Airline Lunches N6,500 Flights From Ibadan – Lagos

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August 16, 2023

Green Africa Airways made its maiden flight to Ibadan Airport on the 12th of August, following the recent upgrades and other infrastructural improvements made by the Executive Governor of Oyo State, Seyi Makinde.

The airline is expected to commence flight operations between Ibadan and Lagos with just N6,500 (Six Thousand, Five Hundred Naira Only) to reduce traffic congestion on the Lagos-Ibadan expressway.

In a post by the People Democratic Party via Twitter on Saturday, the Lagos-based airline had commenced flight ticket sales for as low as N6,500.

According to the statement, this development is among several efforts of the Oyo State Government under Governor Makinde, who has been working tirelessly since the inception of his administration to make life comfortable for citizens and residents of the state and Nigerians in general.”

The Governor has also outlined plans to expand the airport and the existing construction and expansion of the airport road in his #Omituntun2.0 agenda.

The discounted fares are available for a limited time only. Tickets can be booked on the Green Africa Airways website or mobile app.

According to BusinessDay, the seating capacity for an ATR 72-600 aircraft that Green Africa would operate would take between 70 and 78 passengers, depending on the seat configuration.

John Ojikutu, aviation security consultant and secretary general of the Aviation Safety Round Table Initiative (ASRTI), says that the load factors of the small aircraft were lower, so they may not break even if they charge the same rates with airlines having bigger aircraft.

It costs airlines between $500,000 and $1 million to carry out mandatory C-checks on their aircraft every 18 months.
Checks show that it costs not less than N2 million to operate a one-way flight using a Boeing 737 aircraft.

In addition, operators need to pay for landing and parking fees, ground handling costs, en-route air navigation services, and catering, among others.

Aviation analysts say when airlines charge passengers less than N40,000 for a one-way flight, they are operating at a loss or relying on government intervention funds, palliatives or concessions on recurring debts.

However, Tolu Odutola, a pilot and aviation expert, argued that Green Africa operates ATR 72-600, which are generally cheaper to maintain than the 737s, CRJs and other aircraft operated by local airlines.

Operations cost is generally cheaper, which is probably why ticket costs are commiserated, Odutola said but noted that N16,500 fare might also be an introductory rate to break into the market.

The launch of the Ibadan-Lagos flights is a welcome development for residents of both cities, who are eager to avoid the traffic on the Lagos-Ibadan expressway.

N6.9bn Procurement Fraud: Federal Government Arraigns Emefiele, Allies

By

faith Jegede

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August 16, 2023

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The Federal Government will on Thursday arraign the suspended Central Bank of Nigeria Governor, Godwin Emefiele and his associates for N6.9 billion procurement fraud at the Federal Capital Territory High Court, Maitama, Abuja.

Emefiele will be arraigned alongside a female CBN employee, Sa’adatu Yaro and her company, April1616 Investment Limited on 20 charges of procurement fraud, conspiracy and conferring corrupt advantages on his associates.

Emefiele, who had been in detention since he was suspended from office on June 9 by President Bola Tinubu, was accused of conferring corrupt advantages on Yaro, a director in April 1616 Investment Ltd.

The offence is contrary to section 19 of the Corrupt Practices and Other Related Offences Act 2000.

If convicted, Emefiele may be sentenced to five years imprisonment without an option of a fine.

The section read, “Any public officer who uses his office or position to gratify or confer any corrupt or unfair advantage upon himself or any relation or associate of the public officer or any other public officer shall be guilty of an offence and shall on conviction be liable to imprisonment for five years without an option of fine.’’

In the charges signed by the Director of Public Prosecutions, Federal Ministry of Justice, Mohammed Abubakar; Deputy Director, Public Prosecution, Mrs N Jones-Nebo and eight other ministry officials, the three accused persons were alleged to have bought a fleet of over 98 exotic vehicles and armoured buses valued at about N6.9bn.

Some of the vehicles bought between 2018 and 2020 included 84 Toyota Hilux vehicles, 10 armoured Mercedes Benz buses, three Toyota Landcruisers and one Toyota Avalon car.

Fuel Marketers Kick as FG Rules Out Price Pike

By

Rhoda Onuzulike

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August 16, 2023

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Oil marketers, on Tuesday, advised President Bola Tinubu to gradually relax the removal of subsidy on Premium Motor Spirit, popularly called petrol, following the inability of importers to access the United States dollars and the impact which this was having on businesses.

