN Governor, Mr. Godwin Emefiele, the committee noted that the development was not good for the economy as it was compromising the integrity of the financial system.

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While reiterating that monetary policy alone could not address the current economic crisis, the CBN governor noted that the committee called for an enrichment of fiscal and other sector initiatives and interventions towards resolving the growth challenges in the economy.

He said these interventions were vital in order to promptly revive confidence in the economy.

Emefiele said, “Members stressed the need for a robust and more keenly coordinated macroeconomic policy framework that would restart output growth, stimulate aggregate demand and rein in inflation expectations.

“The MPC urged the Federal Government to urgently assess the extent of its indebtedness to domestic economic agents and develop a framework for securitising the debts in order to settle its outstanding domestic contractual obligations, which cut across all sectors of the economy.

“These accumulated debts have slowed the business activities of economic agents, most of who are indebted to the banking system, thus compromising the integrity of the financial system. It also advised the bank (CBN) to commit to greater surveillance and deployment of early warning systems in managing the banking system.”

The CBN governor said the committee called on security agencies to sustain their checks on the activities of illegal foreign exchange operators in order to bring sanity to that segment of the market.

He said, “The extant foreign exchange regulation outlaws the trafficking of currency on the streets as some unlicensed operators currently do.

“Thus, to evolve an appropriate naira exchange rate that stabilises the foreign exchange market, Bureau De Change operators must strictly observe the terms and conditions of their licences.”

On whether the CBN was supporting jail terms for people hoarding dollars, Emefiele said the apex bank would not support any such move.

He said while the current foreign exchange regulations of the CBN did not in any way support jail term for people who hoard dollars, he was aware that the Nigerian Law Reform Commission was working towards reviewing the regulations.

The apex bank boss, however, added that the CBN would not support any move to prescribe jail terms for people who hoard dollars.

He said, “Let me use this opportunity to reiterate that it is not in our foreign exchange regulations that people should be jailed or their dollars confiscated. But I am aware because just today (Tuesday), I was told that the Nigerian Law Reform Commission is looking at reviewing the exchange regulations, just like it normally will from time to time depending on the exigency of the time.

“We have not been contacted regarding whether or not some of the clauses that are involved are included in the review to be conducted by the Law Reform Commission.

“But I am saying here categorically that if we are contacted, or whenever it becomes an issue for discussion, we will advise against a clause that forbids people from keeping their dollars if they chose to, or a law that says people should be jailed for keeping foreign currencies.”

When asked if the apex bank was concerned about some of the risks facing the banking system owing to the current economic crisis, the CBN governor admitted that while all players in the financial system were facing “tremendous risks,” the central bank would ensure that they would not crystalise to a point where depositors’ funds would be lost.

He said, “As a result of the current challenges being faced by the global economy, all agents in the financial system, such as banks and other players, are facing tremendous risks.

“When there is a slowdown or recession, naturally banks will face certain risks such as non-performing loans rising and different other risks, and this imposes on the regulator a greater challenge to ensure that it strengthens its prudential guidelines to ensure that the banks and particularly depositors are protected.

“Nigerian banks, like other banks in other climes, are facing risks. But those risks are surmountable, and the central bank is doing all its best to ensure those risks don’t crystalise to a point where we will begin to talk about depositors losing their deposits. So for that reason, the rumour about banking sector risks is overtly elevated.”

On whether the apex bank was considering reducing the number of BDC operators so as to better regulate their activities, the governor said the CBN might consider that option at the appropriate time.

He said, “We believe that everybody (BDC) is entitled (to have a licence) once the regulations are set; there is no need to preclude you if you meet the conditions. But of course, naturally, the regulator, which is the CBN, has a right to put in place policies that limit entry. If we want to limit entry, we know what to do.

“I can assure you we will do it anytime we decide to limit entry or even exacerbate exit from the market, and that is something we will look into at the appropriate time.”

On the foreign exchange inflow through the CBN, the governor said the country recorded a decline of $447.5m or 31.85 per cent from $1.4bn in September to $957.37m in October.

He attributed the decrease to lower crude oil and other government revenues in the period under review, lamenting that despite the resumed Joint Venture payments in October, the total outflows also continued to decrease.

Foreign exchange outflows, according to him, dropped significantly by 58.68 per cent from $2.25bn to $1.01bn during the period.

Emefiele said the committee implored the CBN to continue to direct more focus at making foreign exchange available to the agriculture and manufacturing sectors of the economy.

This, according to him, can be achieved by enforcing its policy directing Deposit Money Banks to allocate 60 per cent of the available foreign exchange to these sectors.

On the Monetary Policy Rate, the CBN governor said the committee decided to leave it unchanged at 14 per cent.

He explained that all the 10 members who attended the MPC meeting agreed to maintain the current monetary policy stance.

Apart from the MPR that was retained at 14 per cent, the governor said the committee also voted to retain the Cash Reserves Ratio at 22.5 per cent.

