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Naira Abuse: Court Grants Cubana Chief Priest N10M Bail

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The court had granted Cubana Chief Priest bail at the sum of N10million with two sureties in like sum after he pleaded not guilty to the allegation of tampering and abusing the naira during his trial.

 

A Federal High Court in Lagos State on Wednesday, further adjourned until June 25 for mention a case against celebrity bartender, Pascal Okechukwu (Cubana Chief Priest) for alleged abuse of the Naira.

 

Cubana Chief Priest was arraigned before the Federal High Court in Lagos State over an allegation of naira abuse.

 

The court had granted Cubana Chief Priest bail at the sum of N10million with two sureties in like sum after he pleaded not guilty to the allegation of tampering and abusing the naira during his trial.

 

SaharaReporters had reported that the socialite was arraigned before Justice Kehinde Ogundare on three counts bordering on abuse of naira for allegedly spraying and tampering with the nation’s currency at a social event contrary to the provisions of the Central Bank Act of 2007.

 

The Economic and Financial Crimes Commission (EFCC) accused Cubana Chief Priest of spraying naira notes on February 13, 2024, at the Eko Hotel while dancing during a social event.

 

He was said to have abused N500 notes issued by the Central Bank of Nigeria by spraying the same for two hours.

 

On May 2, the defence counsel, Mr Chikaosolu Ojukwu (SAN), had informed the court that parties were exploring settlement and had applied that the matter be settled pursuant to the provisions of section 14(2) of the EFCC Act.

 

Following the position, defence counsel had then applied for a withdrawal of the preliminary objection, and since there was no objection from the prosecution, the court granted same.

 

The court had consequently, adjourned the case until June 5, for report of settlement.

 

However on Wednesday, the News Agency of Nigeria reports that the defence had written a letter seeking an adjournment of the case.

 

Meanwhile, the case has now been fixed for June 25 for mention.

Court orders forfeiture of Properties worth N11.14 Billion linked to Emefiele

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Court orders forfeiture of Properties worth N11.14 Billion linked to Emefiele

 

A Federal High Court in Lagos, on Wednesday, granted an order for the interim forfeiture of properties valued at N11.14 billion linked to a former Central Bank of Nigeria (CBN) governor, Godwin Emefiele.

 

LeadersNG gathered that Justice Chukwujekwu Aneke issued the order following a motion ex parte filed and argued by a Senior Advocate of Nigeria and counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo.

 

The court’s order mandates the interim forfeiture of these properties to the Federal Government.

 

Oyedepo informed the court that Emefiele is suspected of purchasing these high-value properties, primarily located in upscale areas of the Federal Capital Territory, Abuja, by proxy, using proceeds from fraud.

 

The EFCC also implicated three CBN staff members as Emefiele’s accomplices. Makinde Olubunmi, Obayemi Teben and Adebayo Akomolafe allegedly used their positions to secure retail and special allocations of foreign exchange for various companies in exchange for kickbacks.

 

Justice Aneke has ordered the EFCC to publish the forfeiture order in a newspaper to allow any interested parties to present reasons why a final forfeiture order should not be issued.

 

The case was adjourned to June 21 for the hearing of the motion for final forfeiture.

30 govs spent N968.64bn on refreshments, others in three months – Report

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No fewer than 30 state governments of the federation spent N986.64bn on recurrent expenditures, including refreshments, sitting allowances, travelling, utilities, etc., in the first three months of 2024, The PUNCH reports.

 

The states’ budget implementation reports, which were obtained from Open Nigerian States, a website supported by BudgIT that acts as a repository for public budget data, were analysed.

 

For the first three quarters of the year, our correspondent examined budget implementation data from thirty states; data for six states was not available.

 

Benue, Imo, Niger, Rivers, Sokoto and Yobe States were the ones without Q 1, 2024 data.

 

A breakdown showed that the 30-state government spent N5.1bn on refreshments for guests, N4.67bn on sitting allowances to government officials, N34.63bn on local and foreign travel expenses, and N5.64bn on utility bills, amounting to N50.02bn in the first three months of 2024.

 

The general utilities include electricity, internet, telephone charges, water rates, and sewerage charges, among others.

 

The sub-nationals also paid N405.77bn as salaries to their workers.