This came as Tinubu ruled out fuel price hike and reversal of fuel subsidy.

However, marketers of petroleum products encouraged the President to learn from Kenya, stressing that the African country had to return subsidy on petrol to curb the devastating impact which its removal had on Kenyans.

“Let them not do the needful, they will see the consequences. We learned this morning that Kenya, which equally removed subsidy and noticed that its effect was so hard on the citizens, has again resumed the subsidy regime for the period of two months,” the Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, told our correspondent.

He added, “Government is about the people and it must have a listening ear. For Nigeria, how can we be an oil producing nation with four refineries and all of them are down. We now depend on imports.

“When he (Tinubu) announced that thing (subsidy removal), we said it was going to bring problems. Are we not feeling the consequences of that announcement now? It is forex that largely determines the cost of petroleum products here.

“Marketers are not willing to import products again, So if the government is going to relax the removal of subsidy for a while, it should better do that as a matter of urgency.”

Shuaibu argued that despite the fact that the Nigerian National Petroleum Company Limited announced earlier on Tuesday that it had no intention of increasing petrol price, the cost of the commodity would rise above its current N617/litre in weeks, if the exchange rate continues to increase.

“Relaxing subsidy removal is going to be a very wise decision right now, because going by the price of the dollar, the cost of petrol is bound to rise. In fact, some oil marketers are ready to join the labour union to protest,” he added.

Some dealers had said subsidy on petrol would gradually creep in, should the NNPCL continue to sell at N617/litre, particularly if the rise in forex rate persists.

The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, said the outright removal of subsidy would cause severe hardship.

“I’ve been saying this even before subsidy on petrol was removed. How can you stop subsidy without anything on ground as palliatives?

“Trips that used to be N5,000 in the past and now over N15,000. Businesses are shutting down. The suffering is rising. The government has to intervene now,” he stated.

The IPMAN PRO had earlier explained that the price of imported commodities, including petrol, would continue to rise as far as the rate of exchange of the dollar increases.

“Once there is a slack in the naira against the dollar, there is going to be an effect. The demand and supply of forex is a key factor. We should also understand that it is not only petroleum products that use forex.

This came as the Nigeria Extractive Industries Transparency Initiative advised the government to initiate and implement a deliberate policy that would attract investors to invest and help in fixing Nigeria’s refineries.

In its latest policy advisory for the oil sector, NEITI advised the Federal Government to come up with a deliberate policy to encourage private investments in refineries.

“A deliberate policy initiative should be implemented with full Presidential backing to encourage Nigerians and foreign investors already awarded licences to establish private refineries in Nigeria.

“The incentives may include tax holidays, institutional support, and availing potential investors in the downstream sector of the available opportunities within the existing ‘Federal Government ease of doing business policy.’

Also calling for intervention, the Executive Secretary, Major Oil Marketers Association of Nigeria, Clement Isong, earlier stated that it was high time the government intervened.

“Well, the President himself said in his speech that if they find petrol prices moving too high, they would intervene. We don’t want prices to move too high, nobody wants that.

“So if the dollar continues to climb, we are expecting some sort of intervention from the government based on what the President said,” the MOMAN official stated.

Similarly, the National President, Natural Oil and Gas Suppliers Association of Nigeria, Benneth Korie, told journalists that one of the best options before President Tinubu currently, was to hasten the repair of Nigeria’s refineries.

Amidst the hike in cost of living brought about by the removal on Premium Motor Spirit popularly known has petrol which has led to a corresponding increase in fuel prices, the Presidency on Tuesday said Nigeria is currently the only country in West Africa enjoying the cheapest and most affordable price of PMS.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, told State House correspondents that daily consumption of fuel has dropped from 67M litres to 46M litres following the removal of subsidy.

NSCDC Warns Fuel Marketers Against Hoarding, Hiking Price

Ngelale, who noted that he spoke to the President on Tuesday morning, noted that the President urged stakeholders in the country to hold their peace while adding that the threats of an indefinite strike by the organized labour was premature.

He said, “The President wishes first to state that it is incumbent upon all stakeholders in the country to hold their peace. We have heard very recently from the organised labour movement in the country with respect to their most recent threat.