Also retained were the liquidity ratio, which was left at 30 per cent; and the asymmetric window, which was left at +200 and -500 basis points around the MPR.

We'll Allow Rice IMPORTATION Till 2017 - FG

The Minister of Agriculture, Audu Ogbeh has said Nigeria will stop the importation of rice next year.

Ogbeh said this at a joint Anchor Borrowers rice farm inspection with the Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele and the Governor of Niger State, Alh Abubakar Bello, at Sunti, Lavun Local Government Area of Niger State.

“The federal government’s massive rice production programme, has made huge impacts on the nation’s rice supply and will therefore end rice importation into the country as from next year,” he said.

Ogbeh also said the Federal Government was planning on distributing improved seedlings to farmers.

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CBN Governor, Godwin Emefiele while speaking said the CBN was convinced that Nigeria can achieve its objectives of putting a total barrier on food importation.

“We were convinced at the CBN that the nation was wasting foreign exchange in the importation of food items that we can conveniently produce at home. That was why we chose specific crops such as rice, wheat, soya beans and cotton as the immediate target of the programme.

“The results are there for all to see that indeed, the decision to grow the food that we eat in the country makes a great economic sense. By growing our food at home, rather than import them, we create jobs for our people, create wealth and conserve foreign exchange for other uses”, he said.

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Diaspora Group Demands Emefiele's Sack Over Poor Handling of Naira

Nigerians in Diaspora Monitoring Group, NDMG, has asked President Muhammadu Buhari to seek the approval of the Senate to immediately sack the Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele over what it termed long-running incompetence and deliberate sabotage of the country's economy through questionable monetary policies that ruined the naira.

It threatened to shut down Nigeria High Commission in London should Emefiele not be immediately removed as CBN governor while other chapters of the group have been contacted to take similar actions at the nation's various diplomatic missions.

NDMG said the problems caused by are so grave that he should have been fired immediately while the President retroactively seek Senate's backing but that the need to adhere to due process and the necessity of not spooking the economy were the only argument against such approach. 

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A statement issued by the United Kingdom coordinator of the group, Engineer Adeka Oyinlo, noted that anyone with honour would have resigned as the apex banker without being prompted given the unprecedented free fall of the naira under Emefiele's watch.

The statement said similar to the employment scandal in which the apex bank boss illegally hired relations of those he wanted to please, the distress of the naira was worsened by steps that the CBN governor took to service the interests of his cronies in and out of government.

It argues that "We have seen Mr Emefiele converting the Central Bank into the personal bank of his business friends which he used to raise dollars for them to execute projects not just in Nigeria but also in other African countries without a thought for how this would affect the nation's economy.

"The CBN has also largely abdicated his and the bank's regulatory roles to the commercial banks under the Bankers' Committee, which has consequently created a situation where a clique takes decisions to the detriment of 180 million Nigerians so long as their bottom line is met.

"This perhaps explains why Emefiele's reactions to the troubled naira has been nothing short of knee jerking that has seen series of policy summersaults that occurred within days in some instances. Not only have the responses been inconsistent they also appeared to be targeted at making life miserable for the populace while strengthening the hands of the forex cabal.

"Round tripping and false declaration of forex application have continued unabated while Emefiele looks the other way as his buddies on the Bankers' Committee make killings on hourly basis. The CBN Governor's only intervention is to further compound the problem by removing those who stand in the way of his friends' profit.

"For the avoidance of doubt, Nigerians who have to seek medical treatment abroad are dying, not just because treatment has become more expensive in dollars-naira terms but also because they now face impossibly long delays in getting forex to commence treatment. Too many youths have also been forced to abort their education abroad and consequently shatter their dreams.

"These nightmarish scenario must end, which is why we are asking President Muhammadu Buhari to immediately approach the Senate to get the necessary backing for Mr Godwin Emefiele's removal as CBN Governor. Where Mr President does not immediately remove him we will mass at Nigeria's High Commission in the United Kingdom and ensure that the place remains on lockdown.

"We have fortunately secured the understanding of our chapters in other countries to take similar steps to drive home the message. Those of us in the Diaspora now bear untold burden because of the hardship trailing Mr Emefiele's poor handling of the naira, which we have been able to establish as a deliberate act of sabotage," the statement said.

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How CBN Deepening Recession By Reestablishing Dual Forex Rates To Gift Billions To Cabal

The Nigerian Central Bank has once again silently maintained a dual forex exchange rate, further aggravating Nigeria’s economic recession while festering corruption.

In June of this year, after being implicated in the triggering of the economic collapse, the Central Bank announced the floating (devaluation) of the Naira to allow the interbank rate match up with the parallel market, BDC rate. However since then, while the BDC rate has further dropped to N465/$1 (currently), the interbank rate has been artificially held at around N312/$1. This has thus created and maintained a 50% disparity between the two rates.