 

Other recurrent spending items covered in the report included the amount spent on foreign and domestic travel, Internet access fees, entertainment, foodstuff, honorarium/sitting allowance, wardrobe allowances, telephone bills, electricity charges, stationery, anniversaries/special days, welfare, aircraft maintenance, and more.

 

In the first three months of 2024, Abia State spent N10.92bn on its recurrent expenditures, including N165.38m on refreshments and feeding, N39.26m on utilities, N214.57m on sitting allowances, N127.1m on local and foreign travels, among miscellaneous expenses.

 

During this period, Adamawa State expended N23.7bn on recurrent expenditures with N287.61m spent on refreshments and feeding, N109.62m on utilities, N79.57m on sitting allowances, N768.77m on local and foreign travels.

 

For Akwa Ibom State, recurrent expenditure gulped N46.85bn, which included N4.46m on refreshments and feeding, N223.32m on utilities, N6m on sitting allowances, N214.61m on local and foreign travel.

 

Anambra State disbursed N9.91bn for recurring expenses with N78.18m on refreshments and feeding, N32.52m on utilities, N42.09m on sitting allowances, N188.39m on local and foreign travel.

 

Also, recurrent expenditures cost Bauchi State Government N35.75bn with N397.58m going to utilities, N50.8m on refreshments, N287.11m on allowances, and N413.56m on trips.

 

Bayelsa State spent N35.1bn on recurrent expenditures, comprising N28.4m on utilities, N156.14m on refreshments and N279.99m on trips.

 

Adamawa plans N55.5bn supplementary budget

Similarly, Lagos State disbursed N189.62bn for recurrent expenditures, including N1.21m for refreshments, N383.12m for utilities, sitting allowances costing N52.79m and N633.37m on travels.

 

Borno spent N18.79bn, Cross Rivers (N17.44bn), Delta (N68.68bn), Ebonyi (N14.95bn), Edo (N32.32bn), Ekiti (N32.8bn), Enugu (N7.51bn) and Gombe with N20.89bn.

 

Within the same period, Jigawa State spent N15.52bn on the recurrent expenditures, Kaduna expended N34.69bn, Kano (N34.41bn), Katsina (N21.87bn), Kebbi (N11.67bn), Kogi (N37.4bn), Kwara (N24.34bn), Nasarawa (N18.61bn), Ogun (N47.12bn), Ondo (N31.12bn), Osun (N24.39bn), Oyo (N40.12bn), Plateau (N24.70bn), Zamfara (N13.46bn), and Taraba (N20.93bn).

 

Government spending has come under increased scrutiny in recent times, particularly in light of the country’s worsening economic challenges.

 

At different fora, financial experts have also raised concerns about states’ spending on recurrent expenditure, highlighting the need to embrace financial innovations.

 

A development economist, Aliyu Ilias, said many states had yet to fully develop themselves as industrialised and marketable to attract investors.

 

Ilias urged governors to develop an area of strength they could leverage to attract foreign investments.

 

He said, “Going forward, what they could do is identify one area of strength. For instance, Bayelsa has oil and should be able to attract investments. I think it is about policy. They should give the policy a chance that would allow people to come and invest. They should also create an attraction and develop an economic summit that will make sure they showcase and attract investors.”

 

An economist and former Vice-Chancellor of the University of Uyo, Prof. Akpan Ekpo, urged the states to increase their revenue by improving service delivery.

 

On his part, a Professor of Economics at Babcock University, Segun Ajibola, stated that the enduring problem of high governance expenses had persisted at the state level, with inadequate oversight and accountability resulting in minimal economic benefits for grassroots citizens.

 

The former president of the Chartered Institute of Bankers lamented that state assemblies had also abandoned their oversight duties, leaving the state governors to operate with no iota of transparency and accountability.

 

He said, “The first issue is the perennial complaint about the high cost of governance in Nigeria and at all levels. When you look at these issues, attention is often concentrated on the Federal Government, so the searchlight is always more on the central government. Most often, nobody cares about what is happening in the states and local government, and that is where the problem is.

 

“There are so many institutional frameworks in place to look at what is happening at the federal level but who cares about the states? The cost of governance in relative terms is even much higher in states than the federal and that is why you hardly feel the impact of governance in most states.

 

“Only a few states can boost a significant presence in the lives of their people in our states. The state assemblies are expected to conduct oversight functions on the activities of the executives in their respective states, but in reality, how many states are doing that, leaving the executives to be all in all in incurring high costs.”