“We believe that the threat was premature and that there is a need on all sides to ensure that fact finding and diligence is done on what the current state of the downstream and midstream petroleum industry is before any threats or conclusions are arrived at or issued.Secondly, Mr. President, wishes to assure Nigerians following the announcement by the NNPC limited just yesterday that there will be no increase in the pump price of petroleum motor spirit anywhere in the country. We repeat, the president affirms that there will be no increase in the pump price of petroleum motor spirit.”

Speaking further, Ajuri noted that the market having been deregulated would no longer allow a single entity to dominate the market.

“The market has been deregulated. It has been liberalized and we are moving forward in that direction without looking back.

“The President also wishes to affirm that there are presently inefficiencies within the midstream and downstream petroleum sub sectors that once very swiftly addressed and cleaned up will ensure that we can maintain prices where they are without having to resort to a reversal of this administration’s deregulation policy in the petroleum industry.”

Ngelale also noted that Tinubu approved that the chart containing prices of PMS in other countries be transmitted to Nigerians so as to show the cost of PMS in West African countries.

He added, “Senegal at pump price today of N1,273 equivalent per liter, Guinea at N1,075 per liter, Côte d’ Ivore at N1,048 per litre equivalent in their currency, Mali N1,113 per litre, Central African Republic N1,414 per litre, Nigeria is presently averaging between N568 and N630 per litre.

“We are presently the cheapest, most affordable purchasing state in the West African sub-region by some distance. There is no country that is below N700 per liter.

Nigeria Air Has No Operating Licence-Airlines

By

Rhoda Onuzulike

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August 16, 2023

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Airline Operators of Nigeria has stated that Nigeria Air, the country’s proposed national carrier, may not commence operations any time soon because it does not have an Airline Operator’s Certificate.

The spokesman of Airline Operators of Nigeria, Prof Obiora Okonkwo, told The Punch in Abuja on Monday, that if Nigeria Air were to begin operations in October 2023, it would be doing so without a valid Air Operator Certificate.

Okonkwo said, “The AOC is still on stage one. I don’t want to waste my time on that thing anymore. If they are starting in October, they are going to be operating without AOC.”

Meanwhile, the CEO of Ethiopian Airlines, Mesfin Tasew, in an interview with Bloomberg TV, on Friday, revealed that the new national carrier, Nigerian Air, would begin operations by October.

He added that the firm was eager to see Nigeria Air start flying local and international routes.

Recall that Nigeria Air had been embroiled in a lot of controversy, especially in the twilight of former President Muhammedu Buhari’s administration.

Nigeria Air To Begin Operations Before May 29 – Aviation Minister, Sirika

It could not progress to phase two of the AOC process in June 2023, according to a letter from the Nigerian Civil Aviation Authority.

Speaking further, Okonkwo, who is also the chairman of United Nigeria Airline, added that any action contradicting the court order would be a clear violation of the law.

He expressed a belief that the court would take the necessary step to address the matter.

“The court order is still sub-exiting, so anything against that is a total violation, surely the court would do the needful.

“We have made our position on Nigeria Air known. We don’t have any more time to waste. The industry is facing a more serious challenge now, which is our priority,” he stressed.

Federal Govt. Sell Stakes In NNPC,19 Entities

By

Rhoda Onuzulike

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August 16, 2023

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The Federal Government may sell stakes in about 20 state-run companies to raise funds and improve governance in the entities.

This is according to a Bloomberg report. The Nigerian National Petroleum Corporation is among the firms the government may sell a stake in, according to the chief executive officer at the Ministry of Finance Incorporated, Armstrong Takang.

He stated that the agency is considering options including strategic sales and initial public offerings and aims to implement the plan within 18 months.

He noted that some of the entities need the private sector to take controlling shares and the major consideration for the government is to create value rather than retain control.

He said, “It is better for us to own 49 per cent of a high-performing entity than 90% of an entity that is underperforming.”

These sales may coincide with President Bola Tinubu’s plan to reform the country’s economy. Takang stated that the agency is in the process of appointing consultants including valuers, financial advisers, lawyers, bankers, and others to handle different aspects of the transactions.

In October 2022, sources at the Ministry of Finance, Budget and National Planning exclusively told The PUNCH that the government was considering selling or concessioning about 27 national assets.

The assets included Tafawa Balewa Square in Lagos, the National Integrated Power Projects in Olorunsogo, Calabar II, Benin (located at Ihorbor), Omotosho II, Geregu II plants, all the hydropower plants across the country, including Oyan, Lower Usuma, Katsina-Ala, and Giri plants.

