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Naira redesign: EFCC goes after governors *Hoarders can run, they can’t hide – Bawa
Three serving state governors are being monitored over their moves to launder stashed billions of naira through table payment of salaries to workers, Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has been quoted as saying.
Daily Trust, quotes him as saying in an exclusive interview on Thursday that said raid on Bureau De Change operators would be sustained, urging Nigerians to support the system, for the benefit of all.
The Central Bank of Nigeria (CBN) had on October 26 announced that the country’s currency would be redesigned to address many issues that have negative effects on the economy, adding that the re-designed notes would be released on December 15, while Nigerians would have up to January 31, 2023, to deposit the old notes in banks.
However, the mad rush by top politicians, traders, investors and other members of the public to cut corners and convert stashed funds into dollars, property and others, has created tension in the economy, after CBN Governor, Godwin Emefiele, had explained that the move was to counter-terrorism financing and hoarding of banknotes by members of the public. The apex bank is to redesign the N200, N500 and N1, 000 notes.
Against the backdrop of a dollar selling at N882 in Abuja on the black market on Wednesday, despite several raids by the operatives of the EFCC in Lagos, Kano and Abuja, the paper quoted sources as saying that that BDC operators were mopping up dollars from states as the scarcity of the currency bites harder.
Bawa, who disclosed that some governors now all out devising means to launder money they stashed in houses, were closely monitored, refused to disclose their identities, but said two of them were from the North, while the third one was from the southern part of the country, adding that intelligence at the disposal of the commission, showed that the three governors had concluded plans to inject the money into the system through table payment of their state workers’ salaries.
“Let me tell you something, the Intel that I have yesterday and I would want you to take this thing very seriously. Already, some state governors that have some of this cash stashed in various houses and the rest are now trying to pay salaries in cash in their state.
“I don’t know how they want to achieve that but we have to stop them from doing that. Well, we are working, they have not paid the salaries in cash yet but it is a very serious thing. The move is against section 2 of the Money Laundering Prohibition Act. The law is very clear regarding cash transactions. Anybody that is to consummate any cash transaction as an individual, if it is not through a financial institution must not be above N5million and if it is above that it is criminal for you to engage in such transaction. And for corporate entities it is N10million.
“Yes, I agree the salaries are not up to that but why are you all of a sudden, and all along you have been paying people salaries through their bank accounts and now you want to pay them in cash, what are you trying to do? They will come under a lot of guises, they are trying to do verification of officers, that is what we have gotten.”
The EFCC boss also confirmed the mad rush by some people to dispose of their stashed funds by buying property, saying: “We are aware of that. Even if you dispose of your property and you receive cash, for that cash to be of value to you after January 31, 2023, you have to take it to the bank; so what happened, are you coming to the bank with those millions? That is why we are working with the bankers and if you have this information let us know about it.”
He maintained that raids of BDC operators would continue, as it was very important to protect the system against the laundering of stashed funds, stressing: “They (BDCs) are very important in the sense that a lot of people that have this naira cash, will want to convert them to USD or other foreign currencies, that is why they are very important.
“And based on the known gullibility of these people (BDCs), they are willing to accept this cash from the owners of these monies and they are willing to depart with the foreign currencies that they have and so that is why they are very important and very critical to us in this project that we said to ourselves that we are going to do,” he said. When Bawa’s attention was drawn to the fact that the dollar was rising despite the EFCC raids, he said it is a function of demand and supply.
“The truth of the matter here is just a simple function of demand and supply, people are rushing this commodity not that they are going to use it for any meaningful business engagement but they are just rushing for it, just a store of value, that is what is happening. And what they say in economics is the higher the demand, the higher the price; so people are just seeing USD or other hard currencies just the way that they are seeing gold, to get it exchanged and store their value.”
On why he met chief compliance officers of banks in Lagos recently, he said the parley was part of efforts to properly monitor the system and to seek their collaboration in respect of the likelihood of people bringing in their illegitimate funds back to the system.
“We knew a lot of people are hoarding these funds, it is with them and they will always find a way of trying to bring it back to the system. So, irrespective of what they use their cash for, whether they exchange it for dollars, whether they use it to purchase houses for those that are willing to accept cash, it has to eventually come back to the financial institution. So, irrespective of what you do, the banks are very important and critical in the sense that they are the end recipients of this cash.