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Periodically injected CBN announcements and sudden new regulations have targeted the BDC dollar supply thereby deliberately expanding the gap.

The negative impacts of the duality in rates have been recognized and thoroughly criticized by local and foreign experts and entities. This rate-dichotomy does not only drive away investment but also directly promotes corruption while siphoning away billions in government dollars given to cabal at the subsidized rate. With all features implicated in contributing to and exacerbating the recession.

Those with access to CBN-subsidized dollars have been accused of engaging in the sale and supply of this to BDC customers and retailers thereby raking 50% profit on each dollar at the current rates. Large companies with connections to the powers that be and CBN management are enabled to create phony dollar requests used to purchase items for needy BDC customers, thus circumventing the law and immediately making 50% on the dollar; $500,000 on every million dollars round tripped. [See: Sanusi: FG Creates Billionaires through Forex Round Tripping; August 25, 2016]

Nigeria’s government corruption-made billionaire Aliko Dangote was gifted a whopping $100 million via this CBN cabal-funding scheme, according to a report by Reuters this June, which examined just a 3-month span of CBN-released figures. This translates to a staggering gift of as much as half a billion dollars by the Apex Bank to a single cabal in one year and billions of dollars to the handful of cabal for the period. The CBN was found to sell as much as 10% of all government dollars to just Dangote for his personal needs at the official subsidized rate. We are talking about catastrophic loses of Nigeria’s revenue. Millions of Nigerians suffer and die for one man to be pleased.

At the current rate, on every billion subsidized dollars the CBN sells to Dangote, he will immediately make a massive half a billion dollars. This loss of revenue of the masses has been accused of being directly responsible for the deepening economic recession. Small businesses are not given access to dollars and have been folding up leading to job losses in the millions while the cabal are fed fat on Nigeria’s oil earnings, making economic recovery impossible. Femi Kuti asked why Buhari does not simply rename Nigeria “Federal Republic of Dangote?”

The FGN is seeking to borrow $1 billion in eurobond while giving the same and more out in gift to the cabal by maintaining the amphibious forex rates.

The same cabal who in partnership with the Central Bank and successive governments including the present, keep the nation in reverse and got it into a recession, have now coerced the government to sell them its assets as a fallacious “means out of the recession.”

And it’s happening all in the masses’ faces. Someone must have taught the cabal-controlled government that it’s easy to keep the Nigerian masses distracted from noticing dangerous and treacherous manipulations: just show them some money found with Patience and they will be stupidly patient. I resist agreeing.

God will deliver Nigeria.

Peregrino Brimah; @EveryNigerian

Source: NewsRescue

BREAKING: CBN Gov. Emefiele's Wife KIDNAPPED

Margaret Emefiele, the wife of Governor of Nigeria's apex bank, the Central Bank of Nigeria, CBN, Gowin Emefiele has been kidnapped by some heavily armed gunmen

She was kidnapped yesterday, Sahara Reporters reported

Mrs. Emefiele was kidnapped along the Benin-Agbor Road. Our source disclosed that the kidnappers have made contact with their victim’s husband, adding that they were demanding a huge sum in ransom, a source close to Mr. Emefiele confirmed to our source

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Mrs. Emefiele’s kidnap represents one of the most high-profile kidnap cases in 2016. 

When Nigeria's RECESSION Will Be Over - Finance Minister Reveals

Unlike the Governor of the central Bank of Nigeria, CBN, Mr Godwin Emefiele, The Finance Minister, Mrs. Kemi Adeosun,  has said that she cannot predict an exact time when the nation will get out of the current economic recession.

Mr. Godwin Emefiele, had last week stated that the country would start getting out of recession by the fourth quarter of the year.

The minister, who spoke in an interview in Abuja, stated, “I don’t want to predict when we will get out of recession. Let me tell you that we will get into growth and that’s how you get out of recession, because of the stimulus that we are providing.

She, however, said that some of the efforts of the government to reflate the economy had started yielding results.

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Kemi further said; “And it may take longer than we would like, but we will definitely get out of it. We are already seeing some positive signs in agriculture and solid minerals;and with what we are trying to do with other sectors, I am very sure we will get out of it soon.”

The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, had last week stated that the country would start getting out of recession by the fourth quarter of the year.

He had said, “We are already in the valley, the only direction is to go up the hill and the government is doing everything possible to ensure that we move up the hill. I am optimistic that based on the actions being taken by the monetary and fiscal authorities, the fourth quarter results will show evidence that we have started to move out of recession.

“The worst is over. The Nigerian economy is on the path of recovery and growth. So, please if you are a bystander or sideliner, you are losing; join the train now before it leaves the station.”

To facilitate the recovery of the economy from recession, Adeosun said about N770bn had been channelled into the economy for various capital projects this year, adding that the monitoring team in the Ministry of Budget and Planning was putting contractors on their toes to ensure that they delivered the projects.