The sources noted that more than 25 of such projects will be turned into active assets that will generate money in some ways to the Federal Government.

Since 2016, the Federal Government has mulled the idea of selling some national assets to boost its revenue.

Protest Swells Against Shift to Cashless Society In Australia

By

faith Jegede

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August 16, 2023

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A petition to stop Australia from becoming a cashless society has gained more than 120,000 signatures as banks increasingly restrict customers’ access to their money.

The Change.org petition is calling for an ‘An Australian cash and banking guarantee’ that would see the government step in to regulate banks that are streamlining their operations by closing branches or removing in-person cash services.

In Australia, more than 1,600 bank branches permanently shut their doors between June 2017 and July 2022, with a ‘disproportionate number’ in regional communities that are more significantly affected, according to the Financial Services Union.

According to the Change.org petition launched in March by Cash Welcome founder Jason Bryce: ‘Banks are deserting towns and suburbs and leaving Australians without ready access to cash and banking services.’

The petition demands ‘No Australian town, suburb or community should be left without reasonable local access to full banking services and physical notes and coins,’.

‘Every Australian must be able to use cash to buy food and groceries if they choose

Meanwhile, four big Aussie banks – Commonwealth, ANZ, and NAB – have established cashless branches, directing customers towards ATMs for everyday banking needs.

In addition, the big four have enforced restrictions on large transfers to cryptocurrency exchanges with critics within the cryptocurrency community saying that they are merely protecting their profits against competitors.

These developments occur against the backdrop of immense banking profits, exemplified by Commonwealth Bank’s recent announcement of a record $10 billion annual profit.

Strike: Patients Relieved as Doctors Resume in Lagos

By

Cleopatra Okohai

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August 16, 2023

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Patients seeking treatment at some public hospitals in Lagos State are relieved as they have been able to access medical care, days after Doctors under aegis of the Nigerian Association of Resident Doctors (NARD) suspended the strike they embarked upon on July 26, 2023.

Recall that LN247 earlier reported the nation’s medical establishments had been destabilised by a series of industrial actions.

NARD had embarked on industrial action on July 26, following the failure of the Federal Government to meet their demands.

The strike had crippled health services in tertiary hospitals and Federal Medical Centres nationwide

The association had directed its members to resume on Aug. 12, after “A very fruitful meeting” with lawmakers, led by the President of the Senate, Godswill Akpabio.”

Also, the Nigerian Medical Association, Lagos Zone, on August 2, had also directed medical doctors in three government hospitals on Lagos Island to embark on an indefinite strike following the death of Dr. Vwaere Diaso.

The NMA directive to doctors in all other government hospitals in the state to scale down activities and attend to only emergency cases for the next five days was as a mark of respect to the deceased.

Dr. Diaso, a medical house officer with the General Hospital, Odan, Lagos, died on August 1, as a result of injuries sustained when the elevator she was in crash-landed.

According to NAN, A visit to the Lagos State University Teaching Hospital and the Igando General Hospital showed that normalcy had returned to clinical services at the facilities.

Some of the patients spoke in separate interviews with Newsmen in Lagos on Tuesday.

At the Igando a pregnant woman, Mrs. Oluwaseyi Odunayo, commended the truce reached by the doctors and FG, noting that patients suffered more any time there is industrial action.

She appealed to the Federal and state governments to ensure prompt resolution of issues leading to perennial strikes in the nation’s health sector.

“I came to the hospital on August 4, but couldn’t see the physician. I was told they were on strike and that those on the ground can only attend to emergency cases.

“More efforts should be put into improving the health sector as it will help people get timely, high-quality health care services that will promote well-being,” she said.

Mr. Vincent Akpan, a trader, also appealed for the acrimony to cease between doctors and the government, stressing that patients’ safety should be prioritised in healthcare delivery systems across the country.

He said constant strikes by health professionals affect access to healthcare, increase strain on remaining staff, disrupt appointments and worsens morbidity.

“My appointments at LASUTH in the last four months have been affected by various strikes. From the Association of Resident Doctors to NUAHP, and then the five days strike declared by Nigerian Medical Association to mourn the doctor that died in the elevator accident.

“All this time, I have been going to a private hospital in my area but the cost of accessing care there is higher. So, I am glad to see normalcy return to clinical operations at LASUTH,” he said.

Also, a retiree that came for treatment at the Diabetes Clinic, LASUTH, Mrs. Adenike Adenola, said that incessant strikes could erode public confidence in the healthcare system.