“The owner of BDC must deposit the money he exchanged for the currency he did, the owner of real estate must also do the same and all of that. So, we sat down, we deliberated and we agreed on what to do. Everybody is happy about it.
“Nigerians should be calm. This (naira redesign) is just a routine thing that ordinarily CBN ought to have done after every eight years, the monies are going to be taken. All that the government is saying is come and deposit the money at no cost to you; that is just what is happening, nothing more than that. How can you have an economy where you have 85 per cent of your currency out there when you are calling for a cashless society when we have a lot of means by which people can consummate their transactions? What are you hiding? These days, people hardly go to the banks, you can transfer your money here using your app, and you can transfer your money through ATM, POS, and all of that, so why keep the money? Why are you scared of going to the bank to say that you want to deposit your money?”
For those believing that President Bola Tinubu’s exclusion of Humphrey Nwosu, the late Chairman of the defunct National Electoral Commission (NEC), was an error that would be corrected subsequently, their expectation came to naught on Friday, with his non-recognition once again.
In a surprise outing, the President failed once again to name the late Professor of Political Science as one of the Nigerians honoured, on the day Nigerians would be celebrating this year’s anniversary of June 12, designed to mark the historic 1993 presidential election, which has now been designated as Nigeria’s Democracy Day.
It was a day Moshood Kashimawo Olawale Abiola (MKO), the candidate of the defunct Social Democratic Party (SDP), was elected President in a transition programme undertaken by the military government of then President Ibrahim Badamasi Babangida (IBB).
Expectations are that because the Option A4 model used in achieving the outcome of the election, acknowledged as the freest and fairest election in Nigerian history, the late electoral commission’s boss, would feature prominently in the list of those to be honoured by the government.
But another list contained in the national broadcast by the President, suggested that the position of the treatment meted to the former NEC Chairman, reflected the thinking in the All Progressives Congress (APC), as the late President Muhammadu Buhari, Tinubu’s predecessor, under whom June 12 was given national recognition.
The list, populated mainly by names from the South West, which included both civilians and military personnel, did not capture the category of national honours to be bestowed on the recipients, as the government said further information would be released in due course.
Prominent among those recognized, was Shehu Musa Yar’Adua, a General and former Chief of Army Staff, Supreme Headquarters between 1976 and 1979, under the military regime of Olusegun Obasanjo, who died in Abakaliki Prison in 1997, where he was detained for allegedly participation in carrying out a coup against Sani Abacha, then Head of State.
Tinubu, said the completed Institute of Petroleum Studies, Kaduna, would now be known as General Shehu Musa Yar’Adua University of Geological Sciences and Engineering Technology, to honour the General, who later became a prominent figure in Nigerian politics, “for his vision of national partnership.”
Listing the other names, Tinubu said: “I am also pleased to announce national awards to the following Nigerians, who suffered persecution, endured indignities, exile, incarceration, and, at times, solitary confinement, so that we have democracy today.”
The recipients included: Ayoka Lawani, Tunde Fagbenle, Oladele Alake, Olatunji Bello, Louis Odion, Segun Babatope, Sam Omatseye, Ademola Osinubi, Bola Bolawole and the duo of Lade Bonuola, former Managing Director of The Guardian and Femi Kusa, former Editor of the Nigerian foremost newspaper.
Others, were: Debo Adeniran, Ayo Opadokun, Chief Ralph Obiora, Ose Osayande, Osa Director, Sylvester Odion-Akhaine, Arthur Nwankwo (Posthumous) and Osagie Obayuwana, all pro-democracy activists.
The list also included Joe Okei-Odumakin , Titus Mann, Joe Igbokwe, Richard Akinnola, Ben Charles-Obi (Posthumous), George Mbah Niran Malaolu, Ishola Williams, a retired Major-General, Femi Aborisade, Jenkins Alumona, Gbemiga Ogunleye, Muyiwa Adekeye, Babajide Kolade-Otitoju and Ike Okonta.
“We also recognise the soldier-democrats of the June 12 struggle: Major General MA Garba, Brigadier General Lawal Jaafaru Isa, Col Umar Farouk Ahmed; Col Sambo Dasuki;
Col Lawan Gwadabe; Brigadier Jonathan Ndam Temlong, Col Musa Shehu; Major General Chris Eze; Major General Harris Dzarma; Col Isa Jibrin; Maj. General Joseph Oshanupin; Col Olusegun Oloruntoba, Olugbede of Gbede Kingdom), Lieutenant Colonel Happy Kefas Bulus, Col J Okai;
Col Emmanuel Ndubueze; Lt Col Yakubu Muazu and Brigadier Yahaya Abubakar, the Current Etsu Nupe, who is already the holder of the CFR title.”