First Bank recovers N456 Billion loan from Heritage Bank before license revocation

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First Bank recovers N456 Billion loan from Heritage Bank before license revocation

 

Nairametrics can confirm that First Bank has received the full repayment of a “N456 billion loan” extended to Heritage Bank.

 

This recovery is part of a “bailout loan” arranged during the tenure of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.

 

According to top sources from First Bank, the CBN credited the tier-one bank prior to its decision to revoke Heritage Bank’s license, thus averting what could have been a significant impairment charge for First Bank.

 

On Monday, the CBN announced the revocation of Heritage Bank’s license, stating that “the bank has continued to suffer and has no reasonable prospects of recovery,” which led to the bank’s eventual collapse.

 

Details of the Payment

 

Verified information from Nairametrics indicates that the actual amount received by First Bank was N456 billion, concluding a seven-year wait since First Bank supported Heritage Bank in clearing.

 

First Bank’s financial statements reveal that the bank held balances with other banks amounting to N688 billion as of the first quarter ending March 2024, down from N735 billion in December 2023.

 

According to First Bank, these balances include clearing balances with other deposit money banks. First Bank provides clearing services for some banks in Nigeria, and the current balances within Nigeria include clearing exposures to banks as of December 31, 2023.

 

Push for Recovery: Efforts to recover the N456 billion loan intensified as Heritage Bank’s situation worsened over the years. However, a resolution was not reached until a new board and management took over the holding company of the bank earlier this year.

 

The amount was eventually credited to First Bank ahead of the official announcement of Heritage Bank’s license revocation, ending the seven-year wait.

 

This payment is expected to be reflected in FBN Holdings’ half-year financial statements, bolstering its cash positions and preventing the bank from incurring a write-off for the loans.

 

FBN Holdings reported a pre-tax profit of N358.8 billion in the first quarter of 2024, alongside an impairment provision of N227.4 billion.

 

Heritage Bank’s financial distress

 

Heritage Bank’s troubles began in 2019 when it faced severe distress and appeared on the verge of collapse. However, under Godwin Emefiele, the CBN pursued a policy of not allowing banks to fail, supporting Heritage Bank through various measures.

 

First Bank was given the green light by the CBN to backstop Heritage Bank’s clearing obligations.

 

Clearing in Nigerian banks refers to the process of settling financial transactions between banks, ensuring the correct transfer of funds from one account to another.

 

This process is vital for maintaining the banking system’s integrity and efficiency, involving several steps and mechanisms to facilitate the smooth exchange of financial instruments such as checks and electronic funds transfers.

 

Banks excluded from the clearing process are technically insolvent, indicating distress and preventing further exposure by other banks.

 

However, under Emefiele’s policy, the CBN supported Heritage Bank through First Bank, issuing a “Letter of Comfort” to the tier-one bank. This guarantee ensured that First Bank did not have to make significant provisions for the loan.

 

Auditors had often requested a provision for the loan, but this request was repeatedly dropped due to the CBN’s letter guaranteeing loan repayment.

 

This successful loan recovery is a significant financial maneuver for First Bank, reflecting strategic financial management and timely intervention by regulatory authorities to maintain stability within Nigeria’s banking sector.

 

Credit: NairaMetrics

Revocation of Heritage Bank’s Licence Will Hurt Confidence in Banking System – Peter OBI

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Former Anambra Governor and the presidential candidate of the Labour Party in the last general election, Peter Obi, yesterday, said that the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s operating licence, has a far-reaching impact on the bank’s depositors given the current hardship in the country.

 

Obi, who stated this via his official X handle, urged the government to immediately pay depositors of the bank to avoid unnecessary hardship.

 

He called on both the CBN and the NDIC to ensure that all customers of the bank are paid their money.

 

According to the former governor of Anambra State, “Given the harsh economic realities in the country now, I will urge the federal government via NDIC to ensure immediate payment of all depositors in Heritage Bank in full to help alleviate the prevailing hardship the people are going through in the country.

 

“Many individual savers and SMEs are already groaning under severe negative effects of the economy and already living in abject poverty. These depositors depend on the savings they have in the now-liquidated bank to survive.

 

“Any attempt to deny or delay payment to these depositors would worsen their economic woes and could lead to a crisis of confidence in the banking system.

 

“Anything short of immediate and full payment can create panic in the banking sector which our already fragile economy cannot afford.