According to her, the government and medical professionals should find an amicable solution to perennial strikes in the interest of patients and the public

Among the demands of NARD is the immediate payment of the 2023 Medical Residency Training Fund.

They are also demanding an upward review of the Consolidated Medical Salary Structure and payment of all salary arrears owed its members since 2015.

Inflation Rate Hits 24.08% in July – NBS

By

Rhoda Onuzulike

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August 16, 2023

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The National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate increased to 24.08 per cent in July 2023.

The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for July , which was released in Abuja on Tuesday.

According to the report, the figure is 1.29 per cent points higher compared to the 22.79 per cent recorded in June.

It said on a year-on-year basis, the headline inflation rate in July was 4.44 per cent higher than the rate recorded in July 2022 at 19.64 per cent.

It added:”This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same period in July 2022.”

The report said that the contributions of items on the divisional level to the increase in the headline index were food and non-alcoholic beverages at 12.47 per cent and housing, water, electricity, gas and other fuel at 4.03 per cent.

Others were; clothing and footwear at 1.84 per cent; transport at 1.57 per cent; furnishings, household equipment and maintenance at 1.21 per cent and education at 0.97 per cent, and health at 0.72 per cent.

The report said: “Miscellaneous goods and services at 0.40 per cent; restaurant and hotels at 0.29 per cent; alcoholic beverage, tobacco and kola nut at 0.26 per cent; recreation and culture at 0.17 per cent, and communication at 0.16 per cent.”

In addition, the report said , on a month-on-month basis, the headline inflation rate in July 2023 was 2.89 per cent, which was 0.76 per cent higher than the rate recorded in June 2023 at 2.13 per cent.

It added: ” This means that in July 2023, on average, the general price level was 0.76 per cent higher relative to June 2023.”

It said the percentage change in the average CPI for the 12 months ending July 2023 over the average of the CPI for the previous 12 months period was 21.92 per cent.

The report added: “This indicates a 5.17 per cent increase compared to 16.75 per cent recorded in July 2022.”

It said that the food inflation rate in July was 26.98 per cent on a year-on-year basis, which was 4.97 per cent higher compared to the rate recorded in July 2022 at 22. 02 per cent.

The report continued: “The rise in food inflation is caused by increases in prices of oil and fats, bread and cereals, fish, potatoes, yams and other tubers, fruits, meat, vegetable, milk, cheese and eggs. ”

It said on a month-on-month basis, the food inflation rate in July was 3.45 per cent, which was a 1.06 per cent rise compared to the rate recorded in June at 2.40 per cent.

“The rise in food inflation on a month-on-month basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil, and fat,” the report said further.

It said: “The all items less farm produce or core inflation, which excludes the prices of volatile agricultural produce stood at 20.47 per cent in July on a year-on-year basis.

“This increased by 4.41 per cent compared to 16.06 per cent recorded in July 2022.’’

The report said the highest increases were recorded in prices of passenger transport by air and road, gas, vehicles spare parts, medical services, maintenance, and repair of personal transport, among others.

The NBS said on a month-on-month basis, the core inflation rate was 2.11 per cent in July 2023.

It added: “This indicates a 0.34 per cent rise compared to what was recorded in June 2023 at 1.77 per cent.

“The average 12-month annual inflation rate was 18.84 per cent for the 12 months ending July 2023.

“This was 4.31 per cent points higher than the 14.53 per cent recorded in July 2022.”

The report said on a year-on-year basis in July, the urban inflation rate was 25.83 per cent, which was 5.74 per cent higher compared to the 20.09 per cent recorded in July 2022.

It said: “On a month-on-month basis, the urban inflation rate was 3.05 per cent in July representing a 0.75 per cent rise compared to June 2023 at 2.31 per cent.’’

The report said on a year-on-year basis in July, the rural inflation rate was 22.49 per cent, which was 3.26 per cent higher compared to the 19.22 per cent recorded in July 2022.

It added: “On a month-on-month basis, the rural inflation rate in July was 2.74 per cent, which increased by 0.78 per cent compared to June 2023 at 1.96 per cent.’’

On states’ profile analysis, the report showed in July, all items inflation rate on a year-on-year basis was highest in Kogi at 28.45 per cent, followed by Lagos at 27.30 per cent, and Ondo at 26.83 per cent.