From Godswill Obot Akpabio, Senate President, came a definitive message to Nigerians on Friday – the future is bright, the road is clear and destination is assured under a strong, visionary and purposeful democratic leadership of President Bola Tinubu.
But he also raised a proviso – since democracy is participatory all citizens of the country, must get involved in providing the planks, which when nailed together, would enable the leaders fortify the platform for its growth, to enhance a robust, viable future.
These formed the fulcrum of his admonishment, as he joined other national leaders to celebrate Nigeria’s 27th anniversary of uninterrupted democracy, in which it not only broke the vice grip of military rule, but witnessed seven election circles to choose leaders at both national and other levels of government.
Akpabio, Chairman of the National Assembly, Nigeria’s lawmaking institution, was particular about the participation of the Nigerian youths in making his admonition come true, reminding them that they actually owned the future being fashioned today.
Conveying his message through Eseme Eyiboh, his spokesman the former Governor of Akwa Ibom State and former Minister of Niger Delta, also called on Nigerians to embrace unity, vigilance, and active participation in nation-building, commending them for showcasing resilience and support for democracy despite some low moments.
Noting that democratic experiment remained a testimony of endurance despite years of agitations, he said: “On behalf of the 10th National Assembly, I congratulate every Nigerian for the sustenance of democracy for close to three decades. Mistakes have been made in the course of this journey but we will surely get to the desired destination with your support.”
“Democracy should extend beyond the conduct of elections and be anchored on accountability, justice, compassion and service to the common good.”
Particularly for the Nigerian youths, he was emphatic about their active participation in the nation’s political process stressing that the younger generation forms the fulcrum of leadership succession.
Hear him: “As we commemorate June 12, I wish to encourage the youth not to sit on the fence but be active participants in the nation’s political activities. The youths constitute the fulcrum of those who will succeed us tomorrow.
“Let us therefore rededicate ourselves to the ideals of freedom, transparency and accountable government, social justice, and active citizen participation, especially the youths.”
The Senate President, also spoke the current parlous state of carnage in the country, appealing to Nigerians to unite with one another and cooperate with the government to tame “the monster that has befallen the nation.”
Assuring that Tinubu’s administration remained committed to ending the menace and securing the release of all persons in captivity, he said: “I urge every Nigerian to support the administration of President Bola Ahmed Tinubu in her efforts in fighting terrorism. We understand the pains you are going through but the government is not resting on its oars and hopefully we shall overcome this current challenge and all will be well with Nigeria.”
Seriake Dickson, National Leader of the Nigeria Democratic Congress (NDC), on Wednesday showcased Peter Obi, its presidential candidate in the 2027 election, but gave a proviso – his importance would not be at the expense of the party.
A guest on Prime Time, a public affairs programme on ARISE NEWS Television, the former Governor of Bayelsa State, now Senator representing West at the National Assembly, maintained that the belief in some quarters that Obi’s entrance into the party was a favour was completely misplaced.
Instead, he argued that the opposite was the case, as it was the party that was doing its candidates a favour by giving them the opportunity to contest elective positions on its platform in the 2027 elections, a gesture that ought to be returned.
Hear him: “Don’t make it look like anyone is doing NDC a favour. No one is. Rather, the NDC and I and my colleagues are doing people a favour by granting our platform. If you are genuinely supporting Peter Obi and you are disparaging me, the leader, or the platform itself. That is nonsensical.”
Stressing that NDC had demonstrated confidence in Obi by adopting Obi as its sole presidential candidate and selecting a vice-presidential candidate without internal disputes, he said it was enough to earn its leadership the gratitude it deserved.
He added: “Nobody paid shishi. So, if a presidential candidate didn’t pay shishi to be made the sole presidential candidate and sole vice-presidential candidate, that same party cannot be the one saying that small people are underprivileged.
“I could have run. There’s no one more qualified than me. There’s no one more qualified than me to run for presidential candidate. None. There is no crisis within the NDC. Peter Obi is a cherished member of our party. On our own, we have made him a presidential candidate. Sole presidential candidate. And that counts for something. We are working well together. There’s no crisis.”
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