 

“On no account should the actions of the government through the CBN destabilise the financial system or shake public confidence in the integrity of the system.”

FIFA has ruled that Equatorial Guinea captain Emilio Nsue

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FIFA has ruled that Equatorial Guinea captain Emilio Nsue was never eligible to represent the African nation throughout his 11-year international career.

 

Nsue won the Golden Boot as top goalscorer at the Africa Cup of Nations earlier this year with five goals in four appearances.

 

In December 2013, FIFA ruled that Nsue was not eligible to play for Equatorial Guinea — following several appearances for Spain’s youth teams — but he continued to represent them regardless. FIFA opened a new investigation into Nsue’s eligibility in March with the 34-year-old given a six-day deadline to respond, but world football’s governing body said no response arrived.

 

FIFA published its judgement in a 15-page ruling on Monday, with Equatorial Guinea stripped of their World Cup 2026 qualification victories against Namibia and Liberia — which they both won 1-0 thanks to Nsue goals — with their opponents awarded a three-goal victory.

 

FIFA has ruled that former Nsue has been banned from all international football for six months, while the Equatoguinean federation (Feguifut) was fined 150,000 Swiss francs ($164,000, £129,000).

The Neglect of Storytelling in Nigerian Cinema: A Recipe for Box Office Failure

In the Nigerian film industry, there is a recurring trend of movies failing to resonate with audiences, despite impressive cinematography and production quality. The culprit, in my opinion, is the prioritization of “film academic exercises” over entertaining storytelling. Many emerging and established filmmakers approach storytelling with a Western mindset, neglecting the cultural nuances that shape our unique African experiences.

 

Cinema may have a universal language, but story is culturally specific. What constitutes tragedy for Africans may not be the same for Western audiences. For instance, childbearing is highly valued in African cultures, whereas adoption is more accepted in Western societies. These cultural differences significantly impact storytelling.

 

While fantastic cinematography is important, it is not enough to guarantee success. Audiences rarely discuss camera angles or picture quality after leaving the cinema; they discuss the story. Story is king, and neglecting it can lead to failure. To achieve success, filmmakers must spend time developing a compelling story, casting suitable actors, and selecting a director with a clear vision.

 

Marketing also plays a crucial role, accounting for 20% of a film’s success. However, relying on gimmicks to compensate for a weak story will not yield desired results. It is time for Nigerian filmmakers to prioritize storytelling and cultural relevance to create films that truly resonate with their audience.

 

In conclusion, the neglect of storytelling in Nigerian cinema is a recipe for box office failure. By focusing on developing strong stories that reflect our unique cultural experiences, we can create films that captivate audiences and propel the industry forward.

 

Written by Adesina Kasali

‘I was told playing talking drum might prevent me from having kids’ – Ara The Drummer

‘I was told playing talking drum might prevent me from having kids’ – Ara The Drummer

 

Famous talking drummer and the cultural ambassador of the Ooni of Ife, Aralola Olamuyiwa, simply known as Ara, has recalled how people tried to discourage her from playing the talking drum.

 

Ara, who is Africa’s first female talking drummer, disclosed that she was told that playing the talking drum might prevent her from having children but she broke the jinx.

 

She featured on the latest episode of the ‘Terms And Conditions’ podcast.

 

She said, “There are some drums females cannot play. I started with the traditional drums. But I evolved over the years. I played different instruments like bass guitar, keyboard, and set drums.

 

“But I wanted something different, so I started learning how to play the talking drum. People I asked to teach me were skeptical about teaching me because I am a woman. So I am self-taught.

 

“Although at some point, I was afraid. I was like, ‘what could happen to me?’ They were like, ‘you might not be able to have kids.’ It’s a traditional thing but I broke that jinx.”

Ara has a son with her estranged husband, Prince Nurudeen Olalekan Saliu.

 

#thenationshub #news #nigeria #drum @everyone

Afolarin Jamiu Olawale: A Content Creator Preserving Culture Through Entertainment

Afolarin Jamiu Olawale, popularly known as JACE, is the creative force behind Jayboi Art Century Entertainment. In an exclusive interview with Ranks Africa Magazine, he delved into his journey of entertainment.