Nigeria’s Economy: Inflation Rate Hits 24.08% Amid Forex Scarcity

It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 20.71 per cent, followed by Jigawa at 20.85 per cent, and Sokoto at 20.92 per cent.

The report, however, said in July 2023, all items inflation rate on a month-on-month basis was highest in Kogi at 4.99 per cent, Abia at 4.12 per cent, and Akwa Ibom at 4.07 per cent.

It added: “Jigawa at 0.16 per cent, followed by Taraba at 1.09 per cent and Yobe at 1.10 per cent recorded the slowest rise in month-on-month inflation.”

The report said food inflation in June, on a year-on-year basis, was highest in Kogi at 34.53 per cent, followed by Lagos at 32.52 per cent, and Bayelsa at 31.31 per cent.

It added: “Jigawa at 20.90 per cent, followed by Sokoto at 21.63 per cent and Kebbi at 22.45 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

The report, however, said on a month-on-month basis, in July, food inflation was highest in Kogi at 6.73 per cent, followed by Akwa Ibom at 5.64 per cent and Bayelsa at 4.59 per cent.

It said: “With Taraba at -0.21per cent, followed by Jigawa at 0.28 per cent and Yobe at 0.90 per cent recorded the slowest rise on month-on-month food inflation.”

Physical Money No Longer Accepted In Parts Of England

By

faith Jegede

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August 16, 2023

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In footage shared on social media controversial activist Piers Corbyn can be seen trying to make a purchase at the Aldi Shop and Go store in Greenwich, London.

The shop, which does not feature a traditional till, instead uses camera technology to track customers as they pick up items before charging them via an app upon their exit.

A person believed to be an Aldi worker can be heard telling him “police are on their way” as he tries to make payment with conventional cash and exits through the entrance gates, Corbyn continued to repeat that he has “paid by legal tender”. A small group that witnessed the incident then applaud and congratulate him when he walks out into the car park.

His praise has also been echoed by people online, who lauded him for standing up to the government’s new cashless policy, sweeping through the country. Others have however questioned the necessity of the stunt, as a Sainsbury’s with a normal cash and card till is located only a few feet away.

Some said the incident showed a misunderstanding of the concept of legal tender, as UK law leaves it at the discretion of individual businesses as to whether they accept specific notes, coins, or forms of payment.

Now physical cash is no longer accepted at Aldi in England with whole foods transitioning into to palm payments.

Palm payments are a biometric payment system that works by having the customer hover their palm above a reader device. The device then identifies the individual’s unique palm signature which is then associated with the customer’s payment card on file in order to charge them for their purchases.

Britain has been at the forefront of the switch to a cashless society – a trend which is even more pronounced in the capital, especially since the pandemic, Many believe that the only people who benefit are the governments and British banks

But with the shift has come growing concern about groups who still want to use cash – including many older people, those on low incomes and people who want to keep tight control over spending.

Nigeria’s F.G Arraigns Emefiele, Allies Over N6.9B Procurement Fraud

By

Elizabeth Williams

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August 16, 2023

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The Federal Government will on Thursday arraign suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, and his associates for N6.9 billion procurement fraud at the Federal Capital Territory (FCT) High Court in Abuja Nigeria’s capital.

Emefiele will be arraigned alongside a female CBN employee, Sa’adatu Yaro and her company, April1616 Investment Limited on 20 charges of procurement fraud, conspiracy and conferring corrupt advantages on his associates.

The embattled apex bank chief, who has been in detention since he was suspended from office on June 9, 2023, was accused of conferring corrupt advantages on Yaro, a director in April 1616 Investment Ltd.

The offence is contrary to Section 19 of the Corrupt Practices and Other Related Offences Act 2000.

The section read, “Any public officer who uses his office or position to gratify or confer any corrupt or unfair advantage upon himself or any relation or associate of the public officer or any other public officer shall be guilty of an offence and shall on conviction be liable to imprisonment for five years without an option of fine.’’

In the charges signed by the Director of Public Prosecutions, Federal Ministry of Justice, Mohammed Abubakar; Deputy Director, Public Prosecution, Mrs Nkiru Jones-Nebo and eight other ministry officials, the three accused persons were alleged to have bought a fleet of over 98 exotic vehicles and armoured buses valued at about N6.9bn.

Some of the vehicles bought between 2018 and 2020 included 84 Toyota Hilux vehicles, 10 armoured Mercedes Benz buses, three Toyota Landcruisers and one Toyota Avalon car.