From a young age, JACE was drawn to the world of entertainment. This passion led to his involvement in drama and cultural activities throughout his primary and secondary education. His dedication to the craft saw him studying acting at a theatre school and featuring in home-video movies as a child. By 2017, JACE began sharing his content online, including the popular and educational “Right and Wrong” episodes.

Below are some of the key points from his interview with our correspondence.

 

Embracing Indigenous Language

 

Inspiration and Significance; JACE’s content creation is deeply inspired. From the beginning, he has crafted his works in both English and various dialects of Yoruba. The Yoruba language holds a special place for him due to its profound meanings and his native connection to it.

Yoruba is a language rich in depth and wisdom, making it a natural medium for a native speaker like JACE. The frequent use of proverbs, idioms, and metaphors allows him to express his innermost thoughts and feelings, leaving his audience entertained and amused. For example, a playful Yoruba phrase JACE uses is, “Kemi ni sin ti o to wo telly mi, se emina le wo telly re?” which translates to, “Kemi, now that you’ve viewed my television, can I also view yours?” This humorous line is used to woo a lady.

 

JACE seamlessly blends cultural authenticity with modern storytelling techniques. His understanding of the Yoruba cultural setting and storytelling techniques makes plotting stories straightforward once inspiration strikes.

Moreover, one of the main advantages of being a native Yoruba speaker is the fluent expression of thoughts, ideas, and feelings. Creating content in an indigenous language also involves using appropriate costumes and locations, which JACE finds comes naturally, despite the occasional challenges.

 

Resonating with the Audience, he revealed that he ensures that the themes of his scripts resonate with his audience’s everyday lives, making his content relatable and engaging.

 

While promoting Indigenous Languages, he believes that video content creators play a crucial role in preserving and promoting indigenous languages and cultures. The more content created in indigenous languages, the more viewers learn about cultural heritage and how to speak these languages fluently.

 

Meanwhile, when handling complex issues, he often adopts a fictional writing style with the intended topic or theme as the backdrop, ensuring cultural sensitivity and appropriate representation.

 

He also discussed that during his creative process; When conceptualizing and producing content, he begins with inspiration, jotting down ideas in his notepad. He then seeks suitable cast members and proceeds to shoot the script. This process allows him to incorporate metaphors and idioms effectively into his work.

Furthermore, his Message and Vision; Through his content, he aims to convey humor, cultural knowledge, and the expressive use of the Yoruba language. He envisions his work contributing significantly to the preservation of indigenous languages and cultures, offering audiences both entertainment and a deeper understanding of cultural heritage.

 

Afolarin Jamiu Olawale, through Jayboi Art Century Entertainment, continues to thrive by showcasing the beauty of the Yoruba language and culture. His dedication to creating engaging and relatable content remains unwavering, promising a bright future for the preservation and celebration of indigenous languages.

The Legendary Chief Commander Ebenezer Obey: A Life of Music and Spirituality

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Born on April 3, 1942, in Idogo, Ogun State, Nigeria, Ebenezer Remilekun Aremu Olasupo Fabiyi, popularly known as Chief Commander Ebenezer Obey, is a renowned musician and gospel minister. From his early days in Lagos to his rise as a juju music icon, Obey’s career spans over six decades.

 

Obey’s musical journey began in the mid-1950s under the tutelage of Fatai Rolling-Dollar’s band. He later formed The International Brothers in 1964, which evolved into Inter-Reformers in the 1970s. His music seamlessly blended Yoruba percussion styles with highlife-jùjú fusion, creating a unique sound that captivated audiences.

 

As a praise singer, Obey’s music often honored Nigerian socialites and business tycoons. However, he also explored Christian spiritual themes, eventually transitioning to gospel music in the 1990s. Notably, he performed alongside Pastor Kunle Ajayi during his 30-year on-stage concert in Lagos.

 

Throughout his illustrious career, Obey has released numerous albums, including “Ewa Wo Ohun Ojuri” (1964), “Aiye Gba Jeje” (1965), and “The Only Condition to Save Nigeria” (1984). His music has been a testament to his artistic versatility and dedication to his craft.

 

Obey’s personal life is marked by his marriage to Juliana Olaide Olufade in 1963, with whom he had several children and grandchildren. His wife, Lady Evangelist Juliana Obey-Fabiyi, passed away in 2011.

 

Today, Chief Commander Ebenezer Obey remains a celebrated figure in Nigerian music, a true legend whose contributions continue to inspire generations of musicians and fans alike.